Skechers USA Inc. (SKX) Rating Lowered to Buy at Vetr Inc.
Skechers USA Inc. (NYSE:SKX) was downgraded by equities researchers at Vetr from a “strong-buy” rating to a “buy” rating in a report issued on Thursday. They currently have a $25.25 price objective on the stock. Vetr‘s target price would suggest a potential upside of 10.60% from the stock’s previous close.
A number of other equities analysts also recently weighed in on the stock. Susquehanna initiated coverage on shares of Skechers USA in a research note on Friday, August 12th. They set a “neutral” rating and a $27.00 target price for the company. Citigroup Inc. reaffirmed a “buy” rating and issued a $38.00 price target on shares of Skechers USA in a research note on Tuesday, August 23rd. Monness Crespi & Hardt downgraded shares of Skechers USA from a “buy” rating to a “neutral” rating in a research note 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 decreased their price target for the company from $41.00 to $25.00 in a research note on Wednesday, September 21st. Finally, Standpoint Research initiated coverage on shares of Skechers USA in a research note on Monday, October 3rd. They issued a “buy” rating and a $30.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $28.42.
Shares of Skechers USA (NYSE:SKX) opened at 22.83 on Thursday. The stock has a 50 day moving average of $23.19 and a 200-day moving average of $27.55. Skechers USA has a one year low of $20.90 and a one year high of $49.28. The company has a market capitalization of $3.60 billion, a PE ratio of 13.19 and a beta of 0.15.
Skechers USA (NYSE:SKX) last announced its earnings results on Thursday, July 21st. The company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by $0.02. Skechers USA had a return on equity of 20.20% and a net margin of 7.79%. The firm had revenue of $877.80 million for the quarter, compared to the consensus estimate of $892.06 million. During the same period in the prior year, the business earned $0.52 EPS. On average, equities analysts forecast that Skechers USA will post $1.80 earnings per share for the current fiscal year.
In other Skechers USA news, General Counsel Phillip Paccione sold 1,389 shares of the business’s stock in a transaction dated 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 $2,181,533.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 21.73% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Glenmede Trust Co. NA bought a new position in Skechers USA during the second quarter worth $117,000. MSI Financial Services Inc boosted its position in Skechers USA by 36.6% in the third quarter. MSI Financial Services Inc now owns 6,210 shares of the company’s stock worth $143,000 after buying an additional 1,665 shares during the last quarter. US Bancorp DE boosted its position in Skechers USA by 45.7% in the second quarter. US Bancorp DE now owns 5,211 shares of the company’s stock worth $155,000 after buying an additional 1,635 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Skechers USA by 20.1% in the second quarter. PNC Financial Services Group Inc. now owns 6,442 shares of the company’s stock worth $192,000 after buying an additional 1,079 shares during the last quarter. Finally, Ancora Advisors LLC bought a new position in Skechers USA during the second quarter worth $208,000. Hedge funds and other institutional investors own 65.70% of the company’s stock.
Skechers USA Company Profile
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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