Skechers U.S.A. (NYSE:SKX) Price Target Raised to $84.00

Skechers U.S.A. (NYSE:SKX) had its price objective boosted by Morgan Stanley from $81.00 to $84.00 in a research note issued to investors on Friday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the textile maker’s stock.

Several other research analysts have also recently weighed in on the company. Bank of America lowered their target price on Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating on the stock in a report on Monday, September 23rd. TD Cowen lowered their price objective on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Wedbush raised their target price on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Evercore ISI boosted their price target on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Finally, Barclays raised their price objective on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $78.09.

Skechers U.S.A. Stock Down 3.9 %

Shares of SKX opened at $59.21 on Friday. The stock has a 50 day moving average price of $65.98 and a 200 day moving average price of $66.16. Skechers U.S.A. has a one year low of $45.58 and a one year high of $75.09. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06. The stock has a market capitalization of $9.03 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 0.89 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. The business had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.31 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The company’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.93 earnings per share. Equities research analysts forecast 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 has initiated a share repurchase plan on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the textile maker to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Skechers U.S.A.

A number of hedge funds have recently made changes to their positions in SKX. Redmont Wealth Advisors LLC purchased a new stake in Skechers U.S.A. in the first quarter valued at approximately $25,000. Bessemer Group Inc. grew its stake in shares of Skechers U.S.A. by 66.7% in the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after buying an additional 164 shares in the last quarter. UMB Bank n.a. raised its holdings in shares of Skechers U.S.A. by 423.3% in the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock valued at $30,000 after buying an additional 364 shares during the period. Versant Capital Management Inc raised its holdings in shares of Skechers U.S.A. by 2,809.1% in the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after buying an additional 618 shares during the period. Finally, Sunbelt Securities Inc. acquired a new position in Skechers U.S.A. during the 1st quarter worth about $45,000. Hedge funds and other 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.