Skechers U.S.A. (NYSE:SKX – Get Free Report) had its price target cut by investment analysts at Bank of America from $87.00 to $81.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the textile maker’s stock. Bank of America‘s price target would indicate a potential upside of 27.68% from the stock’s current price.
Several other research analysts also recently commented on SKX. Wedbush lifted their price target on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Barclays raised their price target on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Evercore ISI increased their target price on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Stifel Nicolaus boosted their price target on Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $82.00 target price on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Skechers U.S.A. has an average rating of “Buy” and a consensus target price of $77.82.
Get Our Latest Stock Report on SKX
Skechers U.S.A. Stock Up 0.7 %
Skechers U.S.A. (NYSE:SKX – Get Free Report) last announced its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.04). The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter last year, the business earned $0.98 EPS. Equities research analysts predict that Skechers U.S.A. will post 4.17 EPS for the current year.
Skechers U.S.A. announced that its Board of Directors has approved a stock repurchase program on Thursday, July 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the textile maker to reacquire up to 10.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Redmont Wealth Advisors LLC bought a new stake in Skechers U.S.A. during the first quarter worth about $25,000. Bessemer Group Inc. boosted its holdings in shares of Skechers U.S.A. by 66.7% in the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after purchasing an additional 164 shares in the last quarter. Game Plan Financial Advisors LLC bought a new position in shares of Skechers U.S.A. in the 1st quarter valued at $43,000. Versant Capital Management Inc raised its holdings in shares of Skechers U.S.A. by 2,809.1% during the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after buying an additional 618 shares in the last quarter. Finally, Sunbelt Securities Inc. bought a new stake in shares of Skechers U.S.A. during the 1st quarter worth $45,000. 79.96% of the stock is owned by institutional investors and hedge funds.
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.
Read More
- Five stocks we like better than Skechers U.S.A.
- Profitably Trade Stocks at 52-Week Highs
- 3 Uranium Stocks To Gain as Microsoft Goes Nuclear to Power AI
- Stock Average Calculator
- Biotech Boom Ahead? Key Stocks and ETFs to Watch Now
- Manufacturing Stocks Investing
- Why eBay Stock Is the Steady Performer You Can’t Ignore
Receive News & Ratings for Skechers U.S.A. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Skechers U.S.A. and related companies with MarketBeat.com's FREE daily email newsletter.