Raymond James Cuts Skechers U.S.A. (NYSE:SKX) Price Target to $75.00

Skechers U.S.A. (NYSE:SKX) had its price target lowered by Raymond James from $80.00 to $75.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an outperform rating on the textile maker’s stock.

A number of other research analysts also recently issued reports on SKX. Barclays lifted their price target 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. Needham & Company LLC reaffirmed a “hold” rating on shares of Skechers U.S.A. in a research report on Friday. Deutsche Bank Aktiengesellschaft increased their target price on Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a report on Friday, October 25th. TD Cowen lifted their price target on Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Finally, Evercore ISI increased their price objective on Skechers U.S.A. from $72.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Skechers U.S.A. has an average rating of “Moderate Buy” and an average target price of $81.50.

Skechers U.S.A. Stock Down 12.6 %

Skechers U.S.A. stock opened at $66.06 on Friday. The firm has a market capitalization of $9.97 billion, a P/E ratio of 15.92, a P/E/G ratio of 0.95 and a beta of 1.19. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. Skechers U.S.A. has a twelve month low of $55.67 and a twelve month high of $78.85. The stock’s fifty day simple moving average is $70.55 and its 200-day simple moving average is $66.48.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.81% and a net margin of 7.13%. As a group, equities analysts expect that Skechers U.S.A. will post 4.79 earnings per share for the current fiscal year.

Insider Activity

In related news, COO David Weinberg sold 8,219 shares of the business’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $554,618.12. Following the transaction, the chief operating officer now owns 122,211 shares in the company, valued at $8,246,798.28. The trade was a 6.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, President Michael Greenberg sold 10,274 shares of the stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $693,289.52. Following the sale, the president now directly owns 149,327 shares of the company’s stock, valued at $10,076,585.96. The trade was a 6.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 24.75% of the company’s stock.

Institutional Investors Weigh In On Skechers U.S.A.

Large investors have recently modified their holdings of the stock. Pacer Advisors Inc. grew its position in Skechers U.S.A. by 5,780.6% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock valued at $176,628,000 after buying an additional 2,594,507 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Skechers U.S.A. by 70.4% in the 4th quarter. Bank of New York Mellon Corp now owns 2,308,283 shares of the textile maker’s stock worth $155,209,000 after acquiring an additional 953,528 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Skechers U.S.A. by 0.5% in the third quarter. Geode Capital Management LLC now owns 2,216,905 shares of the textile maker’s stock valued at $148,395,000 after acquiring an additional 11,026 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of 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 during the period. Finally, Wellington Management Group LLP raised its holdings in Skechers U.S.A. by 39.0% during the third quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock worth $68,630,000 after purchasing an additional 287,939 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.