Skechers USA (SKX) Lifted to “Hold” at Vetr

Vetr upgraded shares of Skechers USA (NYSE:SKX) from a sell rating to a hold rating in a research report released on Monday. The firm currently has $39.03 target price on the textile maker’s stock.

A number of other equities research analysts have also recently issued reports on SKX. Wedbush upgraded shares of Skechers USA from a neutral rating to an outperform rating and upped their price objective for the stock from $24.03 to $35.00 in a report on Friday, October 20th. Monness Crespi & Hardt upped their price objective on shares of Skechers USA from $33.00 to $34.00 and gave the stock a buy rating in a report on Friday, October 20th. Morgan Stanley upped their price objective on shares of Skechers USA from $28.50 to $31.00 and gave the stock an equal weight rating in a report on Friday, October 20th. Citigroup reiterated a positive rating and issued a $38.00 price objective (up from $34.00) on shares of Skechers USA in a report on Friday, October 20th. Finally, Wells Fargo & Co upped their price objective on shares of Skechers USA from $33.00 to $36.00 and gave the stock a market perform rating in a report on Friday, October 20th. Two analysts have rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the stock. The company has a consensus rating of Buy and an average price target of $41.34.

Shares of Skechers USA (NYSE:SKX) opened at $39.47 on Monday. The stock has a market cap of $6,250.00, a price-to-earnings ratio of 34.32, a P/E/G ratio of 1.25 and a beta of 0.20. Skechers USA has a fifty-two week low of $22.64 and a fifty-two week high of $42.73. The company has a quick ratio of 2.06, a current ratio of 3.52 and a debt-to-equity ratio of 0.04.

Skechers USA (NYSE:SKX) last issued its quarterly earnings data on Thursday, February 8th. The textile maker reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.08. The firm had revenue of $970.59 million during the quarter, compared to analysts’ expectations of $881.39 million. Skechers USA had a net margin of 4.30% and a return on equity of 14.63%. Skechers USA’s revenue for the quarter was up 27.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.04 earnings per share. analysts anticipate that Skechers USA will post 2.3 EPS for the current fiscal year.

Skechers USA announced that its board has initiated a share buyback plan on Thursday, February 8th that permits the company to buyback $150.00 million in shares. This buyback authorization permits the textile maker to purchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

In other Skechers USA news, Director Richard Rappaport sold 1,000 shares of the company’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $38.24, for a total transaction of $38,240.00. Following the completion of the sale, the director now directly owns 19,000 shares in the company, valued at $726,560. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas Walsh sold 750 shares of the company’s stock in a transaction dated 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. Insiders have sold 580,750 shares of company stock valued at $21,665,988 over the last 90 days. Corporate insiders own 21.73% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Aurora Investment Counsel acquired a new position in shares of Skechers USA during the fourth quarter valued at about $2,383,000. State Street Corp raised its position in shares of Skechers USA by 47.2% during the second quarter. State Street Corp now owns 5,031,124 shares of the textile maker’s stock valued at $148,423,000 after buying an additional 1,613,977 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Skechers USA by 108.4% during the third quarter. Public Employees Retirement System of Ohio now owns 134,227 shares of the textile maker’s stock valued at $3,368,000 after buying an additional 69,813 shares during the last quarter. Boothbay Fund Management LLC raised its position in shares of Skechers USA by 112.1% during the third quarter. Boothbay Fund Management LLC now owns 19,298 shares of the textile maker’s stock valued at $484,000 after buying an additional 10,198 shares during the last quarter. Finally, Davidson Kempner Capital Management LP raised its position in shares of Skechers USA by 140.6% during the third quarter. Davidson Kempner Capital Management LP now owns 962,500 shares of the textile maker’s stock valued at $24,149,000 after buying an additional 562,500 shares during the last quarter. 68.59% of the stock is owned by institutional investors and hedge funds.

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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.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Skechers USA (NYSE:SKX)

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