Skechers USA (NYSE:SKX) PT Raised to $44.00

Skechers USA (NYSE:SKX) had its price target hoisted by analysts at Stifel Nicolaus from $35.00 to $44.00 in a report released on Friday, BenzingaRatingsTable reports. The firm currently has a “buy” rating on the textile maker’s stock. Stifel Nicolaus’ price objective would indicate a potential upside of 12.79% from the stock’s current price.

Several other brokerages also recently issued reports on SKX. Wedbush raised shares of Skechers USA from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $31.00 to $46.00 in a report on Friday. Susquehanna Bancshares raised shares of Skechers USA from a “neutral” rating to a “positive” rating and boosted their price target for the company from $32.00 to $37.00 in a report on Wednesday, March 27th. UBS Group boosted their price target on shares of Crowdstrike from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Friday. They noted that the move was a valuation call. Monness Crespi & Hardt reissued a “buy” rating and set a $42.00 price target (up previously from $35.00) on shares of Skechers USA in a report on Friday. They noted that the move was a valuation call. Finally, B. Riley reissued a “buy” rating on shares of Skechers USA in a report on Friday, April 26th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $37.33.

Shares of SKX opened at $39.01 on Friday. Skechers USA has a 1 year low of $21.45 and a 1 year high of $40.50. The firm has a market capitalization of $6.14 billion, a P/E ratio of 18.49, a price-to-earnings-growth ratio of 2.75 and a beta of 0.72. 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 company’s fifty day moving average price is $31.57.

Skechers USA (NYSE:SKX) last announced its quarterly earnings results on Thursday, July 18th. The textile maker reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.16. Skechers USA had a net margin of 6.72% and a return on equity of 14.80%. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the previous year, the company posted $0.29 earnings per share. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, equities analysts expect that Skechers USA will post 2.09 EPS for the current fiscal year.

In related news, CEO Robert Greenberg sold 25,210 shares of Skechers USA stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $31.17, for a total transaction of $785,795.70. Following the sale, the chief executive officer now directly owns 625,210 shares in the company, valued at $19,487,795.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Richard Rappaport sold 3,000 shares of Skechers USA stock in a transaction dated Friday, June 21st. The shares were 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 in the company, valued at $719,670. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 92,690 shares of company stock worth $2,900,456. Company insiders own 28.08% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its position in Skechers USA by 91.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 15,269 shares of the textile maker’s stock worth $349,000 after acquiring an additional 7,279 shares in the last quarter. Advisor Group Inc. raised its position in Skechers USA by 5.6% in the fourth quarter. Advisor Group Inc. now owns 25,769 shares of the textile maker’s stock worth $589,000 after acquiring an additional 1,378 shares in the last quarter. Great West Life Assurance Co. Can raised its position in Skechers USA by 7.3% in the fourth quarter. Great West Life Assurance Co. Can now owns 81,568 shares of the textile maker’s stock worth $1,733,000 after acquiring an additional 5,516 shares in the last quarter. Geode Capital Management LLC raised its position in Skechers USA by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 1,369,816 shares of the textile maker’s stock worth $31,355,000 after acquiring an additional 79,002 shares in the last quarter. Finally, Mackay Shields LLC bought a new stake in Skechers USA in the fourth quarter worth about $221,000. Institutional investors and hedge funds own 76.45% of the company’s stock.

About Skechers USA

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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