Skechers U.S.A. (NYSE:SKX) Price Target Raised to $80.00

Skechers U.S.A. (NYSE:SKX) had its target price increased by Barclays from $79.00 to $80.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have an overweight rating on the textile maker’s stock.

Several other research firms also recently commented on SKX. Stifel Nicolaus increased 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 research report on Friday, July 26th. Evercore ISI raised their price objective on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Morgan Stanley upped their target price on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research report on Friday. Wedbush lifted their price target on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Finally, Bank of America decreased their price objective on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $78.09.

Skechers U.S.A. Stock Down 3.9 %

Shares of Skechers U.S.A. stock opened at $59.21 on Friday. The firm has a market cap of $9.03 billion, a price-to-earnings ratio of 15.58, a P/E/G ratio of 0.89 and a beta of 1.22. The stock has a 50-day simple moving average of $65.98 and a 200-day simple moving average of $66.16. Skechers U.S.A. has a 52-week low of $45.58 and a 52-week high of $75.09. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33.

Skechers U.S.A. (NYSE:SKX) last posted its 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 6.90% and a return on equity of 13.04%. The firm had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same period in the previous year, the company earned $0.93 earnings per share. The company’s revenue was up 16.0% compared to the same quarter last year. On average, equities research analysts expect that Skechers U.S.A. will post 4.15 earnings per share for the current fiscal year.

Skechers U.S.A. announced that its Board of Directors has authorized a share repurchase plan on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the textile maker to purchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Skechers U.S.A.

Several hedge funds and other institutional investors have recently bought and sold shares of SKX. Vaughan Nelson Investment Management L.P. lifted its stake in shares of Skechers U.S.A. by 62.6% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker’s stock valued at $75,534,000 after buying an additional 474,524 shares during the period. Coronation Fund Managers Ltd. lifted its position in shares of Skechers U.S.A. by 195.1% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 492,585 shares of the textile maker’s stock worth $34,047,000 after acquiring an additional 325,653 shares during the period. Acadian Asset Management LLC acquired a new stake in shares of Skechers U.S.A. during the 2nd quarter worth approximately $22,425,000. Teachers Retirement System of The State of Kentucky increased its position in shares of Skechers U.S.A. by 646.3% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker’s stock valued at $22,348,000 after purchasing an additional 280,000 shares during the period. Finally, Adams Diversified Equity Fund Inc. acquired a new position in shares of Skechers U.S.A. in the third quarter valued at $16,790,000. 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.