Skechers USA Inc. (SKX) Coverage Initiated by Analysts at Standpoint Research
Equities research analysts at Standpoint Research initiated coverage on shares of Skechers USA Inc. (NYSE:SKX) in a research report issued on Monday. The firm set a “buy” rating on the stock.
A number of other analysts have also recently weighed in on the stock. Susquehanna upgraded shares of Skechers USA from a “neutral” rating to a “positive” rating and set a $27.00 target price for the company in a report on Friday. Cowen and Company set a $24.00 target price on shares of Skechers USA and gave the stock a “hold” rating in a report on Thursday, September 22nd. Morgan Stanley cut shares of Skechers USA from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $41.00 to $25.00 in a report on Wednesday, September 21st. Citigroup Inc. restated a “buy” rating and set a $38.00 target price on shares of Skechers USA in a report on Tuesday, August 23rd. Finally, Argus cut shares of Skechers USA from a “buy” rating to a “hold” rating in a report on Monday, August 1st. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $30.37.
Skechers USA (NYSE:SKX) traded up 0.66% during mid-day trading on Monday, hitting $23.05. The stock had a trading volume of 703,168 shares. The firm’s 50-day moving average is $23.78 and its 200 day moving average is $28.14. The stock has a market cap of $3.64 billion, a PE ratio of 13.32 and a beta of 0.15. Skechers USA has a one year low of $20.90 and a one year high of $49.28.
Skechers USA (NYSE:SKX) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by $0.02. The company earned $877.80 million during the quarter, compared to the consensus estimate of $892.06 million. Skechers USA had a net margin of 7.79% and a return on equity of 20.20%. During the same quarter last year, the business earned $0.52 earnings per share. Equities research analysts expect that Skechers USA will post $1.80 EPS for the current year.
In related news, General Counsel Phillip Paccione sold 1,389 shares of the firm’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $24.12, for a total value of $33,502.68. Following the transaction, the general counsel now directly owns 90,445 shares in the company, valued at approximately $2,181,533.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 21.73% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC raised its position in Skechers USA by 1.7% in the second quarter. FMR LLC now owns 19,935,612 shares of the company’s stock worth $592,486,000 after buying an additional 334,320 shares during the last quarter. BlackRock Fund Advisors raised its stake in Skechers USA by 7.6% in the second quarter. BlackRock Fund Advisors now owns 4,711,763 shares of the company’s stock valued at $140,034,000 after buying an additional 331,113 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in Skechers USA by 4.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,998,590 shares of the company’s stock valued at $118,838,000 after buying an additional 165,648 shares in the last quarter. State Street Corp raised its stake in Skechers USA by 1.7% in the first quarter. State Street Corp now owns 3,551,897 shares of the company’s stock valued at $108,158,000 after buying an additional 59,148 shares in the last quarter. Finally, Capital Growth Management LP bought a new stake in Skechers USA during the second quarter valued at about $62,115,000. 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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