Skechers U.S.A. (NYSE:SKX) Stock Price Expected to Rise, TD Cowen Analyst Says

Skechers U.S.A. (NYSE:SKX) had its target price upped by stock analysts at TD Cowen from $88.00 to $93.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the textile maker’s stock. TD Cowen’s target price points to a potential upside of 34.33% from the stock’s current price.

A number of other research analysts have also commented on SKX. Bank of America cut their price target on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday, October 25th. Morgan Stanley upped 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 report on Friday, October 25th. Needham & Company LLC assumed coverage on Skechers U.S.A. in a research note on Friday, November 22nd. They set a “hold” rating on the stock. Piper Sandler started coverage on Skechers U.S.A. in a research report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price objective for the company. Finally, Barclays upped their target price on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $78.42.

Skechers U.S.A. Stock Down 1.0 %

Shares of Skechers U.S.A. stock opened at $69.23 on Wednesday. Skechers U.S.A. has a 12-month low of $55.67 and a 12-month high of $75.09. The stock has a market capitalization of $10.45 billion, a P/E ratio of 17.05, a PEG ratio of 0.98 and a beta of 1.19. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01. The stock has a 50 day moving average price of $65.89 and a two-hundred day moving average price of $65.68.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The firm had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter last year, the firm posted $0.93 EPS. The business’s quarterly revenue was up 16.0% on a year-over-year basis. Equities analysts expect that Skechers U.S.A. will post 4.24 earnings per share for the current year.

Insider Transactions at Skechers U.S.A.

In related news, COO David Weinberg sold 8,219 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 transaction 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. This represents a 6.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Michael Greenberg sold 10,274 shares of the firm’s 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 sale, the president now owns 149,327 shares of the company’s stock, valued at $10,076,585.96. The trade was a 6.44 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 24.75% of the company’s stock.

Institutional Trading of Skechers U.S.A.

Hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. boosted 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. Commerce Bank lifted its position in Skechers U.S.A. by 949.5% during 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 during the period. Coronation Fund Managers Ltd. boosted its stake in shares of Skechers U.S.A. by 378.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock valued at $33,382,000 after purchasing an additional 394,618 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of 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 buying an additional 287,939 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its holdings in 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 buying an additional 280,000 shares during the period. 79.96% of the stock is owned by institutional investors.

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.