Skechers U.S.A. (NYSE:SKX) Raised to Overweight at Morgan Stanley

Morgan Stanley upgraded shares of Skechers U.S.A. (NYSE:SKX) from an equal weight rating to an overweight rating in a research report report published on Tuesday morning, MarketBeat Ratings reports. They currently have $80.00 target price on the textile maker’s stock, up from their previous target price of $60.00.

Several other analysts have also issued reports on the stock. Evercore ISI dropped their price target on shares of Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating on the stock in a research report on Wednesday, April 17th. Deutsche Bank Aktiengesellschaft reiterated a buy rating and issued a $82.00 target price on shares of Skechers U.S.A. in a research note on Thursday, June 13th. Wells Fargo & Company initiated coverage on Skechers U.S.A. in a research report on Wednesday, June 12th. They set an overweight rating and a $83.00 price target on the stock. Stifel Nicolaus lifted their target price on Skechers U.S.A. from $74.00 to $81.00 and gave the stock a buy rating in a research note on Tuesday, May 28th. Finally, TD Cowen increased their price target on Skechers U.S.A. from $77.00 to $79.00 and gave the company a buy rating in a research note on Monday, July 22nd. Fourteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus price target of $76.08.

Skechers U.S.A. Price Performance

NYSE SKX opened at $64.73 on Tuesday. Skechers U.S.A. has a 12-month low of $45.58 and a 12-month high of $75.09. The firm’s 50 day moving average is $69.15 and its 200-day moving average is $64.13. The company has a market capitalization of $9.87 billion, a PE ratio of 17.03, a price-to-earnings-growth ratio of 0.91 and a beta of 1.25. The company has a quick ratio of 1.56, a current ratio of 2.39 and a debt-to-equity ratio of 0.02.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.03). The business had revenue of $2.16 billion for 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%. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same period last year, the firm earned $0.98 earnings per share. Equities research analysts anticipate that Skechers U.S.A. will post 4.11 earnings per share for the current fiscal year.

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

In other 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 transaction of $29,377.35. Following the transaction, the general counsel now directly owns 35,000 shares of the company’s stock, valued at $2,430,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 24.75% of the company’s stock.

Hedge Funds Weigh In On Skechers U.S.A.

A number of hedge funds have recently added to or reduced their stakes in the stock. Bessemer Group Inc. increased its stake in shares of Skechers U.S.A. by 66.7% in the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after purchasing an additional 164 shares during the last quarter. Bfsg LLC raised its position in Skechers U.S.A. by 2.9% in the fourth quarter. Bfsg LLC now owns 6,545 shares of the textile maker’s stock valued at $408,000 after purchasing an additional 186 shares during the last quarter. QRG Capital Management Inc. boosted its stake in shares of Skechers U.S.A. by 2.0% during the first quarter. QRG Capital Management Inc. now owns 10,047 shares of the textile maker’s stock valued at $615,000 after purchasing an additional 194 shares in the last quarter. National Bank of Canada FI raised its holdings in Skechers U.S.A. by 7.1% in the 4th quarter. National Bank of Canada FI now owns 3,035 shares of the textile maker’s stock valued at $188,000 after buying an additional 200 shares during the last quarter. Finally, 1492 Capital Management LLC raised its stake in shares of Skechers U.S.A. by 1.0% during the fourth quarter. 1492 Capital Management LLC now owns 26,270 shares of the textile maker’s stock valued at $1,638,000 after acquiring an additional 259 shares during the last quarter. Institutional investors own 79.96% of the company’s stock.

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.