Skechers U.S.A. (NYSE:SKX) Upgraded by StockNews.com to Buy Rating

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

A number of other equities research analysts also recently weighed in on SKX. Morgan Stanley raised their target price on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Evercore ISI lifted their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. TD Cowen reduced their price target on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Bank of America lowered their price objective on shares of 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. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $78.09.

Skechers U.S.A. Stock Performance

SKX opened at $61.09 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. Skechers U.S.A. has a 52-week low of $50.16 and a 52-week high of $75.09. The firm has a market cap of $9.22 billion, a P/E ratio of 15.05, a price-to-earnings-growth ratio of 0.84 and a beta of 1.23. The business’s fifty day moving average is $64.48 and its 200-day moving average is $66.54.

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

Skechers U.S.A. announced that its Board of Directors has authorized a stock repurchase plan on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the textile maker to buy up to 10.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Skechers U.S.A.

A number of hedge funds and other institutional investors have recently made changes to their positions 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 valued at $25,000 after purchasing an additional 164 shares during the period. UMB Bank n.a. boosted its stake in shares of Skechers U.S.A. by 423.3% in the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock valued at $30,000 after purchasing an additional 364 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Skechers U.S.A. by 2,809.1% during the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after buying an additional 618 shares during the period. Venturi Wealth Management LLC lifted its holdings 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 buying an additional 299 shares during the period. Finally, Blue Trust Inc. boosted its position in Skechers U.S.A. by 778.1% during the third quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock valued at $69,000 after acquiring an additional 887 shares during 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.