Skechers USA Inc (SKX) Receives $37.96 Consensus Price Target from Analysts

Shares of Skechers USA Inc (NYSE:SKX) have earned an average recommendation of “Buy” from the seventeen ratings firms that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating on the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $38.55.

A number of brokerages have recently issued reports on SKX. Zacks Investment Research raised shares of Skechers USA from a “sell” rating to a “hold” rating and set a $38.00 price target on the stock in a report on Monday, October 23rd. Vetr downgraded shares of Skechers USA from a “buy” rating to a “hold” rating and set a $37.55 price target on the stock. in a report on Monday, December 11th. Cowen set a $42.00 price target on shares of Skechers USA and gave the stock a “buy” rating in a report on Monday, December 11th. Wedbush raised shares of Skechers USA from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $24.03 to $35.00 in a report on Friday, October 20th. Finally, Buckingham Research reissued a “buy” rating and issued a $32.00 price target (down from $34.00) on shares of Skechers USA in a report on Monday, September 25th.

Skechers USA (NYSE SKX) traded up $0.75 during midday trading on Tuesday, reaching $40.37. 1,934,225 shares of the company’s stock traded hands, compared to its average volume of 1,333,727. The stock has a market capitalization of $6,397.43, a P/E ratio of 25.07, a PEG ratio of 1.32 and a beta of 0.15. Skechers USA has a 1-year low of $22.31 and a 1-year high of $40.45. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.30 and a current ratio of 3.46.

Skechers USA (NYSE:SKX) last announced its quarterly earnings results on Thursday, October 19th. The textile maker reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.16. Skechers USA had a net margin of 6.38% and a return on equity of 13.70%. The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the prior year, the firm posted $0.42 earnings per share. The company’s revenue for the quarter was up 16.2% on a year-over-year basis. equities research analysts expect that Skechers USA will post 1.71 EPS for the current fiscal year.

In related news, Director Richard Siskind sold 25,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $33.40, for a total value of $851,700.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, President Michael Greenberg sold 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $31.86, for a total transaction of $4,779,000.00. Following the completion of the sale, the president now directly owns 251,679 shares in the company, valued at $8,018,492.94. The disclosure for this sale can be found here. Insiders sold 786,250 shares of company stock worth $28,248,288 over the last ninety days. 21.73% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Seven Eight Capital LP purchased a new stake in Skechers USA in the second quarter valued at approximately $105,000. Aviance Capital Management LLC purchased a new stake in Skechers USA in the second quarter valued at approximately $109,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Skechers USA by 12.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,594 shares of the textile maker’s stock valued at $136,000 after purchasing an additional 503 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Skechers USA by 6.6% in the second quarter. PNC Financial Services Group Inc. now owns 5,428 shares of the textile maker’s stock valued at $161,000 after purchasing an additional 335 shares in the last quarter. Finally, Private Advisor Group LLC raised its stake in Skechers USA by 10.0% in the second quarter. Private Advisor Group LLC now owns 8,751 shares of the textile maker’s stock valued at $254,000 after purchasing an additional 798 shares in the last quarter. 70.12% of the stock is currently owned by institutional investors and hedge funds.

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About Skechers USA

Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.

Analyst Recommendations for Skechers USA (NYSE:SKX)

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