UBS Group Cuts Skechers U.S.A. (NYSE:SKX) Price Target to $90.00

Skechers U.S.A. (NYSE:SKX) had its price target reduced by UBS Group from $92.00 to $90.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a buy rating on the textile maker’s stock.

Several other brokerages have also issued reports on SKX. Piper Sandler initiated coverage on shares of Skechers U.S.A. in a research note on Tuesday, December 10th. They set a “neutral” rating and a $65.00 target price on the stock. Evercore ISI increased their price target on Skechers U.S.A. from $72.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, January 28th. Needham & Company LLC restated a “hold” rating on shares of Skechers U.S.A. in a research note on Friday. StockNews.com upgraded Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Thursday, January 23rd. Finally, Bank of America dropped their price target on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, October 25th. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $81.50.

Skechers U.S.A. Price Performance

Shares of NYSE SKX opened at $66.06 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. Skechers U.S.A. has a fifty-two week low of $55.67 and a fifty-two week high of $78.85. The stock has a market capitalization of $9.97 billion, a PE ratio of 15.92, a P/E/G ratio of 0.95 and a beta of 1.19. The business has a fifty day moving average price of $70.55 and a two-hundred day moving average price of $66.48.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, February 6th. The textile maker reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.81% and a net margin of 7.13%. As a group, equities analysts predict that Skechers U.S.A. will post 4.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Skechers U.S.A. news, COO David Weinberg sold 8,219 shares of the stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $554,618.12. Following the completion of the sale, the chief operating officer now directly owns 122,211 shares of the company’s stock, valued at approximately $8,246,798.28. This represents a 6.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Michael Greenberg sold 10,274 shares of the business’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $693,289.52. Following the transaction, the president now owns 149,327 shares in the company, valued at approximately $10,076,585.96. This trade represents a 6.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 24.75% of the company’s stock.

Institutional Investors Weigh In On Skechers U.S.A.

A number of large investors have recently bought and sold shares of SKX. UMB Bank n.a. boosted its stake in shares of Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after acquiring an additional 364 shares in the last quarter. IFP Advisors Inc grew its stake in shares of Skechers U.S.A. by 62.4% in the 4th quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock valued at $55,000 after buying an additional 317 shares during the period. Venturi Wealth Management LLC raised its position in Skechers U.S.A. by 52.9% in the third 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. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Skechers U.S.A. in the 4th quarter worth approximately $65,000. Finally, Blue Trust Inc. raised its holdings in shares of Skechers U.S.A. by 778.1% in the 3rd quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock valued at $69,000 after buying an additional 887 shares during the period. Hedge funds and other institutional investors own 79.96% of the company’s stock.

About Skechers U.S.A.

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.