Skechers USA Inc. (SKX) Upgraded to Positive at Susquehanna
Skechers USA Inc. (NYSE:SKX) was upgraded by equities researchers at Susquehanna from a “neutral” rating to a “positive” rating in a report released on Friday.
Several other equities analysts have also recently commented on the stock. Citigroup Inc. reaffirmed a “buy” rating and set a $38.00 price target on shares of Skechers USA in a research report on Tuesday, August 23rd. Monness Crespi & Hardt cut shares of Skechers USA from a “buy” rating to a “neutral” rating in a research report on Friday, July 22nd. They noted that the move was a valuation call. Morgan Stanley cut shares of Skechers USA from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $41.00 to $25.00 in a research report on Wednesday, September 21st. Argus cut shares of Skechers USA from a “buy” rating to a “hold” rating in a research report on Monday, August 1st. Finally, Vetr raised shares of Skechers USA from a “sell” rating to a “strong-buy” rating and set a $49.62 price target on the stock in a research report on Tuesday, June 7th. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Skechers USA currently has a consensus rating of “Buy” and an average target price of $30.37.
Shares of Skechers USA (NYSE:SKX) opened at 21.91 on Friday. Skechers USA has a 52-week low of $20.90 and a 52-week high of $49.28. The firm has a market cap of $3.46 billion, a PE ratio of 12.66 and a beta of 0.32. The stock’s 50 day moving average price is $23.83 and its 200-day moving average price is $28.20.
Skechers USA (NYSE:SKX) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.52 by $0.02. Skechers USA had a return on equity of 20.20% and a net margin of 7.79%. The company had revenue of $877.80 million for the quarter, compared to the consensus estimate of $892.06 million. During the same period in the previous year, the business posted $0.52 EPS. On average, equities research analysts anticipate that Skechers USA will post $1.80 earnings per share for the current fiscal year.
In related news, General Counsel Phillip Paccione sold 1,389 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $24.12, for a total transaction of $33,502.68. Following the transaction, the general counsel now owns 90,445 shares in the company, valued at $2,181,533.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 21.73% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of SKX. Prudential PLC raised its position in Skechers USA by 2.3% in the first quarter. Prudential PLC now owns 252,600 shares of the company’s stock worth $7,692,000 after buying an additional 5,700 shares in the last quarter. Menta Capital LLC raised its position in Skechers USA by 291.2% in the first quarter. Menta Capital LLC now owns 34,392 shares of the company’s stock worth $1,047,000 after buying an additional 25,600 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in Skechers USA by 0.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,832,942 shares of the company’s stock worth $116,713,000 after buying an additional 25,636 shares in the last quarter. BlackRock Inc. raised its position in Skechers USA by 29.9% in the first quarter. BlackRock Inc. now owns 60,051 shares of the company’s stock worth $1,829,000 after buying an additional 13,840 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in Skechers USA by 7.8% in the second quarter. Ameriprise Financial Inc. now owns 1,696,064 shares of the company’s stock worth $50,406,000 after buying an additional 122,997 shares in the last quarter. Institutional investors and hedge funds own 65.70% of the company’s stock.
About Skechers USA
Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.
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