Skechers U.S.A. (NYSE:SKX – Free Report) had its price target trimmed by TD Cowen from $78.00 to $76.00 in a report released on Monday, Benzinga reports. The firm currently has a buy rating on the textile maker’s stock.
Several other brokerages have also recently issued reports on SKX. Wedbush boosted their price target on Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Morgan Stanley upgraded Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $60.00 to $80.00 in a research note on Tuesday, July 23rd. Stifel Nicolaus lifted 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. Evercore ISI upped their price objective on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Finally, Bank of America reduced their target price on shares of Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating for the company in a research note on Monday, September 23rd. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $77.55.
View Our Latest Research Report on SKX
Skechers U.S.A. Trading Down 0.7 %
Skechers U.S.A. (NYSE:SKX – Get Free Report) last announced its earnings results on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.24 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The business’s revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.98 earnings per share. On average, research analysts anticipate that Skechers U.S.A. will post 4.17 EPS for the current year.
Skechers U.S.A. announced that its board has initiated a share buyback plan on Thursday, July 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the textile maker to repurchase up to 10.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
Institutional Investors Weigh In On Skechers U.S.A.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Redmont Wealth Advisors LLC acquired a new stake in shares of Skechers U.S.A. during the 1st quarter valued at approximately $25,000. Bessemer Group Inc. lifted its position 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 valued at $25,000 after acquiring an additional 164 shares during the period. UMB Bank n.a. lifted its position in shares of Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock valued at $30,000 after acquiring an additional 364 shares during the period. Game Plan Financial Advisors LLC acquired a new stake in shares of Skechers U.S.A. during the 1st quarter valued at approximately $43,000. Finally, Versant Capital Management Inc lifted its position in shares of Skechers U.S.A. by 2,809.1% during the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after acquiring an additional 618 shares during the period. 79.96% of the stock is currently owned by institutional investors and hedge funds.
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.
Further Reading
- Five stocks we like better than Skechers U.S.A.
- Canadian Penny Stocks: Can They Make You Rich?
- Taiwan Semiconductor Stock: Buy Now or Wait for Earnings?
- Investing in Travel Stocks Benefits
- Abbott’s Growth and Dividends Make It a Smart Portfolio Pick
- The Significance of a Trillion-Dollar Market Cap Goes Beyond a Number
- Citigroup Faces Growing Troubles: Could the Industry Be at Risk?
Receive News & Ratings for Skechers U.S.A. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Skechers U.S.A. and related companies with MarketBeat.com's FREE daily email newsletter.