Skechers USA (NYSE:SKX) Given New $33.00 Price Target at Morgan Stanley

Skechers USA (NYSE:SKX) had its price objective increased by Morgan Stanley from $25.00 to $33.00 in a research report report published on Wednesday morning, AR Network reports. The firm currently has an equal weight rating on the textile maker’s stock.

Several other research firms have also recently issued reports on SKX. B. Riley upped their price target on shares of Skechers USA from $37.00 to $39.00 in a report on Friday, July 24th. Wedbush upped their price target on shares of Skechers USA from $28.00 to $34.00 and gave the company an outperform rating in a report on Tuesday, July 7th. Monness Crespi & Hardt reaffirmed a buy rating and issued a $40.00 price target on shares of Skechers USA in a report on Monday, July 20th. OTR Global raised shares of Skechers USA to a positive rating in a report on Thursday, October 1st. Finally, 140166 increased their target price on shares of Skechers USA from $32.00 to $39.00 in a report on Friday, July 10th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $39.10.

Shares of SKX stock opened at $33.10 on Wednesday. The company has a market capitalization of $5.23 billion, a PE ratio of 35.21 and a beta of 1.11. The firm has a fifty day simple moving average of $31.05 and a 200-day simple moving average of $29.37. The company has a current ratio of 2.91, a quick ratio of 1.96 and a debt-to-equity ratio of 0.28. Skechers USA has a twelve month low of $17.06 and a twelve month high of $44.50.

Skechers USA (NYSE:SKX) last posted its quarterly earnings results on Thursday, July 23rd. The textile maker reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.67) by $0.23. The firm had revenue of $729.47 million for the quarter, compared to analysts’ expectations of $676.69 million. Skechers USA had a net margin of 3.08% and a return on equity of 6.24%. Equities research analysts predict that Skechers USA will post 0.59 EPS for the current year.

Hedge funds have recently added to or reduced their stakes in the stock. Guggenheim Capital LLC increased its holdings in shares of Skechers USA by 3.0% in the 1st quarter. Guggenheim Capital LLC now owns 110,317 shares of the textile maker’s stock worth $2,619,000 after acquiring an additional 3,212 shares during the period. Profund Advisors LLC acquired a new stake in shares of Skechers USA in the 2nd quarter worth about $208,000. Janus Henderson Group PLC increased its holdings in shares of Skechers USA by 92.7% in the 1st quarter. Janus Henderson Group PLC now owns 25,620 shares of the textile maker’s stock worth $608,000 after acquiring an additional 12,326 shares during the period. New Mexico Educational Retirement Board increased its holdings in shares of Skechers USA by 38.1% in the 1st quarter. New Mexico Educational Retirement Board now owns 31,900 shares of the textile maker’s stock worth $757,000 after acquiring an additional 8,800 shares during the period. Finally, Royal Bank of Canada increased its holdings in shares of Skechers USA by 8.8% in the 1st quarter. Royal Bank of Canada now owns 319,486 shares of the textile maker’s stock worth $7,583,000 after acquiring an additional 25,797 shares during the period. 77.22% of the stock is currently owned by institutional investors and hedge funds.

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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