Skechers U.S.A. (NYSE:SKX) Price Target Increased to $76.00 by Analysts at Wedbush

Skechers U.S.A. (NYSE:SKX) had its target price increased by investment analysts at Wedbush from $68.00 to $76.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the textile maker’s stock. Wedbush’s price target would suggest a potential upside of 12.99% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on SKX. TD Cowen boosted their price objective on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Monness Crespi & Hardt upped their target price on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, January 18th. Bank of America began 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 on the stock. Evercore ISI dropped their target price on shares of Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. Finally, Barclays initiated coverage on shares of Skechers U.S.A. in a research note on Monday, April 1st. They issued an “overweight” rating and a $71.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Skechers U.S.A. presently has an average rating of “Moderate Buy” and an average target price of $66.83.

Skechers U.S.A. Stock Up 14.3 %

NYSE SKX traded up $8.44 during trading hours on Friday, hitting $67.26. The company’s stock had a trading volume of 3,233,420 shares, compared to its average volume of 1,662,536. Skechers U.S.A. has a 52 week low of $45.58 and a 52 week high of $69.07. The company has a market capitalization of $10.31 billion, a PE ratio of 19.23, a price-to-earnings-growth ratio of 1.07 and a beta of 1.32. The company has a current ratio of 2.38, a quick ratio of 1.46 and a debt-to-equity ratio of 0.06. The company’s 50-day simple moving average is $59.61 and its two-hundred day simple moving average is $57.92.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, April 25th. The textile maker reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.23. The company had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.20 billion. Skechers U.S.A. had a net margin of 6.82% and a return on equity of 12.89%. The firm’s revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.02 EPS. Research analysts anticipate that Skechers U.S.A. will post 3.81 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Mark A. Nason sold 6,432 shares of the stock in a transaction on Friday, February 9th. The stock was sold at an average price of $58.83, for a total value of $378,394.56. Following the completion of the transaction, the executive vice president now owns 34,023 shares in the company, valued at approximately $2,001,573.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Robert Greenberg sold 99,139 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $5,737,173.93. Following the completion of the sale, the chief executive officer now directly owns 196,050 shares of the company’s stock, valued at approximately $11,345,413.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark A. Nason sold 6,432 shares of the business’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $58.83, for a total value of $378,394.56. Following the completion of the sale, the executive vice president now directly owns 34,023 shares of the company’s stock, valued at $2,001,573.09. The disclosure for this sale can be found here. Insiders have sold 254,875 shares of company stock valued at $15,021,192 over the last three months. Company insiders own 24.75% of the company’s stock.

Institutional Trading of Skechers U.S.A.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SKX. Mesirow Financial Investment Management Inc. purchased a new position in Skechers U.S.A. in the first quarter valued at approximately $349,000. Cascade Investment Advisors Inc. lifted its stake in Skechers U.S.A. by 5.6% in the first quarter. Cascade Investment Advisors Inc. now owns 21,000 shares of the textile maker’s stock valued at $1,286,000 after purchasing an additional 1,105 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Skechers U.S.A. by 406.3% in the first quarter. Assenagon Asset Management S.A. now owns 141,690 shares of the textile maker’s stock valued at $8,680,000 after purchasing an additional 113,705 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in Skechers U.S.A. by 2.4% in the first quarter. Louisiana State Employees Retirement System now owns 38,400 shares of the textile maker’s stock valued at $2,352,000 after purchasing an additional 900 shares during the last quarter. Finally, Fifth Third Bancorp lifted its stake in Skechers U.S.A. by 82.9% in the first quarter. Fifth Third Bancorp now owns 1,745 shares of the textile maker’s stock valued at $107,000 after purchasing an additional 791 shares during the last quarter. 79.96% of the stock is owned by institutional investors.

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.