Skechers USA Inc. (SKX) Downgraded to Buy at Vetr Inc.
Skechers USA Inc. (NYSE:SKX) was downgraded by investment analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report issued on Tuesday. They currently have a $24.59 price target on the stock. Vetr‘s price objective would suggest a potential upside of 11.82% from the stock’s previous close.
SKX has been the topic of several other research reports. Susquehanna raised shares of Skechers USA from a “neutral” rating to a “positive” rating and set a $27.00 price objective on the stock in a research note on Friday, September 30th. Morgan Stanley cut shares of Skechers USA from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $41.00 to $25.00 in a research note on Wednesday, September 21st. Standpoint Research reissued a “buy” rating on shares of Skechers USA in a research note on Monday, November 7th. Citigroup Inc. cut shares of Skechers USA from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $33.00 to $21.00 in a research note on Friday, October 21st. Finally, Cowen and Company set a $24.00 price objective on shares of Skechers USA and gave the stock a “hold” rating in a research note on Thursday, September 22nd. Nine equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $25.41.
Shares of Skechers USA (NYSE:SKX) opened at 21.99 on Tuesday. The firm has a 50 day moving average price of $21.67 and a 200 day moving average price of $26.35. The firm has a market cap of $3.47 billion, a P/E ratio of 12.78 and a beta of 0.27. Skechers USA has a 1-year low of $18.81 and a 1-year high of $34.27.
Skechers USA (NYSE:SKX) last issued its quarterly earnings data on Thursday, October 20th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.46 by $0.04. Skechers USA had a return on equity of 17.44% and a net margin of 7.56%. The business earned $942.40 million during the quarter, compared to the consensus estimate of $954.38 million. During the same period in the prior year, the firm earned $0.43 EPS. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. Analysts anticipate that Skechers USA will post $1.63 EPS for the current year.
In other news, President Michael Greenberg sold 150,000 shares of the company’s stock in a transaction dated Wednesday, November 2nd. The shares were sold at an average price of $20.58, for a total transaction of $3,087,000.00. Following the transaction, the president now owns 401,679 shares in the company, valued at $8,266,553.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 21.73% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Glenmede Trust Co. NA acquired a new stake in Skechers USA during the second quarter worth $117,000. US Bancorp DE raised its stake 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 in the last quarter. Van Hulzen Asset Management LLC acquired a new stake in Skechers USA during the third quarter worth $135,000. MSI Financial Services Inc raised its stake 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 in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake 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 in the last quarter. Institutional investors own 64.88% 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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