Skechers U.S.A. (NYSE:SKX) Now Covered by Needham & Company LLC

Equities research analysts at Needham & Company LLC initiated coverage on shares of Skechers U.S.A. (NYSE:SKX) in a report released on Friday,Briefing.com Automated Import reports. The brokerage set a “hold” rating on the textile maker’s stock.

Several other research analysts have also recently weighed in on the stock. TD Cowen dropped their price objective on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Wedbush boosted their price objective on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Evercore ISI upped their target price on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Stifel Nicolaus upped their target price on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Finally, StockNews.com upgraded shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Tuesday, November 12th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $78.09.

Skechers U.S.A. Stock Up 1.8 %

Shares of SKX opened at $60.87 on Friday. The company has a market capitalization of $9.19 billion, a P/E ratio of 14.99, a PEG ratio of 0.84 and a beta of 1.23. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. Skechers U.S.A. has a one year low of $54.80 and a one year high of $75.09. The business’s 50 day simple moving average is $63.72 and its 200-day simple moving average is $66.28.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same period in the previous year, the business earned $0.93 EPS. Skechers U.S.A.’s revenue was up 16.0% compared to the same quarter last year. As a group, sell-side analysts predict that Skechers U.S.A. will post 4.25 EPS for the current fiscal year.

Skechers U.S.A. announced that its board has approved a share buyback plan on Thursday, July 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the textile maker to buy up to 10.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Skechers U.S.A.

A number of large investors have recently made changes to their positions in SKX. Bessemer Group Inc. boosted its stake in Skechers U.S.A. by 66.7% in the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after purchasing an additional 164 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Skechers U.S.A. in the 1st quarter worth $206,000. LRI Investments LLC acquired a new position in Skechers U.S.A. in the 1st quarter worth $102,000. Magnetar Financial LLC acquired a new position in Skechers U.S.A. in the 1st quarter worth $3,203,000. Finally, Paloma Partners Management Co boosted its stake in Skechers U.S.A. by 300.0% in the 1st quarter. Paloma Partners Management Co now owns 20,000 shares of the textile maker’s stock worth $1,225,000 after purchasing an additional 15,000 shares during the period. Institutional investors own 79.96% of the company’s stock.

About Skechers U.S.A.

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.