Skechers U.S.A. (NYSE:SKX) Stock Rating Reaffirmed by Wedbush

Skechers U.S.A. (NYSE:SKX)‘s stock had its “outperform” rating reiterated by stock analysts at Wedbush in a research report issued on Friday, Benzinga reports. They presently have a $68.00 price objective on the textile maker’s stock. Wedbush’s price target points to a potential upside of 19.49% from the company’s previous close.

A number of other equities analysts also recently commented on SKX. TD Cowen increased their price objective on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Stifel Nicolaus reduced their price objective on shares of Skechers U.S.A. from $72.00 to $70.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. Barclays assumed coverage on shares of Skechers U.S.A. in a research note on Monday, April 1st. They set an “overweight” rating and a $71.00 price objective for the company. Bank of America assumed coverage on shares of Skechers U.S.A. in a research note on Friday, March 8th. They issued a “neutral” rating and a $67.00 target price for the company. Finally, Monness Crespi & Hardt raised their target price on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, January 18th. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.17.

Skechers U.S.A. Stock Up 0.1 %

NYSE SKX traded up $0.05 on Friday, reaching $56.91. The company had a trading volume of 73,551 shares, compared to its average volume of 1,556,967. The firm has a market capitalization of $8.72 billion, a price-to-earnings ratio of 16.26, a price-to-earnings-growth ratio of 1.02 and a beta of 1.32. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.46 and a current ratio of 2.38. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $65.17. The company’s fifty day moving average is $59.72 and its 200-day moving average is $57.57.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.04. Skechers U.S.A. had a net margin of 6.82% and a return on equity of 12.89%. The firm had revenue of $1.96 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same period in the prior year, the business earned $0.48 EPS. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. On average, research analysts forecast that Skechers U.S.A. will post 3.82 earnings per share for the current fiscal year.

Insider Transactions at Skechers U.S.A.

In other news, COO David Weinberg sold 67,390 shares of Skechers U.S.A. stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the transaction, the chief operating officer now owns 141,405 shares in the company, valued at $8,183,107.35. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, COO David Weinberg sold 67,390 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $3,899,859.30. Following the transaction, the chief operating officer now owns 141,405 shares in the company, valued at $8,183,107.35. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Robert Greenberg sold 30,339 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $1,854,016.29. Following the completion of the transaction, the chief executive officer now owns 132,783 shares in the company, valued at approximately $8,114,369.13. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 254,875 shares of company stock worth $15,021,192. Company insiders own 24.79% of the company’s stock.

Hedge Funds Weigh In On Skechers U.S.A.

Several institutional investors have recently made changes to their positions in the stock. State of Michigan Retirement System raised its holdings in shares of Skechers U.S.A. by 2.5% during the first quarter. State of Michigan Retirement System now owns 32,844 shares of the textile maker’s stock valued at $2,012,000 after purchasing an additional 800 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Skechers U.S.A. by 19.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 34,391 shares of the textile maker’s stock worth $2,107,000 after acquiring an additional 5,716 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its position in shares of Skechers U.S.A. by 62.6% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker’s stock worth $75,534,000 after acquiring an additional 474,524 shares in the last quarter. Symphony Financial Ltd. Co. increased its position in shares of Skechers U.S.A. by 34.8% during the first quarter. Symphony Financial Ltd. Co. now owns 6,200 shares of the textile maker’s stock worth $380,000 after acquiring an additional 1,600 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. increased its position in shares of Skechers U.S.A. by 41.9% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 36,813 shares of the textile maker’s stock worth $2,255,000 after acquiring an additional 10,863 shares in the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

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.