Morgan Stanley Reiterates “$29.00” Price Target for Skechers USA (SKX)

Morgan Stanley set a $29.00 price objective on Skechers USA (NYSE:SKX) in a research report report published on Friday. The firm currently has a hold rating on the textile maker’s stock.

Several other brokerages have also weighed in on SKX. Wells Fargo & Co set a $30.00 price objective on shares of Skechers USA and gave the company a hold rating in a report on Friday, October 19th. ValuEngine upgraded shares of Skechers USA from a hold rating to a buy rating in a report on Friday, October 19th. B. Riley set a $45.00 price objective on shares of Skechers USA and gave the company a buy rating in a report on Friday, October 19th. Citigroup dropped their price objective on shares of Skechers USA from $30.00 to $29.00 and set a neutral rating on the stock in a report on Monday, October 22nd. Finally, Zacks Investment Research upgraded shares of Skechers USA from a strong sell rating to a hold rating in a report on Monday, October 22nd. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $31.95.

SKX stock opened at $31.91 on Friday. The firm has a market capitalization of $5.04 billion, a P/E ratio of 16.62, a PEG ratio of 2.36 and a beta of 0.62. The company has a current ratio of 2.91, a quick ratio of 1.89 and a debt-to-equity ratio of 0.04. Skechers USA has a 12-month low of $21.45 and a 12-month high of $43.08.

Skechers USA (NYSE:SKX) last released its earnings results on Thursday, February 7th. The textile maker reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.08. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.10 billion. Skechers USA had a net margin of 6.49% and a return on equity of 14.08%. Skechers USA’s revenue for the quarter was up 11.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.21 earnings per share. Equities analysts anticipate that Skechers USA will post 1.93 earnings per share for the current fiscal year.

Large investors have recently bought and sold shares of the company. Parkside Financial Bank & Trust increased its position in shares of Skechers USA by 42.3% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,423 shares of the textile maker’s stock worth $33,000 after acquiring an additional 423 shares in the last quarter. Oregon Public Employees Retirement Fund increased its position in shares of Skechers USA by 2,192.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,233,771 shares of the textile maker’s stock worth $54,000 after acquiring an additional 1,179,958 shares in the last quarter. Ffcm LLC increased its position in shares of Skechers USA by 131.7% during the fourth quarter. Ffcm LLC now owns 4,506 shares of the textile maker’s stock worth $103,000 after acquiring an additional 2,561 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its position in shares of Skechers USA by 68.6% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 5,002 shares of the textile maker’s stock worth $114,000 after acquiring an additional 2,035 shares in the last quarter. Finally, First Mercantile Trust Co. increased its position in shares of Skechers USA by 19.0% during the fourth quarter. First Mercantile Trust Co. now owns 5,901 shares of the textile maker’s stock worth $135,000 after acquiring an additional 941 shares in the last quarter. 74.33% of the stock is owned by institutional investors.

About Skechers USA

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.

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