Wedbush Upgrades Skechers USA (NYSE:SKX) to Outperform

Skechers USA (NYSE:SKX) was upgraded by Wedbush from a “neutral” rating to an “outperform” rating in a report issued on Friday, Marketbeat reports. The brokerage currently has a $46.00 target price on the textile maker’s stock, up from their previous target price of $31.00. Wedbush’s price target would suggest a potential upside of 17.92% from the company’s previous close. Wedbush also issued estimates for Skechers USA’s Q3 2019 earnings at $0.69 EPS, Q4 2019 earnings at $0.37 EPS and FY2020 earnings at $2.55 EPS.

A number of other research analysts also recently commented on SKX. UBS Group increased their price objective on Crowdstrike from $90.00 to $100.00 and gave the company an “outperform” rating in a report 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 increased their price objective for the company from $32.00 to $37.00 in a report on Wednesday, March 27th. OTR Global upgraded Skechers USA from a “mixed” rating to a “positive” rating in a report on Thursday, July 11th. B. Riley reiterated a “buy” rating on shares of Skechers USA in a report on Friday, April 26th. Finally, Monness Crespi & Hardt restated a “buy” rating and set a $42.00 price target (up previously from $35.00) on shares of Skechers USA in a research note on Friday. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $37.33.

SKX opened at $39.01 on Friday. Skechers USA has a one year low of $21.45 and a one year high of $40.50. The stock has a market cap of $6.14 billion, a P/E ratio of 18.49, a P/E/G ratio of 2.75 and a beta of 0.72. The company has a current ratio of 2.91, a quick ratio of 2.00 and a debt-to-equity ratio of 0.43. The firm has a 50-day simple moving average of $31.57.

Skechers USA (NYSE:SKX) last released its quarterly earnings data on Thursday, July 18th. The textile maker reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.16. Skechers USA had a return on equity of 14.80% and a net margin of 6.72%. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the prior year, the business posted $0.29 EPS. The business’s revenue for the quarter was up 10.9% on a year-over-year basis. Analysts forecast that Skechers USA will post 2.09 EPS for the current year.

In related news, EVP Mark A. Nason sold 13,191 shares of the firm’s 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 transaction, the executive vice president now owns 86,943 shares in the company, valued at approximately $2,782,176. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard Rappaport sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $31.29, for a total value of $93,870.00. Following the transaction, the director now owns 23,000 shares in the company, valued at approximately $719,670. The disclosure for this sale can be found here. Insiders have sold a total of 92,690 shares of company stock worth $2,900,456 in the last 90 days. 28.08% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the business. FNY Investment Advisers LLC purchased a new position in shares of Skechers USA in the 1st quarter valued at approximately $33,000. Hanseatic Management Services Inc. purchased a new position in shares of Skechers USA in the 2nd quarter valued at approximately $43,000. Quantamental Technologies LLC purchased a new position in shares of Skechers USA in the 1st quarter valued at approximately $49,000. Meeder Asset Management Inc. grew its stake in shares of Skechers USA by 1,569.0% in the 1st quarter. Meeder Asset Management Inc. now owns 3,338 shares of the textile maker’s stock valued at $112,000 after purchasing an additional 3,138 shares during the last quarter. Finally, Machina Capital S.A.S. purchased a new position in shares of Skechers USA in the 2nd quarter valued at approximately $120,000. Institutional investors own 76.45% of the company’s stock.

Skechers USA Company Profile

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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Analyst Recommendations for Skechers USA (NYSE:SKX)

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