Skechers USA Inc. (SKX) Receives $24.14 Average Price Target from Brokerages
Skechers USA Inc. (NYSE:SKX) has been assigned an average rating of “Buy” from the nineteen brokerages that are presently covering the firm. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $24.17.
SKX has been the subject of a number of recent research reports. Vetr downgraded Skechers USA from a “strong-buy” rating to a “buy” rating and set a $24.59 price objective for the company. in a research report on Tuesday. B. Riley reiterated a “neutral” rating and set a $24.00 price objective on shares of Skechers USA in a research report on Tuesday, November 8th. Standpoint Research reiterated a “buy” rating on shares of Skechers USA in a research report on Monday, November 7th. Wedbush initiated coverage on Skechers USA in a research report on Tuesday, November 1st. They set a “neutral” rating and a $23.00 price objective for the company. Finally, Cowen and Company reiterated a “hold” rating on shares of Skechers USA in a research report on Friday, October 21st.
Shares of Skechers USA (NYSE:SKX) opened at 21.99 on Thursday. The firm’s 50-day moving average price is $21.67 and its 200-day moving average price is $26.35. The stock 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 52-week low of $18.81 and a 52-week high of $34.27.
Skechers USA (NYSE:SKX) last issued its quarterly earnings results on Thursday, October 20th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by $0.04. The firm had revenue of $942.40 million for the quarter, compared to the consensus estimate of $954.38 million. Skechers USA had a net margin of 7.56% and a return on equity of 17.44%. The business’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.43 earnings per share. On average, equities research analysts forecast that Skechers USA will post $1.63 earnings per share for the current fiscal year.
In other Skechers USA news, President Michael Greenberg sold 150,000 shares of the stock in a transaction on 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 directly owns 401,679 shares of the company’s stock, valued at $8,266,553.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 21.73% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the company. FMR LLC increased its stake in shares of 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 in the last quarter. BlackRock Fund Advisors increased its stake in shares of Skechers USA by 4.4% in the third quarter. BlackRock Fund Advisors now owns 4,920,426 shares of the company’s stock valued at $112,678,000 after buying an additional 208,663 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of 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 in the last quarter. State Street Corp increased its stake in shares of 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 in the last quarter. Finally, OZ Management LP increased its stake in shares of Skechers USA by 43.4% in the third quarter. OZ Management LP now owns 2,976,931 shares of the company’s stock valued at $68,172,000 after buying an additional 900,423 shares in the last quarter. 64.88% of the stock is currently 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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