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.
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.
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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.
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