Skechers U.S.A., Inc. (SKX) Upgraded by Zacks Investment Research to “Hold”
Skechers U.S.A., Inc. (NYSE:SKX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Monday.
According to Zacks, “Greater emphasis on new line of products, cost containment efforts, inventory management and global distribution platform have helped lift Skechers’ performance. After witnessing a negative earnings surprise in the second quarter of 2017, Skechers made a sharp come back in the third quarter with the bottom line outperforming the Zacks Consensus Estimate by 37.2%. Following the sturdy performance, shares have been on a bull run and have outpaced the industry in a month. Net sales also beat the estimate for the fourth quarter in row gaining from solid performances at the international wholesale business and company-owned global retail operations. Management now expects both the top and bottom lines to increase year over year during the final quarter. However, higher general & administrative expenses remain a matter of concern. Nevertheless, Skechers expects the rate of increase to decelerate going forward.”
A number of other brokerages have also recently commented on SKX. Vetr cut shares of Skechers U.S.A. from a “strong-buy” rating to a “hold” rating and set a $33.73 target price for the company. in a report on Monday. BidaskClub raised shares of Skechers U.S.A. from a “sell” rating to a “hold” rating in a report on Saturday, August 12th. Cowen and Company set a $35.00 target price on shares of Skechers U.S.A. and gave the company a “buy” rating in a report on Monday, August 14th. OTR Global upgraded shares of Skechers U.S.A. from a “mixed” rating to a “positive” rating in a research note on Tuesday, July 18th. Finally, Citigroup Inc. boosted their price target on shares of Skechers U.S.A. from $30.00 to $34.00 and gave the stock a “buy” rating in a research note on Friday, July 21st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $34.16.
Shares of Skechers U.S.A. (SKX) traded up 1.65% during midday trading on Monday, reaching $34.55. The company’s stock had a trading volume of 5,346,050 shares. The company has a 50 day moving average of $25.54 and a 200-day moving average of $26.45. The stock has a market capitalization of $5.47 billion, a price-to-earnings ratio of 23.96 and a beta of 0.19. Skechers U.S.A. has a 52 week low of $18.81 and a 52 week high of $34.87.
Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, October 19th. The textile maker reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.16. Skechers U.S.A. had a net margin of 6.38% and a return on equity of 14.10%. The business had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.07 billion. During the same period in the prior year, the company earned $0.42 earnings per share. The business’s revenue was up 16.2% compared to the same quarter last year. 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 news, General Counsel Phillip Paccione sold 1,004 shares of the stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $27.24, for a total value of $27,348.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 21.73% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Kennedy Capital Management Inc. grew its holdings in Skechers U.S.A. by 20.5% during 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 in the last quarter. BNP Paribas Arbitrage SA grew its holdings in Skechers U.S.A. by 94.5% during 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 in the last quarter. Aristotle Fund L.P. grew its holdings in Skechers U.S.A. by 8.2% during 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 in the last quarter. BlackRock Inc. grew its holdings in Skechers U.S.A. by 3,136.5% during 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 in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Skechers U.S.A. by 3.8% during 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 in the last quarter. 70.52% of the stock is owned by 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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