Skechers USA Inc. (SKX) Downgraded to “Buy” at Vetr Inc.
Skechers USA Inc. (NYSE:SKX) was downgraded by analysts at Vetr from a “strong-buy” rating to a “buy” rating in a note issued to investors on Thursday. They currently have a $25.25 price target on the stock. Vetr‘s price objective suggests a potential upside of 10.99% from the stock’s current price.
Several other analysts also recently issued reports on the stock. Standpoint Research began coverage on shares of Skechers USA in a research note on Monday, October 3rd. They issued a “buy” rating and a $30.00 price objective for the company. Susquehanna raised shares of Skechers USA from a “neutral” rating to a “positive” rating and set a $27.00 price objective for the company in a research note on Friday, September 30th. Cowen and Company set a $24.00 price objective on shares of Skechers USA and gave the stock a “hold” rating in a research note on Thursday, September 22nd. Morgan Stanley lowered shares of Skechers USA from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $41.00 to $25.00 in a research report on Wednesday, September 21st. Finally, Citigroup Inc. reaffirmed a “buy” rating and set a $38.00 target price on shares of Skechers USA in a research report on Tuesday, August 23rd. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company 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. The stock had a trading volume of 1,956,643 shares. The stock has a market cap of $3.59 billion, a P/E ratio of 13.14 and a beta of 0.15. The company’s 50 day moving average is $23.25 and its 200-day moving average is $27.60. 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 data on Thursday, July 21st. The company reported $0.50 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 period in the previous year, the business earned $0.52 EPS. On average, equities research analysts anticipate that Skechers USA will post $1.80 earnings per share for the current fiscal year.
In other news, General Counsel Phillip Paccione sold 1,389 shares of Skechers USA stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $24.12, for a total transaction of $33,502.68. Following the completion of the sale, the general counsel now directly owns 90,445 shares in the company, valued at $2,181,533.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 21.73% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Capital Growth Management LP bought a new stake in Skechers USA during the second quarter valued at approximately $62,115,000. Fiera Capital Corp increased 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 during the last quarter. Scout Investments Inc. bought a new stake in Skechers USA during the second quarter valued at approximately $33,603,000. Prudential Financial Inc. increased 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 during the last quarter. Finally, State Treasurer State of Michigan increased 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 during the last quarter. Institutional investors and hedge funds own 65.70% of the company’s stock.
About Skechers USA
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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