Skechers U.S.A. (NYSE:SKX) Coverage Initiated at Needham & Company LLC

Needham & Company LLC initiated coverage on shares of Skechers U.S.A. (NYSE:SKX) in a research note issued to investors on Friday morning, MarketBeat.com reports. The brokerage issued a hold rating on the textile maker’s stock.

Several other brokerages have also issued reports on SKX. Morgan Stanley lifted their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft boosted their target price 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. Bank of America reduced 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. Wedbush boosted their price objective on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, TD Cowen reduced their target price on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $78.09.

Skechers U.S.A. Stock Up 2.9 %

SKX stock opened at $63.48 on Friday. Skechers U.S.A. has a fifty-two week low of $55.51 and a fifty-two week high of $75.09. The stock has a fifty day moving average of $63.52 and a 200-day moving average of $66.20. The company has a market capitalization of $9.58 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 0.86 and a beta of 1.23. 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. (NYSE:SKX) last posted its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The firm had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter in the prior year, the business posted $0.93 earnings per share. The business’s quarterly revenue was up 16.0% on a year-over-year basis. As a group, equities research analysts predict that Skechers U.S.A. will post 4.25 earnings per share for the current year.

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

Hedge funds have recently made changes to their positions in the business. 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. lifted its holdings in Skechers U.S.A. by 423.3% in the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after buying an additional 364 shares during the period. Versant Capital Management Inc boosted its position in Skechers U.S.A. by 2,809.1% during the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after acquiring an additional 618 shares in the last quarter. Venturi Wealth Management LLC raised its position in shares of 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 worth $58,000 after acquiring an additional 299 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new position in shares of Skechers U.S.A. in the 3rd quarter valued at approximately $67,000. 79.96% of the stock is owned by hedge funds and other institutional investors.

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.