Skechers USA Inc. (NYSE:SKX) Receives $27.58 Consensus Target Price from Brokerages
Shares of Skechers USA Inc. (NYSE:SKX) have been assigned a consensus recommendation of “Buy” from the nineteen research firms that are presently covering the firm. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $27.58.
SKX has been the subject of several recent analyst reports. Susquehanna raised Skechers USA from a “neutral” rating to a “positive” rating and set a $27.00 price objective for the company in a report on Friday, September 30th. Morgan Stanley downgraded Skechers USA from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $41.00 to $25.00 in a report on Wednesday, September 21st. Citigroup Inc. reissued a “buy” rating and issued a $38.00 price objective on shares of Skechers USA in a report on Tuesday, August 23rd. Vetr upgraded Skechers USA from a “hold” rating to a “buy” rating and set a $34.68 price target on the stock in a research note on Tuesday, July 19th. Finally, Zacks Investment Research cut Skechers USA from a “hold” rating to a “sell” rating in a research note on Monday, June 27th.
Skechers USA (NYSE:SKX) traded down 0.87% during midday trading on Thursday, reaching $22.82. 1,028,398 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $23.60 and a 200 day moving average price of $27.91. Skechers USA has a 12 month low of $20.90 and a 12 month high of $49.28. The company has a market cap of $3.60 billion, a P/E ratio of 13.18 and a beta of 0.15.
Skechers USA (NYSE:SKX) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.50 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 analyst estimates of $892.06 million. Skechers USA had a net margin of 7.79% and a return on equity of 20.20%. During the same period in the previous year, the company posted $0.52 EPS. On average, equities analysts anticipate 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 dated Thursday, July 28th. The stock was sold at an average price of $24.12, for a total value of $33,502.68. Following the sale, the general counsel now directly owns 90,445 shares of the company’s stock, valued at $2,181,533.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 21.73% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in SKX. FMR LLC raised its stake in Skechers USA by 1.7% in the second quarter. FMR LLC now owns 19,935,612 shares of the company’s stock valued at $592,486,000 after buying an additional 334,320 shares during the period. 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 during the period. 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 during the period. 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 during the period. Finally, Capital Growth Management LP acquired a new stake in Skechers USA during the second quarter valued at $62,115,000. 65.70% of the stock is currently owned by institutional investors and hedge funds.
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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