Skechers USA (SKX) Given New $40.00 Price Target at Monness Crespi & Hardt

Skechers USA (NYSE:SKX) had its price target hoisted by investment analysts at Monness Crespi & Hardt from $34.00 to $40.00 in a research report issued to clients and investors on Friday. The firm currently has a “buy” rating on the textile maker’s stock. Monness Crespi & Hardt’s price objective would suggest a potential upside of 13.96% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. Vetr cut Skechers USA from a “strong-buy” rating to a “hold” rating and set a $33.73 target price on the stock. in a research note on Monday, October 23rd. Susquehanna Bancshares restated a “buy” rating and set a $34.00 target price on shares of Skechers USA in a research note on Tuesday, October 10th. Wells Fargo & Company boosted their target price on Skechers USA from $33.00 to $36.00 and gave the stock a “market perform” rating in a research note on Friday, October 20th. Cowen reiterated a “buy” rating and set a $38.00 price target on shares of Skechers USA in a research note on Friday, November 3rd. Finally, Zacks Investment Research downgraded Skechers USA from a “hold” rating to a “sell” rating in a research note on Wednesday, October 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company’s stock. Skechers USA has a consensus rating of “Buy” and a consensus price target of $35.46.

Skechers USA (NYSE:SKX) opened at $35.10 on Friday. Skechers USA has a twelve month low of $21.33 and a twelve month high of $35.80. The company has a current ratio of 3.46, a quick ratio of 2.30 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $5,560.00, a PE ratio of 21.50, a price-to-earnings-growth ratio of 1.45 and a beta of 0.11.

Skechers USA (NYSE:SKX) last posted its quarterly earnings data on Thursday, October 19th. The textile maker reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.16. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.07 billion. Skechers USA had a net margin of 9.76% and a return on equity of 20.22%. The company’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.42 EPS. sell-side analysts forecast that Skechers USA will post 1.71 EPS for the current year.

In other Skechers USA news, Director Richard Siskind sold 25,500 shares of the stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $33.40, for a total transaction of $851,700.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas Walsh sold 750 shares of Skechers USA stock in a transaction on Monday, November 27th. The shares were sold at an average price of $34.81, for a total transaction of $26,107.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 386,250 shares of company stock valued at $12,318,008. Corporate insiders own 38.20% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of SKX. Kennedy Capital Management Inc. raised its stake in shares of Skechers USA by 20.5% in the second quarter. Kennedy Capital Management Inc. now owns 643,198 shares of the textile maker’s stock worth $18,974,000 after buying an additional 109,441 shares during the period. BNP Paribas Arbitrage SA boosted its holdings in shares of Skechers USA by 94.5% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 58,963 shares of the textile maker’s stock worth $1,739,000 after purchasing an additional 28,646 shares during the period. Aristotle Fund L.P. boosted its holdings in shares of Skechers USA by 8.2% in the 2nd quarter. Aristotle Fund L.P. now owns 519,700 shares of the textile maker’s stock worth $15,331,000 after purchasing an additional 39,200 shares during the period. UBS Asset Management Americas Inc. raised its position in Skechers USA by 17.6% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 102,030 shares of the textile maker’s stock valued at $3,010,000 after purchasing an additional 15,284 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Skechers USA 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. 70.07% of the stock is owned by institutional investors.

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Skechers USA 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.

Analyst Recommendations for Skechers USA (NYSE:SKX)

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