Skechers U.S.A. (NYSE:SKX) Stock Rating Upgraded by StockNews.com

Skechers U.S.A. (NYSE:SKX) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday.

SKX has been the topic of several other reports. Evercore ISI lifted their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. TD Cowen reduced their target price on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Deutsche Bank Aktiengesellschaft boosted their price target on Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a report on Friday, October 25th. Wedbush boosted their price target on Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, Bank of America cut their price target on 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. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $78.09.

Skechers U.S.A. Stock Performance

SKX stock opened at $61.01 on Tuesday. The business’s 50-day moving average price is $64.76 and its two-hundred day moving average price is $66.56. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. The firm has a market cap of $9.21 billion, a PE ratio of 15.03, a P/E/G ratio of 0.87 and a beta of 1.23. Skechers U.S.A. has a 1-year low of $49.08 and a 1-year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last posted its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.11. The firm had revenue of $2.35 billion for the quarter, compared to analyst estimates 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 for the quarter was up 16.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.93 earnings per share. As a group, research analysts forecast that Skechers U.S.A. will post 4.25 earnings per share for the current year.

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

Institutional Trading of Skechers U.S.A.

Several institutional investors and hedge funds have recently bought and sold shares of SKX. Bessemer Group Inc. raised its holdings in Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after acquiring an additional 164 shares in the last quarter. UMB Bank n.a. raised its holdings in Skechers U.S.A. by 423.3% during the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after acquiring an additional 364 shares in the last quarter. Versant Capital Management Inc raised its holdings in Skechers U.S.A. by 2,809.1% during the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after acquiring an additional 618 shares in the last quarter. Venturi Wealth Management LLC increased its position in Skechers U.S.A. by 52.9% during the third quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock worth $58,000 after buying an additional 299 shares during the last quarter. Finally, 1620 Investment Advisors Inc. acquired a new position in Skechers U.S.A. during the second quarter worth approximately $69,000. Institutional investors own 79.96% of the company’s stock.

About Skechers U.S.A.

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.