Analysts Set Skechers U.S.A., Inc. (NYSE:SKX) Price Target at $78.42

Skechers U.S.A., Inc. (NYSE:SKX) has earned a consensus recommendation of “Moderate Buy” from the thirteen research firms that are covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $78.42.

SKX has been the subject of a number of research reports. StockNews.com upgraded Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Needham & Company LLC initiated coverage on Skechers U.S.A. in a research report on Friday, November 22nd. They set a “hold” rating for the company. Deutsche Bank Aktiengesellschaft upped their price objective on Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Morgan Stanley upped their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Piper Sandler started coverage on Skechers U.S.A. in a research report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price objective for the company.

Insider Transactions at Skechers U.S.A.

In other news, President Michael Greenberg sold 10,274 shares of the company’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $693,289.52. Following the completion of the transaction, the president now owns 149,327 shares of the company’s stock, valued at $10,076,585.96. This represents a 6.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO David Weinberg sold 8,219 shares of the company’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $554,618.12. Following the completion of the transaction, the chief operating officer now directly owns 122,211 shares of the company’s stock, valued at approximately $8,246,798.28. This trade represents a 6.30 % decrease in their position. The disclosure for this sale can be found here. Corporate 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 made changes to their positions in the business. Pacer Advisors Inc. boosted its stake in Skechers U.S.A. by 5,780.6% during the third quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock valued at $176,628,000 after buying an additional 2,594,507 shares during the last quarter. Commerce Bank boosted its stake in Skechers U.S.A. by 949.5% during the third quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock valued at $31,303,000 after buying an additional 423,204 shares during the last quarter. Coronation Fund Managers Ltd. boosted its stake in Skechers U.S.A. by 378.6% during the third quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock valued at $33,382,000 after buying an additional 394,618 shares during the last quarter. Wellington Management Group LLP boosted its stake in Skechers U.S.A. by 39.0% during the third quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock valued at $68,630,000 after buying an additional 287,939 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in Skechers U.S.A. by 646.3% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker’s stock valued at $22,348,000 after buying an additional 280,000 shares during the last quarter. Institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Stock Up 1.4 %

SKX stock opened at $71.06 on Thursday. Skechers U.S.A. has a 1-year low of $55.67 and a 1-year high of $75.09. The business has a fifty day moving average price of $66.22 and a 200-day moving average price of $65.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The stock has a market capitalization of $10.73 billion, a P/E ratio of 17.50, a P/E/G ratio of 0.98 and a beta of 1.19.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.11. The firm had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The company’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.93 earnings per share. Equities analysts forecast that Skechers U.S.A. will post 4.24 earnings per share for the current fiscal year.

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.