Wells Fargo & Company Begins Coverage on Skechers U.S.A. (NYSE:SKX)

Wells Fargo & Company started coverage on shares of Skechers U.S.A. (NYSE:SKXFree Report) in a report released on Wednesday, Benzinga reports. The firm issued an overweight rating and a $83.00 price target on the textile maker’s stock.

Several other analysts have also issued reports on the company. Evercore ISI cut their target price on Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating for the company in a research note on Wednesday, April 17th. Barclays assumed coverage on Skechers U.S.A. in a research note on Monday, April 1st. They set an overweight rating and a $71.00 price objective on the stock. Stifel Nicolaus lifted their target price on shares of Skechers U.S.A. from $74.00 to $81.00 and gave the stock a buy rating in a research note on Tuesday, May 28th. TD Cowen increased their target price on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the stock a buy rating in a report on Wednesday, March 6th. Finally, Wedbush restated an outperform rating and set a $76.00 price target on shares of Skechers U.S.A. in a report on Friday, May 17th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Skechers U.S.A. presently has a consensus rating of Moderate Buy and a consensus price target of $72.00.

Check Out Our Latest Analysis on SKX

Skechers U.S.A. Price Performance

Shares of NYSE:SKX opened at $72.17 on Wednesday. The company’s fifty day moving average price is $65.90 and its 200-day moving average price is $62.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.39 and a quick ratio of 1.56. The firm has a market capitalization of $11.01 billion, a price-to-earnings ratio of 18.99, a PEG ratio of 1.12 and a beta of 1.28. Skechers U.S.A. has a one year low of $45.58 and a one year high of $75.09.

Skechers U.S.A. (NYSE:SKXGet Free Report) last released its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, beating 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 quarter last year, the business posted $1.02 earnings per share. The company’s revenue for the quarter was up 12.5% on a year-over-year basis. On average, equities research analysts anticipate that Skechers U.S.A. will post 4.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Skechers U.S.A. news, 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 transaction of $29,377.35. Following the completion of the sale, the general counsel now directly owns 35,000 shares in the company, valued at approximately $2,430,750. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 24.75% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Skechers U.S.A.

Several institutional investors and hedge funds have recently made changes to their positions in SKX. Redmont Wealth Advisors LLC bought a new stake in shares of Skechers U.S.A. in the 1st quarter worth $25,000. Bessemer Group Inc. increased its holdings in Skechers U.S.A. by 66.7% in the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after buying an additional 164 shares in the last quarter. GAMMA Investing LLC purchased a new position in Skechers U.S.A. in the 4th quarter worth about $36,000. DekaBank Deutsche Girozentrale bought a new position in Skechers U.S.A. during the 3rd quarter valued at about $31,000. Finally, Game Plan Financial Advisors LLC purchased a new stake in shares of Skechers U.S.A. during the 1st quarter valued at about $43,000. Institutional investors own 79.96% of the company’s stock.

About Skechers U.S.A.

(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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