Skechers USA Inc. (SKX) Rating Lowered to Buy at Vetr Inc.
Skechers USA Inc. (NYSE:SKX) was downgraded by equities researchers at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. They presently have a $25.25 price target on the stock. Vetr‘s price target points to a potential upside of 11.38% from the company’s previous close.
SKX has been the subject of a number of other research reports. Monness Crespi & Hardt downgraded Skechers USA from a “buy” rating to a “neutral” rating in a research report on Friday, July 22nd. They noted that the move was a valuation call. B. Riley reaffirmed a “buy” rating and set a $32.00 price target on shares of Skechers USA in a research report on Monday, July 25th. Argus downgraded Skechers USA from a “buy” rating to a “hold” rating in a research report on Monday, August 1st. Susquehanna raised Skechers USA from a “neutral” rating to a “positive” rating and set a $27.00 price target for the company in a research report on Friday, September 30th. Finally, Morgan Stanley downgraded Skechers USA from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $41.00 to $25.00 in a report on Wednesday, September 21st. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $28.42.
Shares of Skechers USA (NYSE:SKX) opened at 22.67 on Wednesday. The firm has a market cap of $3.58 billion, a P/E ratio of 13.10 and a beta of 0.15. The firm’s 50-day moving average is $23.06 and its 200-day moving average is $27.38. Skechers USA has a 1-year low of $20.90 and a 1-year high of $46.95.
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Skechers USA (NYSE:SKX) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by $0.02. Skechers USA had a return on equity of 20.20% and a net margin of 7.79%. The firm had revenue of $877.80 million for the quarter, compared to analyst estimates of $892.06 million. During the same period last year, the company earned $0.52 EPS. On average, analysts anticipate that Skechers USA will post $1.80 EPS for the current fiscal year.
In other Skechers USA news, General Counsel Phillip Paccione sold 1,389 shares of the company’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $24.12, for a total value of $33,502.68. Following the transaction, the general counsel now directly owns 90,445 shares in the company, valued at approximately $2,181,533.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 21.73% of the stock is owned by company insiders.
A number of institutional investors have recently made changes to their positions in the company. Aperio Group LLC raised its position in shares of Skechers USA by 39.1% in the first quarter. Aperio Group LLC now owns 29,162 shares of the company’s stock worth $888,000 after buying an additional 8,190 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Skechers USA by 109.2% in the first quarter. Prudential Financial Inc. now owns 261,462 shares of the company’s stock worth $7,961,000 after buying an additional 136,470 shares in the last quarter. BlackRock Inc. raised its position in shares of Skechers USA by 29.9% in the first quarter. BlackRock Inc. now owns 60,051 shares of the company’s stock worth $1,829,000 after buying an additional 13,840 shares in the last quarter. BlackRock Group LTD raised its position in shares of Skechers USA by 24.7% in the first quarter. BlackRock Group LTD now owns 128,575 shares of the company’s stock worth $3,916,000 after buying an additional 25,449 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in shares of Skechers USA by 0.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,832,942 shares of the company’s stock worth $116,713,000 after buying an additional 25,636 shares in the last quarter. Institutional investors and hedge funds own 65.73% 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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