Skechers USA Inc. (SKX) Now Covered by Analysts at Standpoint Research
Several other analysts have also weighed in on the stock. Susquehanna initiated coverage on shares of Skechers USA in a research report on Friday, August 12th. They set a neutral rating and a $27.00 target price on the stock. Citigroup Inc. reissued a buy rating and set a $38.00 price target on shares of Skechers USA in a report on Tuesday, August 23rd. Monness Crespi & Hardt downgraded shares of Skechers USA from a buy rating to a neutral rating in a report on Friday, July 22nd. They noted that the move was a valuation call. Morgan Stanley downgraded shares of Skechers USA from an overweight rating to an equal weight rating and cut their price target for the company from $41.00 to $25.00 in a report on Wednesday, September 21st. Finally, Argus downgraded shares of Skechers USA from a buy rating to a hold rating in a report on Monday, August 1st. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $30.37.
Skechers USA (NYSE:SKX) traded up 0.66% on Monday, hitting $23.05. 703,168 shares of the stock traded hands. Skechers USA has a 12-month low of $20.90 and a 12-month high of $49.28. The stock has a 50-day moving average price of $23.78 and a 200 day moving average price of $28.14. The stock has a market cap of $3.64 billion, a P/E ratio of 13.32 and a beta of 0.15.
Skechers USA (NYSE:SKX) last issued its earnings results on Thursday, July 21st. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.52 by $0.02. Skechers USA had a net margin of 7.79% and a return on equity of 20.20%. The business had revenue of $877.80 million for the quarter, compared to analyst estimates of $892.06 million. During the same quarter last year, the firm posted $0.52 earnings per share. On average, equities analysts expect that Skechers USA will post $1.80 EPS for the current fiscal year.
In related news, General Counsel Phillip Paccione sold 1,389 shares of the business’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 completion of the transaction, the general counsel now owns 90,445 shares in the company, valued at $2,181,533.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 21.73% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of SKX. Capital Growth Management LP purchased a new position in shares of Skechers USA during the second quarter worth about $62,115,000. Fiera Capital Corp boosted its position in shares of Skechers USA by 10,690.6% in the second quarter. Fiera Capital Corp now owns 1,898,281 shares of the company’s stock worth $56,417,000 after buying an additional 1,880,689 shares in the last quarter. Scout Investments Inc. bought a new position in Skechers USA during the second quarter valued at $33,603,000. Norges Bank bought a new position in Skechers USA during the fourth quarter valued at $31,971,000. Finally, Prudential Financial Inc. boosted its position in Skechers USA by 229.7% in the second quarter. Prudential Financial Inc. now owns 862,012 shares of the company’s stock valued at $25,619,000 after buying an additional 600,550 shares during the period. Hedge funds and other institutional investors 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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