Skechers U.S.A. (NYSE:SKX) Price Target Raised to $79.00 at TD Cowen

Skechers U.S.A. (NYSE:SKX) had its price target lifted by TD Cowen from $77.00 to $79.00 in a research note released on Monday, Benzinga reports. They currently have a buy rating on the textile maker’s stock.

Several other research firms have also recently commented on SKX. Stifel Nicolaus boosted their target price on Skechers U.S.A. from $74.00 to $81.00 and gave the stock a buy rating in a research report on Tuesday, May 28th. Barclays assumed coverage on Skechers U.S.A. in a research report on Monday, April 1st. They set an overweight rating and a $71.00 target price for the company. Wells Fargo & Company assumed coverage on Skechers U.S.A. in a research report on Wednesday, June 12th. They set an overweight rating and a $83.00 target price for the company. Evercore ISI reduced their target price on Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating for the company in a research report on Wednesday, April 17th. Finally, Wedbush restated an outperform rating and set a $76.00 target price on shares of Skechers U.S.A. in a research report on Friday, May 17th. Fourteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of Buy and an average price target of $74.77.

Skechers U.S.A. Price Performance

Shares of NYSE SKX opened at $63.71 on Monday. The stock has a market cap of $9.72 billion, a PE ratio of 16.77, a price-to-earnings-growth ratio of 0.92 and a beta of 1.25. Skechers U.S.A. has a fifty-two week low of $45.58 and a fifty-two week high of $75.09. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.56 and a current ratio of 2.39. The stock has a fifty day moving average of $69.22 and a 200-day moving average of $64.12.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.23. Skechers U.S.A. had a return on equity of 13.56% and a net margin of 7.17%. The company had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same period in the previous year, the business earned $1.02 earnings per share. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. Equities research analysts anticipate that Skechers U.S.A. will post 4.11 earnings per share for the current year.

Insiders Place Their Bets

In other news, General Counsel Phillip Paccione sold 423 shares of the business’s 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 completion of the sale, the general counsel now owns 35,000 shares of the company’s stock, valued at approximately $2,430,750. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SKX. Raymond James & Associates raised its position in Skechers U.S.A. by 354.5% during the 4th quarter. Raymond James & Associates now owns 52,280 shares of the textile maker’s stock valued at $3,259,000 after purchasing an additional 40,778 shares during the last quarter. Pacer Advisors Inc. raised its position in Skechers U.S.A. by 6,521.5% during the 4th quarter. Pacer Advisors Inc. now owns 1,456,599 shares of the textile maker’s stock valued at $90,804,000 after purchasing an additional 1,434,601 shares during the last quarter. Sendero Wealth Management LLC raised its position in Skechers U.S.A. by 10.1% during the 4th quarter. Sendero Wealth Management LLC now owns 13,848 shares of the textile maker’s stock valued at $863,000 after purchasing an additional 1,275 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in Skechers U.S.A. during the 4th quarter valued at approximately $1,745,000. Finally, Planned Solutions Inc. bought a new position in Skechers U.S.A. during the 4th quarter valued at approximately $70,000. 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.