Skechers USA Inc. (SKX) Given Consensus Recommendation of “Buy” by Analysts
Skechers USA Inc. (NYSE:SKX) has earned a consensus recommendation of “Buy” from the nineteen ratings firms that are presently covering the firm. Seven investment analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $27.58.
SKX has been the topic of several analyst reports. Susquehanna initiated coverage on Skechers USA in a report on Friday, August 12th. They set a “neutral” rating and a $27.00 price target on the stock. Citigroup Inc. reiterated 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 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 Skechers USA from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $41.00 to $25.00 in a report on Wednesday, September 21st. Finally, Standpoint Research initiated coverage on Skechers USA in a report on Monday, October 3rd. They set a “buy” rating and a $30.00 price target on the stock.
Skechers USA (NYSE:SKX) traded up 2.6813% during mid-day trading on Wednesday, reaching $23.1957. 1,039,391 shares of the company traded hands. The company has a market capitalization of $3.66 billion, a P/E ratio of 13.4002 and a beta of 0.15. Skechers USA has a 52-week low of $20.90 and a 52-week high of $49.28. The stock has a 50 day moving average price of $23.38 and a 200-day moving average price of $27.67.
Skechers USA (NYSE:SKX) last announced 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 net margin of 7.79% and a return on equity of 20.20%. The company had revenue of $877.80 million for the quarter, compared to analyst estimates of $892.06 million. During the same quarter last year, the business earned $0.52 EPS. 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 firm’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $24.12, for a total value of $33,502.68. Following the completion of the transaction, the general counsel now directly owns 90,445 shares of the company’s stock, valued at $2,181,533.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 21.73% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Glenmede Trust Co. NA purchased a new position in shares of Skechers USA during the second quarter valued at approximately $117,000. US Bancorp DE boosted its position in shares of Skechers USA by 45.7% in the second quarter. US Bancorp DE now owns 5,211 shares of the company’s stock valued at $155,000 after buying an additional 1,635 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Skechers USA by 20.1% in the second quarter. PNC Financial Services Group Inc. now owns 6,442 shares of the company’s stock valued at $192,000 after buying an additional 1,079 shares during the period. Ancora Advisors LLC purchased a new position in shares of Skechers USA during the second quarter valued at approximately $208,000. Finally, Ontario Teachers Pension Plan Board purchased a new position in shares of Skechers USA during the second quarter valued at approximately $210,000. 65.70% of the stock is owned by hedge funds and other institutional investors.
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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