Skechers U.S.A. (NYSE:SKX) Price Target Lowered to $70.00 at Bank of America

Skechers U.S.A. (NYSE:SKX) had its target price lowered by Bank of America from $76.00 to $70.00 in a report published on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the textile maker’s stock.

Other equities analysts have also issued research reports about the stock. StockNews.com lowered shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Monday, February 10th. UBS Group dropped their price target on Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Barclays reduced their price objective on Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating for the company in a research note on Monday, February 10th. Needham & Company LLC restated a “hold” rating on shares of Skechers U.S.A. in a report on Friday, February 7th. Finally, Raymond James cut their target price on Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $80.42.

Skechers U.S.A. Stock Up 4.2 %

Shares of Skechers U.S.A. stock opened at $58.42 on Monday. The stock’s 50-day moving average is $65.30 and its 200 day moving average is $65.44. Skechers U.S.A. has a one year low of $53.79 and a one year high of $78.85. The firm has a market cap of $8.73 billion, a price-to-earnings ratio of 14.08, a PEG ratio of 1.11 and a beta of 1.21. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. Equities research analysts anticipate that Skechers U.S.A. will post 4.47 EPS for the current year.

Insiders Place Their Bets

In related news, President Michael Greenberg sold 10,274 shares of the stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $693,289.52. Following the completion of the transaction, the president now owns 149,327 shares in the company, valued at approximately $10,076,585.96. This represents a 6.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $554,618.12. Following the completion of the sale, the chief operating officer now directly owns 122,211 shares in the company, valued at approximately $8,246,798.28. This represents a 6.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 236,738 shares of company stock valued at $14,700,809 in the last 90 days. 24.75% of the stock is currently owned by corporate insiders.

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

Institutional investors and hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC lifted its position in shares of Skechers U.S.A. by 85.2% during the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker’s stock valued at $28,000 after buying an additional 190 shares during the last quarter. TD Private Client Wealth LLC boosted its position in Skechers U.S.A. by 534.3% during the fourth quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock worth $29,000 after purchasing an additional 358 shares during the period. Investment Management Corp VA ADV purchased a new position in shares of Skechers U.S.A. in the fourth quarter worth about $32,000. UMB Bank n.a. raised its position in shares of Skechers U.S.A. by 53.1% in the fourth quarter. UMB Bank n.a. now owns 689 shares of the textile maker’s stock valued at $46,000 after purchasing an additional 239 shares during the period. Finally, IFP Advisors Inc lifted its stake in shares of Skechers U.S.A. by 62.4% during the 4th quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock valued at $55,000 after buying an additional 317 shares in the last quarter. 79.96% of the stock is owned by institutional investors.

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.