Analysts Set Skechers U.S.A., Inc. (NYSE:SKX) PT at $77.82

Skechers U.S.A., Inc. (NYSE:SKX) has received an average recommendation of “Buy” from the eleven ratings firms that are covering the company, MarketBeat reports. Eleven research analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $77.82.

A number of brokerages have recently issued reports on SKX. Wells Fargo & Company began 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. TD Cowen upped their target price on Skechers U.S.A. from $77.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Bank of America lowered their price target on Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating for the company in a report on Monday, September 23rd. Morgan Stanley upgraded shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $60.00 to $80.00 in a report on Tuesday, July 23rd. Finally, Evercore ISI lifted their target price on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th.

Institutional Investors Weigh In On Skechers U.S.A.

Several hedge funds have recently added to or reduced their stakes in SKX. Wells Fargo & Company MN boosted its stake in shares of Skechers U.S.A. by 50.4% in the fourth quarter. Wells Fargo & Company MN now owns 157,416 shares of the textile maker’s stock worth $9,813,000 after buying an additional 52,754 shares during the last quarter. Quantedge Capital Pte Ltd purchased a new stake in Skechers U.S.A. in the 4th quarter worth approximately $948,000. Seven Eight Capital LP grew its stake in shares of Skechers U.S.A. by 126.1% during the 2nd quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock worth $2,033,000 after purchasing an additional 16,408 shares during the period. Cim LLC purchased a new position in shares of Skechers U.S.A. during the 4th quarter valued at approximately $1,126,000. Finally, KBC Group NV lifted its stake in shares of Skechers U.S.A. by 22.4% in the 4th quarter. KBC Group NV now owns 241,079 shares of the textile maker’s stock valued at $15,029,000 after purchasing an additional 44,086 shares during the period. 79.96% of the stock is owned by hedge funds and other institutional investors.

Skechers U.S.A. Price Performance

Shares of SKX stock opened at $68.54 on Tuesday. The company has a market cap of $10.44 billion, a P/E ratio of 18.04, a PEG ratio of 0.94 and a beta of 1.22. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. The stock’s 50-day moving average is $65.64 and its 200 day moving average is $65.75. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last issued 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 $0.95 by ($0.04). The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The firm’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.98 EPS. Research analysts predict that Skechers U.S.A. will post 4.16 earnings per share for the current fiscal year.

Skechers U.S.A. declared that its board has initiated a share repurchase plan on Thursday, July 25th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the textile maker to repurchase up to 10.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

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.