Skechers U.S.A. (NYSE:SKX) Price Target Cut to $81.00

Skechers U.S.A. (NYSE:SKX) had its target price reduced by research analysts at Bank of America from $87.00 to $81.00 in a research report issued on Monday, Benzinga reports. The firm currently has a “buy” rating on the textile maker’s stock. Bank of America‘s price objective indicates a potential upside of 24.61% from the company’s current price.

A number of other equities analysts have also issued reports on SKX. Wedbush increased their price target on Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $82.00 target price on shares of Skechers U.S.A. in a research note on Thursday, June 13th. Barclays boosted their price target on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Stifel Nicolaus raised their price objective 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, Morgan Stanley upgraded shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $60.00 to $80.00 in a report on Tuesday, July 23rd. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $77.82.

Skechers U.S.A. Stock Up 3.0 %

Shares of Skechers U.S.A. stock opened at $65.01 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $75.09. The business’s fifty day moving average price is $65.20 and its two-hundred day moving average price is $65.44. The company has a market capitalization of $9.91 billion, a P/E ratio of 17.11, a PEG ratio of 0.94 and a beta of 1.23.

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 for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.24 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. Skechers U.S.A.’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.98 earnings per share. As a group, research analysts forecast that Skechers U.S.A. will post 4.17 EPS for the current year.

Skechers U.S.A. declared that its Board of Directors has approved a stock buyback program on Thursday, July 25th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the textile maker to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Skechers U.S.A.

Several large investors have recently made changes to their positions in SKX. Redmont Wealth Advisors LLC acquired a new stake in Skechers U.S.A. in the 1st quarter worth approximately $25,000. Bessemer Group Inc. boosted its holdings in shares of Skechers U.S.A. by 66.7% during the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after buying an additional 164 shares during the period. Game Plan Financial Advisors LLC acquired a new position in Skechers U.S.A. in the 1st quarter valued at $43,000. Versant Capital Management Inc grew its stake in Skechers U.S.A. by 2,809.1% in the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after buying an additional 618 shares during the last quarter. Finally, Sunbelt Securities Inc. bought a new position in Skechers U.S.A. in the 1st quarter worth $45,000. 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.