Skechers U.S.A. (NYSE:SKX) Raised to Buy at Bank of America

Bank of America upgraded shares of Skechers U.S.A. (NYSE:SKXFree Report) from a neutral rating to a buy rating in a report published on Friday, Marketbeat.com reports. The brokerage currently has $87.00 price objective on the textile maker’s stock, up from their prior price objective of $71.00.

A number of other analysts have also commented on SKX. Stifel Nicolaus boosted their price objective on Skechers U.S.A. from $74.00 to $81.00 and gave the stock a buy rating in a report on Tuesday, May 28th. TD Cowen upped their target price on Skechers U.S.A. from $70.00 to $74.00 and gave the company a buy rating in a report on Wednesday, March 6th. Wedbush reissued an outperform rating and set a $76.00 price objective on shares of Skechers U.S.A. in a report on Friday, May 17th. Evercore ISI dropped their target price on Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating on the stock in a research report on Wednesday, April 17th. Finally, Barclays assumed coverage on Skechers U.S.A. in a research report on Monday, April 1st. They set an overweight rating and a $71.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $69.42.

View Our Latest Report on SKX

Skechers U.S.A. Stock Up 1.4 %

SKX stock opened at $73.92 on Friday. The stock’s 50 day simple moving average is $64.69 and its 200 day simple moving average is $62.30. Skechers U.S.A. has a fifty-two week low of $45.58 and a fifty-two week high of $73.98. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.56 and a current ratio of 2.39. The company has a market cap of $11.27 billion, a P/E ratio of 19.45, a price-to-earnings-growth ratio of 1.27 and a beta of 1.28.

Skechers U.S.A. (NYSE:SKXGet Free Report) last posted its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.23. Skechers U.S.A. had a return on equity of 13.56% and a net margin of 7.17%. The business had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the prior year, the business earned $1.02 EPS. The firm’s revenue for the quarter was up 12.5% on a year-over-year basis. On average, research analysts expect that Skechers U.S.A. will post 4.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Phillip Paccione sold 423 shares of the stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total value of $29,377.35. Following the transaction, the general counsel now owns 35,000 shares of the company’s stock, valued at $2,430,750. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Robert Greenberg sold 30,339 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $61.11, for a total value of $1,854,016.29. Following the transaction, the chief executive officer now owns 132,783 shares of the company’s stock, valued at $8,114,369.13. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Phillip Paccione sold 423 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total value of $29,377.35. Following the transaction, the general counsel now directly owns 35,000 shares in the company, valued at $2,430,750. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 82,337 shares of company stock worth $5,035,142. Corporate insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Skechers U.S.A. by 0.8% during the first quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock valued at $779,491,000 after buying an additional 97,666 shares during the last quarter. Fiduciary Management Inc. WI grew its stake in shares of Skechers U.S.A. by 3.5% in the fourth quarter. Fiduciary Management Inc. WI now owns 2,893,529 shares of the textile maker’s stock worth $180,383,000 after purchasing an additional 98,068 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of Skechers U.S.A. by 6,521.5% in the fourth quarter. Pacer Advisors Inc. now owns 1,456,599 shares of the textile maker’s stock worth $90,804,000 after purchasing an additional 1,434,601 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Skechers U.S.A. by 72.8% in the third quarter. AQR Capital Management LLC now owns 1,311,246 shares of the textile maker’s stock worth $64,185,000 after purchasing an additional 552,452 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Skechers U.S.A. by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,269,306 shares of the textile maker’s stock worth $79,129,000 after purchasing an additional 16,146 shares during the last quarter. 79.96% of the stock is owned by institutional investors.

Skechers U.S.A. Company Profile

(Get Free Report)

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.

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Analyst Recommendations for Skechers U.S.A. (NYSE:SKX)

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