Stifel Nicolaus Cuts Skechers U.S.A. (NYSE:SKX) Price Target to $80.00

Skechers U.S.A. (NYSE:SKX) had its price target reduced by Stifel Nicolaus from $83.00 to $80.00 in a research report sent to investors on Friday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the textile maker’s stock.

Several other research firms have also recently issued reports on SKX. Deutsche Bank Aktiengesellschaft boosted their target price on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Barclays upped their price objective on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Needham & Company LLC reissued a “hold” rating on shares of Skechers U.S.A. in a report on Friday. Piper Sandler assumed coverage on shares of Skechers U.S.A. in a research note on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price target on the stock. Finally, Morgan Stanley raised their price objective on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $81.50.

Skechers U.S.A. Price Performance

Shares of NYSE SKX opened at $66.06 on Friday. The stock has a fifty day moving average price of $70.55 and a 200 day moving average price of $66.48. Skechers U.S.A. has a 1-year low of $55.67 and a 1-year high of $78.85. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The company has a market cap of $9.97 billion, a PE ratio of 15.92, a P/E/G ratio of 0.95 and a beta of 1.19.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, February 6th. The textile maker reported $0.65 EPS 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%. Sell-side analysts forecast that Skechers U.S.A. will post 4.79 EPS for the current year.

Insider Activity at Skechers U.S.A.

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of the company’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $693,289.52. Following the transaction, the president now directly owns 149,327 shares in the company, valued at approximately $10,076,585.96. This represents a 6.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO David Weinberg sold 8,219 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $554,618.12. Following the sale, the chief operating officer now owns 122,211 shares in the company, valued at approximately $8,246,798.28. This trade represents a 6.30 % decrease in their position. The disclosure for this sale can be found here. 24.75% of the stock is owned by corporate insiders.

Institutional Trading of Skechers U.S.A.

A number of hedge funds have recently added to or reduced their stakes in SKX. Pacer Advisors Inc. boosted its position in shares of Skechers U.S.A. by 5,780.6% in the third quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock worth $176,628,000 after acquiring an additional 2,594,507 shares during the last quarter. Bank of New York Mellon Corp raised its position 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 buying an additional 953,528 shares during the period. Commerce Bank lifted its stake in shares of Skechers U.S.A. by 949.5% in the 3rd quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock valued at $31,303,000 after purchasing an additional 423,204 shares in the last quarter. Coronation Fund Managers Ltd. raised its holdings in Skechers U.S.A. by 378.6% in the third quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock valued at $33,382,000 after buying an additional 394,618 shares during the period. Finally, Wellington Management Group LLP lifted its position 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 valued at $68,630,000 after buying an additional 287,939 shares in the last quarter. 79.96% of the stock is owned by institutional investors and hedge funds.

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.