Skechers U.S.A. (NYSE:SKX) Rating Lowered to Hold at StockNews.com

Skechers U.S.A. (NYSE:SKX) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Monday.

A number of other analysts also recently issued reports on SKX. Barclays lifted their target price on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft boosted their price target on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Stifel Nicolaus increased their price objective on Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 26th. Evercore ISI boosted their target price on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, Bank of America dropped their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, October 25th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $78.09.

Skechers U.S.A. Price Performance

Shares of SKX opened at $63.06 on Monday. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01. Skechers U.S.A. has a twelve month low of $47.98 and a twelve month high of $75.09. The stock has a market capitalization of $9.61 billion, a P/E ratio of 15.53, a P/E/G ratio of 0.87 and a beta of 1.23. The company has a 50 day moving average of $65.12 and a 200-day moving average of $66.49.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the prior year, the company posted $0.93 earnings per share. The firm’s revenue was up 16.0% on a year-over-year basis. As a group, equities research analysts forecast that Skechers U.S.A. will post 4.25 EPS for the current fiscal year.

Skechers U.S.A. announced that its board has initiated a share repurchase program on Thursday, July 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the textile maker to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Skechers U.S.A.

Several hedge funds have recently added to or reduced their stakes in SKX. Bessemer Group Inc. increased its position in Skechers U.S.A. by 66.7% during the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after buying an additional 164 shares during the period. UMB Bank n.a. increased its position in Skechers U.S.A. by 423.3% during the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after acquiring an additional 364 shares during the period. Versant Capital Management Inc raised its stake in Skechers U.S.A. by 2,809.1% in the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after purchasing an additional 618 shares in the last quarter. Venturi Wealth Management LLC boosted its holdings in Skechers U.S.A. by 52.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock valued at $58,000 after purchasing an additional 299 shares during the period. Finally, Blue Trust Inc. grew its position in shares of Skechers U.S.A. by 778.1% during the 3rd quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock worth $69,000 after purchasing an additional 887 shares in the last quarter. 79.96% of the stock is owned by institutional investors and hedge funds.

Skechers U.S.A. Company Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.