Skechers USA Inc. (SKX) Rating Increased to Strong-Buy at Vetr Inc.
Skechers USA Inc. (NYSE:SKX) was upgraded by investment analysts at Vetr from a “buy” rating to a “strong-buy” rating in a report released on Tuesday. The firm currently has a $24.54 price objective on the stock. Vetr‘s price target indicates a potential upside of 7.73% from the company’s previous close.
Several other analysts have also recently commented on the stock. B. Riley reissued a “neutral” rating and set a $24.00 price target on shares of Skechers USA in a research note on Tuesday, November 8th. Standpoint Research restated a “buy” rating on shares of Skechers USA in a report on Monday, November 7th. Wedbush started coverage on shares of Skechers USA in a report on Tuesday, November 1st. They issued a “neutral” rating and a $23.00 price objective on the stock. Cowen and Company restated a “hold” rating on shares of Skechers USA in a report on Friday, October 21st. Finally, Citigroup Inc. lowered shares of Skechers USA from a “buy” rating to a “neutral” rating and cut their price objective for the company from $33.00 to $21.00 in a report on Friday, October 21st. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $27.08.
Skechers USA (NYSE:SKX) opened at 22.78 on Tuesday. Skechers USA has a 12-month low of $18.81 and a 12-month high of $34.27. The stock has a market capitalization of $3.60 billion, a PE ratio of 13.24 and a beta of 0.27. The stock’s 50 day moving average is $21.52 and its 200 day moving average is $25.40.
Skechers USA (NYSE:SKX) last released its quarterly earnings results on Thursday, October 20th. The company reported $0.42 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.46 by $0.04. Skechers USA had a net margin of 7.56% and a return on equity of 17.44%. The company had revenue of $942.40 million for the quarter, compared to the consensus estimate of $954.38 million. During the same period last year, the company earned $0.43 earnings per share. Skechers USA’s revenue for the quarter was up 10.1% compared to the same quarter last year. Analysts forecast that Skechers USA will post $1.63 EPS for the current year.
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In related news, Director Thomas Walsh sold 1,500 shares of the firm’s stock in a transaction on Wednesday, November 23rd. The shares were sold at an average price of $22.64, for a total value of $33,960.00. Following the completion of the transaction, the director now owns 11,500 shares of the company’s stock, valued at $260,360. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert Greenberg bought 250,000 shares of the firm’s stock in a transaction that occurred on Monday, November 28th. The stock was acquired at an average cost of $22.18 per share, with a total value of $5,545,000.00. Following the transaction, the chief executive officer now owns 277,693 shares of the company’s stock, valued at approximately $6,159,230.74. The disclosure for this purchase can be found here. Corporate insiders own 21.73% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of Montreal Can acquired a new position in Skechers USA during the second quarter worth $14,762,000. Tower Research Capital LLC TRC increased its position in Skechers USA by 3.9% in the second quarter. Tower Research Capital LLC TRC now owns 9,966 shares of the company’s stock worth $296,000 after buying an additional 377 shares during the period. Retirement Systems of Alabama increased its position in Skechers USA by 0.6% in the second quarter. Retirement Systems of Alabama now owns 507,341 shares of the company’s stock worth $15,078,000 after buying an additional 2,942 shares during the period. Public Employees Retirement Association of Colorado increased its position in Skechers USA by 0.8% in the second quarter. Public Employees Retirement Association of Colorado now owns 31,113 shares of the company’s stock worth $925,000 after buying an additional 244 shares during the period. Finally, Rail Splitter Capital Management LLC increased its position in Skechers USA by 8.5% in the second quarter. Rail Splitter Capital Management LLC now owns 399,161 shares of the company’s stock worth $11,863,000 after buying an additional 31,338 shares during the period. 61.06% of the stock is owned by institutional investors and hedge funds.
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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