Wells Fargo & Company Initiates Coverage on Skechers U.S.A. (NYSE:SKX)

Wells Fargo & Company began coverage on shares of Skechers U.S.A. (NYSE:SKX) in a report released on Wednesday, Benzinga reports. The brokerage issued an overweight rating and a $83.00 price target on the textile maker’s stock.

Several other analysts have also commented on the company. Stifel Nicolaus boosted their price target on Skechers U.S.A. from $74.00 to $81.00 and gave the company a buy rating in a research note on Tuesday, May 28th. Evercore ISI reduced their price objective on 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. Barclays started coverage on Skechers U.S.A. in a research note on Monday, April 1st. They issued an overweight rating and a $71.00 price objective on the stock. Bank of America raised Skechers U.S.A. from a neutral rating to a buy rating and boosted their price objective for the stock from $71.00 to $87.00 in a research note on Friday, June 7th. Finally, Wedbush reissued an outperform rating and issued a $76.00 price objective on shares of Skechers U.S.A. in a research note on Friday, May 17th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Skechers U.S.A. has an average rating of Moderate Buy and an average price target of $72.00.

Skechers U.S.A. Price Performance

Shares of SKX stock opened at $72.17 on Wednesday. The stock’s fifty day simple moving average is $65.90 and its 200 day simple moving average is $62.73. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.39 and a quick ratio of 1.56. The firm has a market cap of $11.01 billion, a price-to-earnings ratio of 18.99, a P/E/G ratio of 1.11 and a beta of 1.28. Skechers U.S.A. has a one year low of $45.58 and a one year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly 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 business had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.20 billion. Skechers U.S.A. had a return on equity of 13.56% and a net margin of 7.17%. Skechers U.S.A.’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.02 EPS. On average, analysts expect that Skechers U.S.A. will post 4.07 earnings per share for the current fiscal year.

Insider Activity

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 423 shares of the stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total value of $29,377.35. Following the transaction, the general counsel now owns 35,000 shares of the company’s stock, valued at $2,430,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 24.75% of the stock is currently owned by insiders.

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

Hedge funds have recently added to or reduced their stakes in the stock. Redmont Wealth Advisors LLC acquired a new position in Skechers U.S.A. in the first quarter valued at about $25,000. Bessemer Group Inc. lifted its stake in Skechers U.S.A. by 66.7% in the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after buying an additional 164 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in Skechers U.S.A. in the third quarter valued at about $31,000. GAMMA Investing LLC acquired a new position in Skechers U.S.A. in the fourth quarter valued at about $36,000. Finally, Game Plan Financial Advisors LLC bought a new stake in shares of Skechers U.S.A. in the first quarter worth about $43,000. 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.