Barclays Raises Skechers U.S.A. (NYSE:SKX) Price Target to $79.00

Skechers U.S.A. (NYSE:SKX) had its price objective hoisted by stock analysts at Barclays from $78.00 to $79.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the textile maker’s stock. Barclays‘s target price would suggest a potential upside of 20.28% from the company’s previous close.

SKX has been the subject of a number of other research reports. Wells Fargo & Company began coverage on Skechers U.S.A. in a research note on Wednesday, June 12th. They set an “overweight” rating and a $83.00 price objective for the company. TD Cowen upped their price target on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday. Stifel Nicolaus raised their price objective on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research note on Friday. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $82.00 target price on shares of Skechers U.S.A. in a report on Thursday, June 13th. Finally, Wedbush reissued an “outperform” rating and set a $76.00 price target on shares of Skechers U.S.A. in a research report on Friday, May 17th. Fourteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $75.77.

Skechers U.S.A. Stock Up 3.1 %

SKX traded up $1.97 on Friday, hitting $65.68. The company had a trading volume of 2,379,578 shares, compared to its average volume of 1,761,791. Skechers U.S.A. has a 52-week low of $45.58 and a 52-week high of $75.09. The firm has a market capitalization of $10.02 billion, a P/E ratio of 17.28, a P/E/G ratio of 0.91 and a beta of 1.25. The stock has a fifty day simple moving average of $69.22 and a 200-day simple moving average of $64.12. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.39 and a quick ratio of 1.56.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.03). The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.24 billion. Skechers U.S.A. had a return on equity of 13.56% and a net margin of 7.17%. Skechers U.S.A.’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.98 EPS. As a group, equities analysts expect that Skechers U.S.A. will post 4.11 EPS for the current fiscal year.

Insider Buying and Selling at Skechers U.S.A.

In related news, General Counsel Phillip Paccione sold 423 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total value of $29,377.35. Following the transaction, the general counsel now owns 35,000 shares of the company’s stock, valued at $2,430,750. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Redmont Wealth Advisors LLC bought a new stake in Skechers U.S.A. during the 1st quarter worth approximately $25,000. Bessemer Group Inc. lifted its stake in shares of Skechers U.S.A. by 66.7% during the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after buying an additional 164 shares in the last quarter. GAMMA Investing LLC bought a new position in Skechers U.S.A. in the 4th quarter worth $36,000. Game Plan Financial Advisors LLC purchased a new stake in Skechers U.S.A. in the 1st quarter worth $43,000. Finally, Versant Capital Management Inc raised its holdings in Skechers U.S.A. by 2,809.1% during the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after acquiring an additional 618 shares during the period. 79.96% of the stock is owned by hedge funds and other institutional investors.

Skechers U.S.A. Company Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.