Skechers U.S.A. (NYSE:SKX) Sets New 1-Year High – Still a Buy?

Skechers U.S.A., Inc. (NYSE:SKX)’s share price hit a new 52-week high on Thursday . The stock traded as high as $75.45 and last traded at $75.27, with a volume of 845407 shares trading hands. The stock had previously closed at $73.46.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Needham & Company LLC assumed coverage on Skechers U.S.A. in a report on Friday, November 22nd. They set a “hold” rating for the company. Bank of America lowered their target price on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday, October 25th. Piper Sandler initiated coverage on Skechers U.S.A. in a report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 target price for the company. Morgan Stanley increased their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Skechers U.S.A. has a consensus rating of “Moderate Buy” and a consensus target price of $79.00.

Skechers U.S.A. Price Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The stock’s fifty day simple moving average is $68.09 and its 200-day simple moving average is $65.89. The company has a market capitalization of $11.46 billion, a P/E ratio of 18.70, a PEG ratio of 0.90 and a beta of 1.19.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same period in the prior year, the company earned $0.93 earnings per share. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. On average, equities analysts forecast that Skechers U.S.A., Inc. will post 4.24 earnings per share for the current fiscal year.

Insider Activity at Skechers U.S.A.

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of the firm’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $693,289.52. Following the completion of the transaction, the president now owns 149,327 shares in the company, valued at $10,076,585.96. This trade represents a 6.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO David Weinberg sold 8,219 shares of the firm’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $554,618.12. Following the transaction, the chief operating officer now owns 122,211 shares of the company’s stock, valued at approximately $8,246,798.28. This represents a 6.30 % decrease in their position. The disclosure for this sale can be found here. 24.75% of the stock is owned by corporate insiders.

Institutional Trading of Skechers U.S.A.

Hedge funds have recently modified their holdings of the company. Pacer Advisors Inc. increased its holdings in shares of Skechers U.S.A. by 5,780.6% in the third quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock valued at $176,628,000 after purchasing an additional 2,594,507 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Skechers U.S.A. by 0.5% in the third quarter. Geode Capital Management LLC now owns 2,216,905 shares of the textile maker’s stock valued at $148,395,000 after purchasing an additional 11,026 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Skechers U.S.A. by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock valued at $88,126,000 after purchasing an additional 17,429 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Skechers U.S.A. by 39.0% in the third quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock valued at $68,630,000 after purchasing an additional 287,939 shares in the last quarter. Finally, Loomis Sayles & Co. L P boosted its stake in Skechers U.S.A. by 7.1% in the third quarter. Loomis Sayles & Co. L P now owns 752,067 shares of the textile maker’s stock valued at $50,328,000 after acquiring an additional 49,734 shares during the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

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.