Stifel Nicolaus Increases Skechers U.S.A. (NYSE:SKX) Price Target to $83.00

Skechers U.S.A. (NYSE:SKX) had its target price upped by Stifel Nicolaus from $81.00 to $83.00 in a research note released on Friday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the textile maker’s stock.

Several other research analysts have also recently weighed in on the stock. Wedbush reissued an outperform rating and set a $76.00 price target on shares of Skechers U.S.A. in a research report on Friday, May 17th. Bank of America raised shares of Skechers U.S.A. from a neutral rating to a buy rating and increased their price target for the company from $71.00 to $87.00 in a research note on Friday, June 7th. Evercore ISI reduced their price target on shares of Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating on the stock in a research report on Wednesday, April 17th. Barclays started coverage on Skechers U.S.A. in a research report on Monday, April 1st. They issued an overweight rating and a $71.00 price objective for the company. Finally, TD Cowen raised their target price on Skechers U.S.A. from $77.00 to $79.00 and gave the stock a buy rating in a research note on Monday, July 22nd. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Skechers U.S.A. currently has a consensus rating of Buy and an average price target of $76.75.

Skechers U.S.A. Stock Up 0.3 %

SKX stock opened at $64.91 on Friday. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average of $69.08 and a two-hundred day moving average of $64.16. Skechers U.S.A. has a 12 month low of $45.58 and a 12 month high of $75.09. The company has a market cap of $9.90 billion, a price-to-earnings ratio of 17.08, a PEG ratio of 0.90 and a beta of 1.25.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter last year, the company earned $0.98 earnings per share. Skechers U.S.A.’s revenue for the quarter was up 7.3% on a year-over-year basis. As a group, analysts forecast that Skechers U.S.A. will post 4.18 earnings per share for the current fiscal year.

Insider Activity at Skechers U.S.A.

In related news, General Counsel Phillip Paccione sold 423 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total transaction of $29,377.35. Following the completion of the transaction, the general counsel now directly owns 35,000 shares in the company, valued at approximately $2,430,750. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 24.75% of the company’s stock.

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

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in shares of Skechers U.S.A. by 0.8% during the first quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock worth $779,491,000 after acquiring an additional 97,666 shares during the period. Fiduciary Management Inc. WI increased its holdings in Skechers U.S.A. by 3.5% during the 4th quarter. Fiduciary Management Inc. WI now owns 2,893,529 shares of the textile maker’s stock worth $180,383,000 after purchasing an additional 98,068 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Skechers U.S.A. by 1.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,269,306 shares of the textile maker’s stock valued at $79,129,000 after buying an additional 16,146 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in shares of Skechers U.S.A. by 62.6% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker’s stock worth $75,534,000 after buying an additional 474,524 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Skechers U.S.A. during the fourth quarter worth approximately $75,194,000. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Skechers U.S.A. Company Profile

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.