Skechers U.S.A. (NYSE:SKX) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Skechers U.S.A. (NYSE:SKX) from a hold rating to a buy rating in a research note released on Tuesday morning.

SKX has been the subject of several other research reports. 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 note on Monday, October 14th. Wedbush raised their price objective on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft upped 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. Barclays boosted their price objective on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Stifel Nicolaus raised their price objective on Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $78.09.

Skechers U.S.A. Price Performance

NYSE:SKX opened at $60.79 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The stock’s 50-day simple moving average is $64.61 and its 200 day simple moving average is $66.58. The company has a market cap of $9.18 billion, a P/E ratio of 14.97, a P/E/G ratio of 0.85 and a beta of 1.23. Skechers U.S.A. has a 52-week low of $49.08 and a 52-week high of $75.09.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter in the previous year, the business earned $0.93 earnings per share. The business’s revenue was up 16.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Skechers U.S.A. will post 4.25 EPS for the current fiscal year.

Skechers U.S.A. declared that its Board of Directors has initiated a share repurchase plan on Thursday, July 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the textile maker to buy up to 10.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Skechers U.S.A.

Several large investors have recently modified their holdings of SKX. Bessemer Group Inc. increased its holdings 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 acquiring an additional 164 shares during the last quarter. UMB Bank n.a. boosted its stake in Skechers U.S.A. by 423.3% in the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after purchasing an additional 364 shares during the period. Versant Capital Management Inc boosted its position in shares of Skechers U.S.A. by 2,809.1% in the second 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. Venturi Wealth Management LLC lifted its stake in Skechers U.S.A. by 52.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock worth $58,000 after purchasing an additional 299 shares in the last quarter. Finally, 1620 Investment Advisors Inc. purchased a new position in shares of Skechers U.S.A. during the 2nd quarter valued at $69,000. Hedge funds and other 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.