Skechers U.S.A. (NYSE:SKX) Lowered to “Hold” Rating by StockNews.com

Skechers U.S.A. (NYSE:SKX) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Monday.

Several other brokerages also recently issued reports on SKX. Bank of America cut their target price on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, October 25th. TD Cowen cut 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. Barclays raised their price objective on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Needham & Company LLC started coverage on shares of Skechers U.S.A. in a research report on Friday. They set a “hold” rating for the company. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $78.09.

Skechers U.S.A. Stock Performance

NYSE:SKX traded up $1.79 during mid-day trading on Monday, hitting $63.48. The stock had a trading volume of 1,775,123 shares, compared to its average volume of 1,881,479. Skechers U.S.A. has a twelve month low of $55.51 and a twelve month high of $75.09. The stock has a market cap of $9.58 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 0.86 and a beta of 1.23. The company’s 50 day simple moving average is $63.52 and its 200 day simple moving average is $66.20. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The business had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same period last year, the business posted $0.93 EPS. Skechers U.S.A.’s revenue was up 16.0% on a year-over-year basis. On average, equities research analysts forecast that Skechers U.S.A. will post 4.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Bessemer Group Inc. increased its stake in Skechers U.S.A. by 66.7% in the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after acquiring an additional 164 shares during the last quarter. CIBC Asset Management Inc increased its stake in Skechers U.S.A. by 4.7% in the second quarter. CIBC Asset Management Inc now owns 3,820 shares of the textile maker’s stock valued at $264,000 after acquiring an additional 173 shares during the last quarter. Lindenwold Advisors INC increased its stake in Skechers U.S.A. by 3.0% in the third quarter. Lindenwold Advisors INC now owns 6,663 shares of the textile maker’s stock valued at $446,000 after acquiring an additional 195 shares during the last quarter. X Square Capital LLC increased its stake in Skechers U.S.A. by 0.5% in the second quarter. X Square Capital LLC now owns 40,903 shares of the textile maker’s stock valued at $2,827,000 after acquiring an additional 215 shares during the last quarter. Finally, Edgestream Partners L.P. increased its stake in Skechers U.S.A. by 2.8% in the third quarter. Edgestream Partners L.P. now owns 8,762 shares of the textile maker’s stock valued at $586,000 after acquiring an additional 236 shares during the last quarter. 79.96% of the stock is owned by 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.