Skechers U.S.A., Inc. (SKX) Stock Rating Reaffirmed by Cowen and Company
Skechers U.S.A., Inc. (NYSE:SKX)‘s stock had its “buy” rating reiterated by investment analysts at Cowen and Company in a research note issued on Friday. They currently have a $38.00 price objective on the textile maker’s stock. Cowen and Company’s price objective would indicate a potential upside of 21.56% from the stock’s previous close.
SKX has been the topic of a number of other research reports. Vetr cut Skechers U.S.A. from a “strong-buy” rating to a “hold” rating and set a $33.73 price target on the stock. in a report on Monday, October 23rd. Susquehanna Bancshares Inc reaffirmed a “buy” rating and issued a $34.00 price target on shares of Skechers U.S.A. in a report on Tuesday, October 10th. Zacks Investment Research cut Skechers U.S.A. from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Citigroup Inc. lifted their price objective on shares of Skechers U.S.A. from $30.00 to $34.00 and gave the stock a “buy” rating in a research report on Friday, July 21st. Finally, Buckingham Research set a $34.00 price target on shares of Skechers U.S.A. and gave the company a “buy” rating in a report on Saturday, July 22nd. Two research analysts have rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $34.64.
Shares of Skechers U.S.A. (NYSE SKX) traded down $1.29 during midday trading on Friday, hitting $31.26. The stock had a trading volume of 2,816,669 shares, compared to its average volume of 5,217,410. The firm has a market capitalization of $5,055.50, a PE ratio of 19.82 and a beta of 0.11.
Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, October 19th. The textile maker reported $0.59 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.16. Skechers U.S.A. had a return on equity of 13.70% and a net margin of 6.38%. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period last year, the firm earned $0.42 earnings per share. The company’s revenue for the quarter was up 16.2% compared to the same quarter last year. research analysts forecast that Skechers U.S.A. will post 1.69 earnings per share for the current fiscal year.
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In other news, President Michael Greenberg sold 150,000 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $31.86, for a total transaction of $4,779,000.00. Following the completion of the sale, the president now owns 251,679 shares in the company, valued at approximately $8,018,492.94. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard Siskind sold 25,500 shares of the firm’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $33.40, for a total transaction of $851,700.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 386,504 shares of company stock valued at $12,319,249. 21.73% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the business. Alps Advisors Inc. raised its position in shares of Skechers U.S.A. by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 18,304 shares of the textile maker’s stock valued at $540,000 after buying an additional 47 shares in the last quarter. Utah Retirement Systems grew its holdings in shares of Skechers U.S.A. by 1.3% during the 2nd quarter. Utah Retirement Systems now owns 24,000 shares of the textile maker’s stock valued at $708,000 after purchasing an additional 300 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Skechers U.S.A. by 6.6% during the 2nd quarter. PNC Financial Services Group Inc. now owns 5,428 shares of the textile maker’s stock valued at $161,000 after purchasing an additional 335 shares during the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of Skechers U.S.A. by 0.6% during the 2nd quarter. Great West Life Assurance Co. Can now owns 80,310 shares of the textile maker’s stock valued at $2,367,000 after purchasing an additional 503 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Skechers U.S.A. by 12.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,594 shares of the textile maker’s stock worth $136,000 after acquiring an additional 503 shares during the last quarter. Institutional investors and hedge funds own 70.60% of the company’s stock.
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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