Skechers U.S.A. (NYSE:SKX) Hits New 52-Week High on Analyst Upgrade

Skechers U.S.A., Inc. (NYSE:SKX) shares reached a new 52-week high on Wednesday after Evercore ISI raised their price target on the stock from $72.00 to $85.00. Evercore ISI currently has an outperform rating on the stock. Skechers U.S.A. traded as high as $76.90 and last traded at $76.85, with a volume of 1643467 shares traded. The stock had previously closed at $75.04.

A number of other brokerages have also weighed in on SKX. Deutsche Bank Aktiengesellschaft upped their target price 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. Morgan Stanley upped their target price on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. StockNews.com upgraded shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Thursday, January 23rd. Bank of America dropped their target price 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, TD Cowen upped their target price on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Skechers U.S.A. has a consensus rating of “Moderate Buy” and a consensus price target of $80.18.

Insider Activity

In related news, President Michael Greenberg sold 10,274 shares of the firm’s stock in a transaction dated 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 owns 149,327 shares of the company’s stock, valued at $10,076,585.96. This trade represents a 6.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO David Weinberg sold 8,219 shares of the stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $554,618.12. Following the transaction, the chief operating officer now owns 122,211 shares in the company, valued at approximately $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. Insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. boosted its holdings in shares of Skechers U.S.A. by 5,780.6% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock valued at $176,628,000 after buying an additional 2,594,507 shares in the last quarter. Commerce Bank boosted its holdings in shares of Skechers U.S.A. by 949.5% in the 3rd quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock valued at $31,303,000 after buying an additional 423,204 shares in the last quarter. Coronation Fund Managers Ltd. boosted its holdings in shares of Skechers U.S.A. by 378.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock valued at $33,382,000 after buying an additional 394,618 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Skechers U.S.A. by 39.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock valued at $68,630,000 after buying an additional 287,939 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Skechers U.S.A. by 646.3% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker’s stock valued at $22,348,000 after buying an additional 280,000 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors.

Skechers U.S.A. Stock Up 2.4 %

The business’s fifty day moving average price is $68.37 and its two-hundred day moving average price is $65.92. The firm has a market capitalization of $11.60 billion, a P/E ratio of 18.93, a PEG ratio of 0.90 and a beta of 1.19. 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. 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.