Skechers USA Inc. (SKX) Given Consensus Recommendation of “Buy” by Analysts
Shares of Skechers USA Inc. (NYSE:SKX) have been given an average recommendation of “Buy” by the nineteen research firms that are currently covering the firm. Seven equities research analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $27.58.
Several research analysts have issued reports on SKX shares. Susquehanna upgraded Skechers USA from a “neutral” rating to a “positive” rating and set a $27.00 price target on the stock in a report on Friday, September 30th. Morgan Stanley lowered Skechers USA from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $41.00 to $25.00 in a report on Wednesday, September 21st. Citigroup Inc. reiterated a “buy” rating and issued a $38.00 price target on shares of Skechers USA in a report on Tuesday, August 23rd. Vetr upgraded Skechers USA from a “hold” rating to a “buy” rating and set a $34.68 price target on the stock in a report on Tuesday, July 19th. Finally, Zacks Investment Research lowered Skechers USA from a “hold” rating to a “sell” rating in a report on Monday, June 27th.
Shares of Skechers USA (NYSE:SKX) traded up 2.6813% during mid-day trading on Wednesday, reaching $23.1957. The company had a trading volume of 1,039,391 shares. The company has a market cap of $3.66 billion, a price-to-earnings ratio of 13.4002 and a beta of 0.15. The firm’s 50-day moving average price is $23.38 and its 200 day moving average price is $27.67. Skechers USA has a 52-week low of $20.90 and a 52-week high of $49.28.
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Skechers USA (NYSE:SKX) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by $0.02. The firm earned $877.80 million during the quarter, compared to the consensus estimate of $892.06 million. Skechers USA had a return on equity of 20.20% and a net margin of 7.79%. During the same quarter in the previous year, the company posted $0.52 EPS. Equities analysts expect that Skechers USA will post $1.80 EPS for the current year.
In other news, General Counsel Phillip Paccione sold 1,389 shares of Skechers USA stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $24.12, for a total value of $33,502.68. Following the completion of the transaction, the general counsel now directly owns 90,445 shares in the company, valued at $2,181,533.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 21.73% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in the stock. Capital Growth Management LP bought a new position in shares of Skechers USA during the second quarter valued at $62,115,000. Fiera Capital Corp raised its stake in Skechers USA by 10,690.6% in the second quarter. Fiera Capital Corp now owns 1,898,281 shares of the company’s stock valued at $56,417,000 after buying an additional 1,880,689 shares in the last quarter. Scout Investments Inc. acquired a new stake in Skechers USA during the second quarter valued at about $33,603,000. Prudential Financial Inc. raised its stake in Skechers USA by 229.7% in the second quarter. Prudential Financial Inc. now owns 862,012 shares of the company’s stock valued at $25,619,000 after buying an additional 600,550 shares in the last quarter. Finally, State Treasurer State of Michigan raised its stake in Skechers USA by 1,130.5% in the second quarter. State Treasurer State of Michigan now owns 642,300 shares of the company’s stock valued at $19,089,000 after buying an additional 590,100 shares in the last quarter. Institutional investors own 65.70% of the company’s stock.
Skechers USA Company Profile
Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.
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