Skechers USA (NYSE:SKX) had its price target hoisted by investment analysts at Morgan Stanley from $29.00 to $34.00 in a research note issued to investors on Friday, BenzingaRatingsTable reports. The firm presently has an “equal weight” rating on the textile maker’s stock. Morgan Stanley’s target price points to a potential downside of 12.84% from the stock’s previous close.
Other research analysts also recently issued reports about the company. Monness Crespi & Hardt restated a “buy” rating and issued a $42.00 price target (up from $35.00) on shares of Skechers USA in a research note on Friday. They noted that the move was a valuation call. Wedbush upgraded Skechers USA from a “neutral” rating to an “outperform” rating and raised their price target for the company from $31.00 to $46.00 in a research note on Friday. UBS Group raised their price target on Crowdstrike from $90.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday. They noted that the move was a valuation call. Susquehanna Bancshares upgraded Skechers USA from a “neutral” rating to a “positive” rating and raised their price target for the company from $32.00 to $37.00 in a research note on Wednesday, March 27th. Finally, B. Riley restated a “buy” rating on shares of Skechers USA in a research note on Friday, April 26th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. Skechers USA currently has a consensus rating of “Hold” and an average price target of $37.33.
NYSE:SKX opened at $39.01 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 2.00 and a current ratio of 2.91. The company has a market capitalization of $6.14 billion, a P/E ratio of 18.49, a PEG ratio of 2.75 and a beta of 0.72. Skechers USA has a 52-week low of $21.45 and a 52-week high of $40.50. The stock’s 50-day moving average price is $31.57.
Skechers USA (NYSE:SKX) last posted its quarterly earnings results on Thursday, July 18th. The textile maker reported $0.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.16. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.23 billion. Skechers USA had a return on equity of 14.80% and a net margin of 6.72%. The business’s revenue was up 10.9% compared to the same quarter last year. During the same period last year, the company earned $0.29 earnings per share. On average, research analysts anticipate that Skechers USA will post 2.09 EPS for the current year.
In other news, EVP Mark A. Nason sold 13,191 shares of Skechers USA stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $32.00, for a total transaction of $422,112.00. Following the completion of the transaction, the executive vice president now directly owns 86,943 shares in the company, valued at approximately $2,782,176. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Phillip Paccione sold 9,693 shares of Skechers USA stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $31.17, for a total value of $302,130.81. Following the transaction, the general counsel now owns 64,693 shares of the company’s stock, valued at $2,016,480.81. The disclosure for this sale can be found here. Insiders have sold a total of 92,690 shares of company stock valued at $2,900,456 over the last quarter. 28.08% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of SKX. Norges Bank bought a new position in shares of Skechers USA during the 4th quarter worth approximately $29,796,000. Millennium Management LLC lifted its holdings in Skechers USA by 244.7% during the 4th quarter. Millennium Management LLC now owns 1,225,870 shares of the textile maker’s stock worth $28,060,000 after purchasing an additional 870,212 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Skechers USA during the 1st quarter worth approximately $8,391,000. Coronation Fund Managers Ltd. acquired a new stake in Skechers USA during the 1st quarter worth approximately $6,508,000. Finally, Gotham Asset Management LLC lifted its holdings in Skechers USA by 37.7% during the 4th quarter. Gotham Asset Management LLC now owns 523,525 shares of the textile maker’s stock worth $11,983,000 after purchasing an additional 143,432 shares during the last quarter. Institutional investors own 76.45% of the company’s stock.
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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