Skechers U.S.A. (NYSE:SKX) Receives Outperform Rating from Wedbush

Wedbush reissued their outperform rating on shares of Skechers U.S.A. (NYSE:SKX) in a research note released on Friday, Benzinga reports. The firm currently has a $76.00 price objective on the textile maker’s stock.

Other analysts have also recently issued research reports about the stock. TD Cowen increased their target price 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. Stifel Nicolaus decreased their price target on Skechers U.S.A. from $72.00 to $70.00 and set a buy rating for the company in a report on Friday, February 2nd. Bank of America started coverage on Skechers U.S.A. in a research note on Friday, March 8th. They issued a neutral rating and a $67.00 price objective on the stock. Monness Crespi & Hardt raised their target price on 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. Finally, Evercore ISI cut their price target on Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating on the stock in a report on Wednesday, April 17th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Skechers U.S.A. has a consensus rating of Moderate Buy and a consensus target price of $66.83.

Skechers U.S.A. Stock Performance

Shares of Skechers U.S.A. stock traded up $0.17 during trading on Friday, reaching $68.42. The company’s stock had a trading volume of 807,537 shares, compared to its average volume of 2,099,974. Skechers U.S.A. has a 52 week low of $45.58 and a 52 week high of $69.80. The company has a quick ratio of 1.56, a current ratio of 2.39 and a debt-to-equity ratio of 0.02. The business’s 50-day moving average price is $61.80 and its 200-day moving average price is $60.01. The firm has a market cap of $10.44 billion, a PE ratio of 18.00, a P/E/G ratio of 1.20 and a beta of 1.29.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, April 25th. The textile maker reported $1.33 EPS for the quarter, beating the consensus estimate of $1.10 by $0.23. The firm had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.20 billion. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.56%. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period last year, the firm earned $1.02 EPS. Equities analysts forecast that Skechers U.S.A. will post 4.06 earnings per share for the current year.

Insider Activity at Skechers U.S.A.

In related news, CEO Robert Greenberg sold 30,339 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total value of $1,854,016.29. Following the transaction, the chief executive officer now directly owns 132,783 shares in the company, valued at $8,114,369.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Skechers U.S.A. news, CEO Robert Greenberg sold 30,339 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $1,854,016.29. Following the sale, the chief executive officer now owns 132,783 shares in the company, valued at $8,114,369.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO David Weinberg sold 20,226 shares of Skechers U.S.A. stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $61.11, for a total value of $1,236,010.86. Following the sale, the chief operating officer now directly owns 99,655 shares of the company’s stock, valued at approximately $6,089,917.05. The disclosure for this sale can be found here. Over the last quarter, insiders sold 81,914 shares of company stock valued at $5,005,765. Company insiders own 24.75% of the company’s stock.

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

Hedge funds have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. boosted its stake in Skechers U.S.A. by 10.9% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 6,898 shares of the textile maker’s stock worth $338,000 after purchasing an additional 678 shares in the last quarter. Raymond James & Associates boosted its stake in shares of Skechers U.S.A. by 20.6% during the 3rd quarter. Raymond James & Associates now owns 11,502 shares of the textile maker’s stock worth $563,000 after acquiring an additional 1,961 shares during the last quarter. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of Skechers U.S.A. in the 3rd quarter worth $482,000. Teacher Retirement System of Texas raised its holdings in Skechers U.S.A. by 0.7% in the 3rd quarter. Teacher Retirement System of Texas now owns 48,476 shares of the textile maker’s stock worth $2,373,000 after purchasing an additional 326 shares during the period. Finally, M&T Bank Corp lifted its position in shares of Skechers U.S.A. by 13.9% during the 3rd quarter. M&T Bank Corp now owns 38,224 shares of the textile maker’s stock valued at $1,871,000 after buying an additional 4,654 shares in the last quarter. 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.