Skechers USA Inc. (SKX) Given Consensus Recommendation of “Buy” by Brokerages
Shares of Skechers USA Inc. (NYSE:SKX) have received an average rating of “Buy” from the nineteen ratings firms that are covering the stock. Nine analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $24.17.
SKX has been the topic of a number of research analyst reports. Susquehanna started 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 issued a $38.00 target price on shares of Skechers USA in a report on Tuesday, August 23rd. Morgan Stanley cut Skechers USA from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $41.00 to $25.00 in a report on Wednesday, September 21st. Standpoint Research started coverage on Skechers USA in a report on Monday, October 3rd. They issued a “buy” rating and a $30.00 target price on the stock. Finally, Argus cut Skechers USA from a “buy” rating to a “hold” rating in a report on Monday, August 1st.
In other news, President Michael Greenberg sold 150,000 shares of the stock in a transaction on Wednesday, November 2nd. The stock was sold at an average price of $20.58, for a total transaction of $3,087,000.00. Following the completion of the transaction, the president now owns 401,679 shares in the company, valued at approximately $8,266,553.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 21.73% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. D.A. Davidson & CO. increased its position in shares of Skechers USA by 2.2% in the third quarter. D.A. Davidson & CO. now owns 10,271 shares of the company’s stock valued at $234,000 after buying an additional 222 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Skechers USA by 1,845.7% in the third quarter. Price T Rowe Associates Inc. MD now owns 1,063,129 shares of the company’s stock valued at $24,346,000 after buying an additional 1,008,490 shares in the last quarter. LPL Financial LLC increased its position in shares of Skechers USA by 3.9% in the third quarter. LPL Financial LLC now owns 14,633 shares of the company’s stock valued at $338,000 after buying an additional 548 shares in the last quarter. Cornerstone Capital Management Holdings LLC. increased its position in shares of Skechers USA by 265.6% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 114,063 shares of the company’s stock valued at $2,611,000 after buying an additional 82,863 shares in the last quarter. Finally, Credit Suisse AG increased its position in shares of Skechers USA by 19.0% in the third quarter. Credit Suisse AG now owns 739,665 shares of the company’s stock valued at $16,938,000 after buying an additional 118,341 shares in the last quarter. Institutional investors and hedge funds own 63.20% of the company’s stock.
Shares of Skechers USA (NYSE:SKX) opened at 22.23 on Wednesday. The firm’s 50-day moving average is $21.67 and its 200 day moving average is $26.35. Skechers USA has a one year low of $18.81 and a one year high of $34.27. The firm has a market capitalization of $3.51 billion, a P/E ratio of 12.92 and a beta of 0.27.
Skechers USA (NYSE:SKX) last posted 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 business had revenue of $942.40 million for the quarter, compared to the consensus estimate of $954.38 million. Skechers USA had a return on equity of 17.44% and a net margin of 7.56%. Skechers USA’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.43 earnings per share. Equities research analysts predict that Skechers USA will post $1.63 earnings per share for the current year.
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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