Vetr upgraded shares of Skechers USA (NYSE:SKX) from a sell rating to a hold rating in a research note issued to investors on Monday, February 19th. The brokerage currently has $39.03 price target on the textile maker’s stock.
SKX has been the topic of several other reports. Cowen reaffirmed a buy rating and issued a $35.00 price objective on shares of Skechers USA in a research note on Friday, October 27th. Argus raised Skechers USA from a hold rating to a buy rating in a research note on Friday, December 15th. Wedbush reaffirmed a buy rating and issued a $45.00 price objective (up from $39.00) on shares of Skechers USA in a research note on Wednesday, January 3rd. Citigroup raised their price objective on Skechers USA from $34.00 to $45.00 and gave the company a buy rating in a research note on Wednesday, January 17th. Finally, Monness Crespi & Hardt raised their price objective on Skechers USA from $34.00 to $40.00 and gave the company a buy rating in a research note on Friday, December 1st. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $41.29.
Skechers USA (NYSE:SKX) traded down $0.84 on Monday, hitting $40.08. The stock had a trading volume of 1,290,000 shares, compared to its average volume of 2,530,000. The firm has a market cap of $6,350.00, a price-to-earnings ratio of 22.39, a P/E/G ratio of 1.17 and a beta of 0.24. Skechers USA has a 12 month low of $22.64 and a 12 month high of $42.73. The company has a current ratio of 3.52, a quick ratio of 2.06 and a debt-to-equity ratio of 0.04.
Skechers USA (NYSE:SKX) last released its earnings results on Thursday, February 8th. The textile maker reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.08. The company had revenue of $970.59 million for the quarter, compared to analyst estimates of $881.39 million. Skechers USA had a return on equity of 14.63% and a net margin of 4.30%. Skechers USA’s quarterly revenue was up 27.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.04 EPS. equities analysts anticipate that Skechers USA will post 2.3 EPS for the current year.
Skechers USA declared that its board has approved a stock repurchase plan on Thursday, February 8th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the textile maker to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
In other Skechers USA news, CEO Robert Greenberg sold 500,000 shares of the stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $37.66, for a total value of $18,830,000.00. Following the completion of the transaction, the chief executive officer now directly owns 267,713 shares in the company, valued at $10,082,071.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard Rappaport sold 1,000 shares of the firm’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $38.24, for a total value of $38,240.00. Following the transaction, the director now owns 19,000 shares of the company’s stock, valued at $726,560. The disclosure for this sale can be found here. Insiders sold 501,156 shares of company stock valued at $18,874,792 over the last quarter. Corporate insiders own 38.20% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC bought a new position in shares of Skechers USA during the fourth quarter worth about $139,000. Advisor Partners LLC bought a new position in shares of Skechers USA during the fourth quarter worth about $203,000. CIBC Asset Management Inc bought a new position in shares of Skechers USA during the fourth quarter worth about $202,000. PNC Financial Services Group Inc. raised its position in shares of Skechers USA by 6.6% during the second quarter. PNC Financial Services Group Inc. now owns 5,428 shares of the textile maker’s stock worth $161,000 after acquiring an additional 335 shares during the last quarter. Finally, Dearborn Partners LLC bought a new position in shares of Skechers USA during the fourth quarter worth about $214,000. Institutional investors own 73.94% of the company’s stock.
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.
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