Skechers USA Inc (SKX) Receives $42.77 Consensus Price Target from Brokerages

Shares of Skechers USA Inc (NYSE:SKX) have been given an average recommendation of “Buy” by the sixteen analysts that are currently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation, eleven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $42.77.

SKX has been the topic of several recent analyst reports. Vetr raised shares of Skechers USA from a “sell” rating to a “hold” rating and set a $39.03 price target on the stock in a research note on Monday, February 19th. Argus raised shares of Skechers USA from a “hold” rating to a “buy” rating in a research note on Friday, December 15th. Wedbush reaffirmed a “buy” rating and issued a $45.00 price target (up previously from $39.00) on shares of Skechers USA in a research note on Wednesday, January 3rd. Citigroup raised their price target on shares of Skechers USA from $34.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, January 17th. Finally, Cowen set a $42.00 price target on shares of Skechers USA and gave the stock a “buy” rating in a research note on Monday, December 18th.

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In other news, EVP Mark A. Nason sold 16,701 shares of the firm’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $40.34, for a total value of $673,718.34. Following the sale, the executive vice president now directly owns 65,453 shares in the company, valued at approximately $2,640,374.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert Greenberg sold 37,814 shares of the firm’s stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $40.34, for a total transaction of $1,525,416.76. Following the completion of the sale, the chief executive officer now owns 704,397 shares in the company, valued at $28,415,374.98. The disclosure for this sale can be found here. Insiders have sold a total of 95,286 shares of company stock worth $3,804,003 in the last three months. Insiders own 21.73% of the company’s stock.

Several large investors have recently added to or reduced their stakes in SKX. New York State Common Retirement Fund boosted its holdings in shares of Skechers USA by 8.4% in the 3rd quarter. New York State Common Retirement Fund now owns 302,700 shares of the textile maker’s stock valued at $7,595,000 after buying an additional 23,400 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Skechers USA by 1.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,548,759 shares of the textile maker’s stock valued at $38,859,000 after buying an additional 19,722 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Skechers USA by 24.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 463,478 shares of the textile maker’s stock valued at $11,628,000 after buying an additional 89,798 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Skechers USA by 0.8% in the 3rd quarter. Ameriprise Financial Inc. now owns 706,200 shares of the textile maker’s stock valued at $17,719,000 after buying an additional 5,501 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in shares of Skechers USA by 11.4% in the 3rd quarter. Pacer Advisors Inc. now owns 20,059 shares of the textile maker’s stock valued at $503,000 after buying an additional 2,056 shares in the last quarter. Institutional investors and hedge funds own 73.09% of the company’s stock.

SKX stock traded up $0.05 during trading on Friday, hitting $41.07. The company had a trading volume of 592,871 shares, compared to its average volume of 2,041,332. The company has a market capitalization of $6,410.20, a PE ratio of 22.48, a P/E/G ratio of 1.16 and a beta of 0.31. Skechers USA has a 52-week low of $22.64 and a 52-week high of $42.73. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.52 and a quick ratio of 2.06.

Skechers USA (NYSE:SKX) last posted its quarterly earnings results on Thursday, February 8th. The textile maker reported $0.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.08. The company had revenue of $970.59 million for the quarter, compared to the consensus estimate of $881.39 million. Skechers USA had a net margin of 4.30% and a return on equity of 14.63%. The firm’s revenue was up 27.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.04 EPS. sell-side analysts forecast that Skechers USA will post 2.3 EPS for the current fiscal year.

Skechers USA declared that its board has approved a share repurchase plan on Thursday, February 8th that allows the company to buyback $150.00 million in outstanding shares. This buyback authorization allows the textile maker to buy shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

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Skechers USA Company Profile

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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