Skechers U.S.A. (NYSE:SKX) Price Target Lowered to $76.00 at TD Cowen

Skechers U.S.A. (NYSE:SKX) had its target price reduced by TD Cowen from $78.00 to $76.00 in a report published on Monday morning, Benzinga reports. They currently have a buy rating on the textile maker’s stock.

SKX has been the subject of several other reports. Evercore ISI boosted their target price on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the stock an outperform rating in a research report on Friday, July 26th. Barclays boosted 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 report on Friday, July 26th. Morgan Stanley upgraded shares of Skechers U.S.A. from an equal weight rating to an overweight rating and boosted their price target for the stock from $60.00 to $80.00 in a report on Tuesday, July 23rd. Stifel Nicolaus boosted their price target on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a buy rating in a report on Friday, July 26th. Finally, Wedbush boosted their price target on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an outperform rating in a report on Friday, July 26th. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of Buy and an average price target of $77.55.

Skechers U.S.A. Trading Down 3.6 %

NYSE:SKX opened at $65.11 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. The firm has a 50-day moving average of $66.07 and a 200-day moving average of $66.02. The company has a market cap of $9.93 billion, a PE ratio of 17.13, a PEG ratio of 0.95 and a beta of 1.22. Skechers U.S.A. has a one year low of $45.58 and a one year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last posted its 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 business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The company’s revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.98 earnings per share. As a group, equities research analysts expect that Skechers U.S.A. will post 4.17 EPS for the current fiscal year.

Skechers U.S.A. declared that its board has authorized a share buyback plan on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the textile maker to repurchase up to 10.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Skechers U.S.A.

Several hedge funds and other institutional investors have recently modified their holdings of SKX. Vaughan Nelson Investment Management L.P. raised its position in shares of Skechers U.S.A. by 62.6% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker’s stock valued at $75,534,000 after purchasing an additional 474,524 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Skechers U.S.A. by 99.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 824,263 shares of the textile maker’s stock valued at $51,385,000 after purchasing an additional 410,379 shares during the period. Coronation Fund Managers Ltd. raised its position in shares of Skechers U.S.A. by 195.1% in the second quarter. Coronation Fund Managers Ltd. now owns 492,585 shares of the textile maker’s stock valued at $34,047,000 after purchasing an additional 325,653 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Skechers U.S.A. in the second quarter valued at approximately $22,425,000. Finally, Teachers Retirement System of The State of Kentucky raised its position in shares of Skechers U.S.A. by 646.3% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker’s stock valued at $22,348,000 after purchasing an additional 280,000 shares during the period. Institutional investors own 79.96% of the company’s stock.

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.