Citigroup Inc. Reaffirms Positive Rating for Skechers U.S.A., Inc. (SKX)
Skechers U.S.A., Inc. (NYSE:SKX)‘s stock had its “positive” rating reissued by research analysts at Citigroup Inc. in a report released on Friday, The Fly reports. They presently have a $38.00 price objective on the textile maker’s stock, up from their previous price objective of $34.00. Citigroup Inc.’s price target points to a potential upside of 11.80% from the company’s previous close.
A number of other analysts have also commented on SKX. B. Riley reaffirmed a “buy” rating and set a $37.00 price objective on shares of Skechers U.S.A. in a research note on Friday, July 21st. Morgan Stanley increased their price objective on Skechers U.S.A. from $28.50 to $31.00 and gave the company an “equal weight” rating in a research note on Friday. Wedbush raised Skechers U.S.A. from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $24.03 to $35.00 in a research note on Friday. Monness Crespi & Hardt increased their price objective on Skechers U.S.A. from $33.00 to $34.00 and gave the company a “buy” rating in a research note on Friday. Finally, Zacks Investment Research lowered Skechers U.S.A. from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $34.02.
Shares of Skechers U.S.A. (SKX) traded up 41.45% during midday trading on Friday, reaching $33.99. 35,080,765 shares of the company’s stock traded hands. Skechers U.S.A. has a 52 week low of $19.02 and a 52 week high of $34.33. The company has a market capitalization of $5.39 billion, a PE ratio of 23.57 and a beta of 0.19. The stock’s 50 day moving average is $25.54 and its 200-day moving average is $26.45.
Skechers U.S.A. (NYSE:SKX) last posted its earnings results on Thursday, October 19th. The textile maker reported $0.59 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.16. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.07 billion. Skechers U.S.A. had a return on equity of 12.79% and a net margin of 5.92%. Skechers U.S.A.’s revenue was up 16.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.42 earnings per share. On average, analysts forecast that Skechers U.S.A. will post $1.56 earnings per share for the current fiscal year.
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In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 1,004 shares of the firm’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $27.24, for a total value of $27,348.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 21.73% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of the business. Meeder Asset Management Inc. boosted its stake in Skechers U.S.A. by 2,365.6% in the 3rd quarter. Meeder Asset Management Inc. now owns 15,903 shares of the textile maker’s stock worth $399,000 after buying an additional 15,258 shares during the last quarter. Davidson Kempner Capital Management LP boosted its stake in Skechers U.S.A. by 13.6% in the 2nd quarter. Davidson Kempner Capital Management LP now owns 400,000 shares of the textile maker’s stock worth $11,800,000 after buying an additional 47,890 shares during the last quarter. Toronto Dominion Bank acquired a new stake in Skechers U.S.A. in the 2nd quarter worth about $11,798,000. Public Employees Retirement System of Ohio boosted its stake in Skechers U.S.A. by 8.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 64,414 shares of the textile maker’s stock worth $1,900,000 after buying an additional 5,154 shares during the last quarter. Finally, Ameritas Investment Partners Inc. boosted its stake in Skechers U.S.A. by 1.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 40,036 shares of the textile maker’s stock worth $1,181,000 after buying an additional 602 shares during the last quarter. 70.52% of the stock is currently owned by hedge funds and other institutional investors.
Skechers U.S.A. 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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