Skechers U.S.A., Inc. (SKX) PT Set at $36.00 by Cowen and Company
Skechers U.S.A., Inc. (NYSE:SKX) has been given a $36.00 price objective by research analysts at Cowen and Company in a research note issued to investors on Friday. The firm currently has a “buy” rating on the textile maker’s stock. Cowen and Company’s target price would suggest a potential upside of 5.91% from the company’s current price.
Several other equities research analysts also recently weighed in on SKX. Monness Crespi & Hardt raised their price objective on Skechers U.S.A. from $33.00 to $34.00 and gave the company a “buy” rating in a report on Friday. Wells Fargo & Co raised their price objective on Skechers U.S.A. from $33.00 to $36.00 and gave the company a “market perform” rating in a report on Friday. B. Riley reissued a “buy” rating and set a $37.00 price objective on shares of Skechers U.S.A. in a report on Friday, July 21st. Citigroup Inc. reissued a “positive” rating and set a $38.00 price objective (up previously from $34.00) on shares of Skechers U.S.A. in a report on Friday. Finally, Morgan Stanley raised their price objective on Skechers U.S.A. from $28.50 to $31.00 and gave the company an “equal weight” rating in a report on Friday. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $34.02.
Shares of Skechers U.S.A. (NYSE:SKX) traded up 41.45% during trading on Friday, hitting $33.99. The stock had a trading volume of 35,080,765 shares. The stock has a 50 day moving average price of $25.54 and a 200-day moving average price of $26.45. The stock has a market capitalization of $5.39 billion, a price-to-earnings ratio of 23.57 and a beta of 0.19. Skechers U.S.A. has a one year low of $19.02 and a one year high of $34.33.
Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data 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. Skechers U.S.A. had a return on equity of 12.79% and a net margin of 5.92%. The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter last year, the business posted $0.42 EPS. Skechers U.S.A.’s revenue for the quarter was up 16.2% on a year-over-year basis. On average, equities research analysts predict that Skechers U.S.A. will post $1.56 earnings per share for the current year.
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In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 1,004 shares of Skechers U.S.A. stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $27.24, for a total transaction of $27,348.96. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 21.73% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Kennedy Capital Management Inc. lifted its stake in shares of Skechers U.S.A. by 20.5% in the 2nd quarter. Kennedy Capital Management Inc. now owns 643,198 shares of the textile maker’s stock valued at $18,974,000 after purchasing an additional 109,441 shares during the period. BNP Paribas Arbitrage SA lifted its stake in shares of Skechers U.S.A. by 94.5% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 58,963 shares of the textile maker’s stock valued at $1,739,000 after purchasing an additional 28,646 shares during the period. Aristotle Fund L.P. lifted its stake in shares of Skechers U.S.A. by 8.2% in the 2nd quarter. Aristotle Fund L.P. now owns 519,700 shares of the textile maker’s stock valued at $15,331,000 after purchasing an additional 39,200 shares during the period. BlackRock Inc. lifted its stake in shares of Skechers U.S.A. by 3,136.5% in the 1st quarter. BlackRock Inc. now owns 11,190,173 shares of the textile maker’s stock valued at $307,170,000 after purchasing an additional 10,844,421 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Skechers U.S.A. by 3.8% in the 2nd quarter. Principal Financial Group Inc. now owns 568,669 shares of the textile maker’s stock valued at $16,776,000 after purchasing an additional 20,829 shares during the period. 70.52% of the stock is currently owned by hedge funds and other institutional investors.
About Skechers U.S.A.
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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