Skechers U.S.A. (NYSE:SKX) Upgraded at StockNews.com

Skechers U.S.A. (NYSE:SKX) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Thursday.

Several other analysts also recently commented on SKX. Needham & Company LLC started coverage on shares of Skechers U.S.A. in a report on Friday, November 22nd. They set a “hold” rating on the stock. TD Cowen increased their price objective on Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Piper Sandler initiated coverage on Skechers U.S.A. in a report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price target for the company. Barclays upped their price objective on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Morgan Stanley increased their target price on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $79.00.

Skechers U.S.A. Stock Down 0.5 %

Skechers U.S.A. stock opened at $73.44 on Thursday. Skechers U.S.A. has a fifty-two week low of $55.67 and a fifty-two week high of $75.09. 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 firm has a market capitalization of $11.09 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 0.85 and a beta of 1.19. The company’s 50 day simple moving average is $67.25 and its 200 day simple moving average is $65.71.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same quarter in the previous year, the business earned $0.93 EPS. The firm’s revenue was up 16.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Skechers U.S.A. will post 4.24 EPS for the current year.

Insider Transactions at Skechers U.S.A.

In other news, 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 value of $554,618.12. Following the completion of the transaction, the chief operating officer now directly owns 122,211 shares of the company’s stock, valued at approximately $8,246,798.28. This trade represents a 6.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 sale, the president now owns 149,327 shares in the company, valued at approximately $10,076,585.96. The trade was a 6.44 % 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.

Hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. increased its stake in Skechers U.S.A. by 18.8% in the second quarter. Envestnet Asset Management Inc. now owns 160,689 shares of the textile maker’s stock valued at $11,107,000 after purchasing an additional 25,394 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its stake in shares of Skechers U.S.A. by 9.5% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 8,507 shares of the textile maker’s stock valued at $588,000 after buying an additional 739 shares during the period. Vanguard Personalized Indexing Management LLC increased its position in Skechers U.S.A. by 7.2% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 10,150 shares of the textile maker’s stock valued at $702,000 after buying an additional 680 shares in the last quarter. Hsbc Holdings PLC acquired a new position in Skechers U.S.A. during the 2nd quarter worth approximately $819,000. Finally, Sei Investments Co. boosted its holdings in Skechers U.S.A. by 343.3% in the second quarter. Sei Investments Co. now owns 69,463 shares of the textile maker’s stock worth $4,801,000 after acquiring an additional 53,794 shares in the last quarter. 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.