Citigroup Initiates Coverage on Skechers U.S.A. (SKX)

Investment analysts at Citigroup assumed coverage on shares of Skechers U.S.A. (NYSE:SKX) in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $50.00 price target on the textile maker’s stock. Citigroup’s price objective would suggest a potential upside of 18.82% from the stock’s current price.

Several other research firms also recently weighed in on SKX. Zacks Investment Research raised shares of Skechers U.S.A. from a “hold” rating to a “buy” rating and set a $43.00 price objective for the company in a report on Tuesday, December 26th. ValuEngine raised shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Vetr raised shares of Skechers U.S.A. from a “sell” rating to a “hold” rating and set a $39.03 price target for the company in a report on Tuesday, January 30th. B. Riley set a $50.00 price target on shares of Skechers U.S.A. and gave the company a “buy” rating in a report on Tuesday, February 6th. Finally, Buckingham Research reissued a “buy” rating and issued a $48.00 price target on shares of Skechers U.S.A. in a report on Wednesday. Two research analysts have rated the stock with a sell rating, two have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $43.86.

How to Become a New Pot Stock Millionaire

SKX stock opened at $42.08 on Wednesday. The stock has a market capitalization of $6,801.13, a P/E ratio of 23.64, a P/E/G ratio of 1.23 and a beta of 0.31. Skechers U.S.A. has a fifty-two week low of $22.64 and a fifty-two week high of $43.08. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.52 and a quick ratio of 2.06.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Wednesday, April 18th. The textile maker reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.80 by ($0.05). The company had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.20 billion. Skechers U.S.A. had a return on equity of 14.63% and a net margin of 4.30%. The business’s revenue for the quarter was up 16.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.60 EPS. analysts anticipate that Skechers U.S.A. will post 2.3 EPS for the current fiscal year.

Skechers U.S.A. announced that its Board of Directors has authorized a share buyback plan on Thursday, February 8th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the textile maker to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

In other Skechers U.S.A. news, CEO Robert Greenberg sold 37,814 shares of the business’s stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $40.34, for a total transaction of $1,525,416.76. Following the sale, the chief executive officer now owns 704,397 shares in the company, valued at approximately $28,415,374.98. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Mark A. Nason sold 16,701 shares of the business’s stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $40.34, for a total value of $673,718.34. Following the sale, the executive vice president now owns 65,453 shares in the company, valued at approximately $2,640,374.02. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 95,286 shares of company stock worth $3,804,003. Corporate insiders own 21.73% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Cambridge Investment Research Advisors Inc. raised its holdings in Skechers U.S.A. by 82.0% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 19,347 shares of the textile maker’s stock worth $732,000 after buying an additional 8,716 shares during the period. Xact Kapitalforvaltning AB acquired a new stake in Skechers U.S.A. during the 4th quarter worth about $480,000. Sterling Capital Management LLC acquired a new stake in Skechers U.S.A. during the 4th quarter worth about $1,256,000. MetLife Investment Advisors LLC acquired a new stake in Skechers U.S.A. during the 4th quarter worth about $3,206,000. Finally, Macquarie Group Ltd. raised its holdings in Skechers U.S.A. by 18.5% during the 4th quarter. Macquarie Group Ltd. now owns 101,085 shares of the textile maker’s stock worth $3,825,000 after buying an additional 15,785 shares during the period. Hedge funds and other institutional investors own 73.10% of the company’s stock.

COPYRIGHT VIOLATION NOTICE: “Citigroup Initiates Coverage on Skechers U.S.A. (SKX)” was published by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this report on another domain, it was copied illegally and republished in violation of U.S. & international trademark & copyright laws. The correct version of this report can be read at https://ledgergazette.com/2018/04/20/citigroup-initiates-coverage-on-skechers-u-s-a-skx.html.

About Skechers U.S.A.

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.

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

Receive News & Ratings for Skechers U.S.A. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Skechers U.S.A. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply