Skechers U.S.A. (NYSE:SKX) Lowered to Hold Rating by StockNews.com

StockNews.com lowered shares of Skechers U.S.A. (NYSE:SKX) from a buy rating to a hold rating in a research note published on Monday.

A number of other brokerages also recently issued reports on SKX. Bank of America dropped their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Stifel Nicolaus raised their target price on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, July 26th. TD Cowen decreased their target price on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Evercore ISI raised their price target on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, Barclays upped their price objective on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $78.09.

Skechers U.S.A. Trading Down 1.0 %

Shares of NYSE SKX opened at $61.98 on Monday. The firm’s 50 day moving average price is $65.25 and its 200-day moving average price is $66.44. Skechers U.S.A. has a 52-week low of $47.98 and a 52-week high of $75.09. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The company has a market cap of $9.44 billion, a PE ratio of 15.27, a P/E/G ratio of 0.87 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.15 by $0.11. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The company’s revenue was up 16.0% compared to the same quarter last year. During the same period last year, the business posted $0.93 EPS. On average, equities research analysts expect that Skechers U.S.A. will post 4.25 EPS for the current fiscal year.

Skechers U.S.A. announced that its Board of Directors has initiated a share buyback program on Thursday, July 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the textile maker to buy up to 10.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

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

Institutional investors and hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Skechers U.S.A. by 53.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,106 shares of the textile maker’s stock valued at $1,599,000 after buying an additional 9,065 shares during the last quarter. Fidelis Capital Partners LLC bought a new stake in Skechers U.S.A. in the 1st quarter valued at $96,000. FORA Capital LLC purchased a new stake in Skechers U.S.A. in the 1st quarter worth $511,000. Riggs Asset Managment Co. Inc. bought a new position in shares of Skechers U.S.A. during the 1st quarter valued at about $2,852,000. Finally, Texas Permanent School Fund Corp increased its holdings in shares of Skechers U.S.A. by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 116,922 shares of the textile maker’s stock worth $7,163,000 after purchasing an additional 1,514 shares during the last quarter. 79.96% of the stock is owned by institutional investors.

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.