Skechers U.S.A. (NYSE:SKX) Given New $93.00 Price Target at TD Cowen

Skechers U.S.A. (NYSE:SKX) had its target price lifted by research analysts at TD Cowen from $88.00 to $93.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the textile maker’s stock. TD Cowen’s target price suggests a potential upside of 34.33% from the stock’s previous close.

Several other brokerages also recently issued reports on SKX. Deutsche Bank Aktiengesellschaft increased their price objective on shares of 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. Piper Sandler started coverage on Skechers U.S.A. in a report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price target on the stock. Bank of America dropped their target price on 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. Needham & Company LLC started coverage on Skechers U.S.A. in a research report on Friday, November 22nd. They set a “hold” rating for the company. Finally, Barclays lifted their price objective on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $78.42.

Skechers U.S.A. Stock Performance

Shares of Skechers U.S.A. stock opened at $69.23 on Wednesday. Skechers U.S.A. has a 12 month low of $55.67 and a 12 month high of $75.09. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $10.45 billion, a PE ratio of 17.05, a PEG ratio of 0.98 and a beta of 1.19. The stock’s fifty day simple moving average is $65.89 and its 200 day simple moving average is $65.68.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same quarter last year, the firm posted $0.93 earnings per share. Skechers U.S.A.’s revenue was up 16.0% compared to the same quarter last year. On average, research analysts predict that Skechers U.S.A. will post 4.24 EPS for the current year.

Insider Activity

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of the company’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $693,289.52. Following the transaction, the president now directly owns 149,327 shares in the company, valued at $10,076,585.96. The trade was a 6.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction, the chief operating officer now directly owns 122,211 shares in the company, valued at $8,246,798.28. The trade was a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. UMB Bank n.a. boosted its holdings in shares of 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. Venturi Wealth Management LLC lifted its holdings in Skechers U.S.A. by 52.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock worth $58,000 after purchasing an additional 299 shares during the last quarter. Brooklyn Investment Group acquired a new stake in Skechers U.S.A. during the 3rd quarter worth approximately $67,000. Blue Trust Inc. boosted its stake in 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 purchasing an additional 887 shares during the period. Finally, Quarry LP grew its holdings in Skechers U.S.A. by 44.6% in the 2nd quarter. Quarry LP now owns 1,187 shares of the textile maker’s stock valued at $82,000 after buying an additional 366 shares in the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

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.