Skechers U.S.A. (NYSE:SKX) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Skechers U.S.A. (NYSE:SKX) from a hold rating to a buy rating in a research note published on Thursday.

Several other analysts have also issued reports on the company. Piper Sandler initiated coverage on Skechers U.S.A. in a research note on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price objective on the stock. Deutsche Bank Aktiengesellschaft increased their price target on Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Needham & Company LLC started coverage on shares of Skechers U.S.A. in a research report on Friday, November 22nd. They set a “hold” rating for the company. Bank of America decreased their price objective on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Finally, Barclays raised their target price on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $77.00.

Skechers U.S.A. Stock Performance

Shares of SKX stock opened at $66.29 on Thursday. The firm has a market cap of $10.01 billion, a PE ratio of 16.33, a P/E/G ratio of 0.98 and a beta of 1.22. Skechers U.S.A. has a 12 month low of $55.67 and a 12 month high of $75.09. The company’s fifty day simple moving average is $64.18 and its 200-day simple moving average is $66.13. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.11. The firm had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.93 EPS. Equities research analysts expect that Skechers U.S.A. will post 4.24 EPS for the current fiscal year.

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

Hedge funds have recently bought and sold shares of the company. Seven Eight Capital LP increased its stake in Skechers U.S.A. by 126.1% in the second quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock valued at $2,033,000 after acquiring an additional 16,408 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Skechers U.S.A. by 22.3% in the 3rd quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker’s stock valued at $9,295,000 after purchasing an additional 25,289 shares in the last quarter. Transform Wealth LLC bought a new position in shares of Skechers U.S.A. in the 3rd quarter valued at $7,186,000. Charles Schwab Investment Management Inc. raised its stake in Skechers U.S.A. by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock worth $88,126,000 after acquiring an additional 17,429 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in Skechers U.S.A. during the 2nd quarter worth approximately $632,000. 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.