Skechers U.S.A. (NYSE:SKX) Price Target Increased to $80.00 by Analysts at Barclays

Skechers U.S.A. (NYSE:SKX) had its price target hoisted by Barclays from $79.00 to $80.00 in a research report released on Friday morning, Benzinga reports. They currently have an overweight rating on the textile maker’s stock.

A number of other research analysts have also recently issued reports on SKX. Wedbush lifted their target price on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. TD Cowen cut their price objective on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Evercore ISI increased their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Stifel Nicolaus lifted their price target 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. Finally, Morgan Stanley increased their price objective on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a report on Friday. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $78.09.

Skechers U.S.A. Price Performance

Skechers U.S.A. stock opened at $59.21 on Friday. The business has a 50 day simple moving average of $65.98 and a 200 day simple moving average of $66.16. Skechers U.S.A. has a one year low of $45.58 and a one year high of $75.09. The company has a market capitalization of $9.03 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 0.89 and a beta of 1.22. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The business’s revenue was up 16.0% on a year-over-year basis. During the same period last year, the business earned $0.93 earnings per share. On average, sell-side analysts forecast that Skechers U.S.A. will post 4.15 EPS for the current fiscal year.

Skechers U.S.A. declared that its board has initiated a share repurchase plan on Thursday, July 25th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the textile maker to repurchase up to 10.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Redmont Wealth Advisors LLC acquired a new position in Skechers U.S.A. in the first quarter valued at approximately $25,000. Bessemer Group Inc. grew its holdings 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 acquiring an additional 164 shares during the period. UMB Bank n.a. raised its position 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 valued at $30,000 after acquiring an additional 364 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of 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 valued at $44,000 after purchasing an additional 618 shares during the period. Finally, Sunbelt Securities Inc. acquired a new position in shares of Skechers U.S.A. in the 1st quarter valued at $45,000. 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.