Skechers USA (NYSE:SKX) Rating Increased to Positive at OTR Global

OTR Global upgraded shares of Skechers USA (NYSE:SKX) from a mixed rating to a positive rating in a research note published on Thursday morning, The Fly reports.

A number of other equities analysts have also weighed in on the stock. B. Riley reissued a buy rating on shares of Skechers USA in a research report on Friday, April 26th. Susquehanna Bancshares upgraded shares of Skechers USA from a neutral rating to a positive rating and boosted their target price for the company from $32.00 to $37.00 in a report on Wednesday, March 27th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. Skechers USA presently has a consensus rating of Hold and an average target price of $32.33.

NYSE:SKX opened at $34.11 on Thursday. The firm has a 50 day moving average price of $30.65. The company has a current ratio of 2.91, a quick ratio of 2.00 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $5.30 billion, a price-to-earnings ratio of 17.77, a PEG ratio of 2.38 and a beta of 0.72. Skechers USA has a 1-year low of $21.45 and a 1-year high of $35.66.

Skechers USA (NYSE:SKX) last posted its quarterly earnings data on Thursday, April 18th. The textile maker reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.72 by ($0.01). The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.30 billion. Skechers USA had a net margin of 6.26% and a return on equity of 13.56%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.75 EPS. Equities analysts expect that Skechers USA will post 2.02 earnings per share for the current year.

In other Skechers USA news, EVP Mark A. Nason sold 13,191 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $32.00, for a total transaction of $422,112.00. Following the completion of the sale, the executive vice president now directly owns 86,943 shares in the company, valued at $2,782,176. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Richard Rappaport sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $31.29, for a total transaction of $93,870.00. Following the sale, the director now owns 23,000 shares of the company’s stock, valued at $719,670. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 122,459 shares of company stock valued at $3,942,371. 28.08% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SKX. Norges Bank purchased a new stake in Skechers USA during the fourth quarter worth approximately $29,796,000. Millennium Management LLC grew its stake in Skechers USA by 244.7% during the fourth quarter. Millennium Management LLC now owns 1,225,870 shares of the textile maker’s stock worth $28,060,000 after buying an additional 870,212 shares during the period. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Skechers USA during the first quarter worth approximately $8,391,000. Coronation Fund Managers Ltd. purchased a new stake in Skechers USA during the first quarter worth approximately $6,508,000. Finally, Gotham Asset Management LLC grew its stake in Skechers USA by 37.7% during the fourth quarter. Gotham Asset Management LLC now owns 523,525 shares of the textile maker’s stock worth $11,983,000 after buying an additional 143,432 shares during the period. Institutional investors own 76.46% of the company’s stock.

Skechers USA Company Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.

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Analyst Recommendations for Skechers USA (NYSE:SKX)

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