Skechers USA Inc. (SKX) Downgraded by Vetr Inc. to Buy
Skechers USA Inc. (NYSE:SKX) was downgraded by investment analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report issued on Thursday. They presently have a $25.25 price objective on the stock. Vetr‘s price target indicates a potential upside of 10.99% from the stock’s current price.
Several other equities analysts have also weighed in on SKX. B. Riley reaffirmed a “buy” rating and set a $32.00 price objective on shares of Skechers USA in a research report on Monday, July 25th. Zacks Investment Research downgraded Skechers USA from a “hold” rating to a “sell” rating in a report on Monday, June 27th. Cowen and Company set a $24.00 price target on Skechers USA and gave the company a “hold” rating in a report on Thursday, September 22nd. 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. Finally, Argus downgraded Skechers USA from a “buy” rating to a “hold” rating in a report on Monday, August 1st. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Skechers USA currently has a consensus rating of “Buy” and a consensus price target of $29.79.
Shares of Skechers USA (NYSE:SKX) traded down 1.43% during mid-day trading on Thursday, hitting $22.75. 1,956,643 shares of the stock traded hands. Skechers USA has a 12-month low of $20.90 and a 12-month high of $49.28. The stock has a market cap of $3.59 billion, a P/E ratio of 13.14 and a beta of 0.15. The firm’s 50 day moving average price is $23.25 and its 200-day moving average price is $27.60.
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Skechers USA (NYSE:SKX) last issued its quarterly earnings data on Thursday, July 21st. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.52 by $0.02. The business had revenue of $877.80 million for the quarter, compared to the consensus estimate of $892.06 million. Skechers USA had a net margin of 7.79% and a return on equity of 20.20%. During the same period in the previous year, the business posted $0.52 EPS. Analysts predict that Skechers USA will post $1.80 earnings per share for the current year.
In other Skechers USA 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 transaction of $33,502.68. Following the completion of the transaction, the general counsel now directly owns 90,445 shares of the company’s stock, valued at $2,181,533.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 21.73% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Glenmede Trust Co. NA bought a new position in shares of Skechers USA during the second quarter worth about $117,000. US Bancorp DE boosted its position in Skechers USA by 45.7% in the second quarter. US Bancorp DE now owns 5,211 shares of the company’s stock worth $155,000 after buying an additional 1,635 shares in the last quarter. MSI Financial Services Inc boosted its position in Skechers USA by 36.6% in the third quarter. MSI Financial Services Inc now owns 6,210 shares of the company’s stock worth $143,000 after buying an additional 1,665 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Skechers USA by 20.1% in the second quarter. PNC Financial Services Group Inc. now owns 6,442 shares of the company’s stock worth $192,000 after buying an additional 1,079 shares in the last quarter. Finally, Ancora Advisors LLC acquired a new position in Skechers USA during the second quarter worth about $208,000. 65.70% of the stock is owned by institutional investors.
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.
To view Vetr’s full report, visit Vetr’s official website.
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