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

StockNews.com upgraded shares of Skechers U.S.A. (NYSE:SKX) from a hold rating to a buy rating in a report released on Thursday.

SKX has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a report on Friday, October 25th. Barclays increased their target price on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Morgan Stanley lifted their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Needham & Company LLC assumed coverage on Skechers U.S.A. in a research report on Friday, November 22nd. They set a “hold” rating for the company. Finally, Piper Sandler assumed coverage on Skechers U.S.A. in a research report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 target price on the stock. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $79.00.

Skechers U.S.A. Price Performance

Shares of SKX opened at $75.71 on Thursday. The stock has a market cap of $11.43 billion, a P/E ratio of 18.65, a price-to-earnings-growth ratio of 0.90 and a beta of 1.19. Skechers U.S.A. has a 1 year low of $55.67 and a 1 year high of $76.06. The stock’s 50-day moving average price is $67.50 and its two-hundred day moving average price is $65.76. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data 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. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The business had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same quarter last year, the firm earned $0.93 EPS. Skechers U.S.A.’s quarterly revenue was up 16.0% compared to the same quarter last year. On average, equities analysts predict that Skechers U.S.A. will post 4.24 earnings per share for the current year.

Insider Activity

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

Institutional Trading of Skechers U.S.A.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Sanctuary Advisors LLC lifted its position in Skechers U.S.A. by 88.1% during the third quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock worth $1,822,000 after acquiring an additional 13,836 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Skechers U.S.A. by 22.3% during the third quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker’s stock worth $9,295,000 after purchasing an additional 25,289 shares during the period. Transform Wealth LLC acquired a new stake in Skechers U.S.A. during the 3rd quarter worth approximately $7,186,000. National Bank of Canada FI boosted its stake in Skechers U.S.A. by 2,340.0% in the 3rd quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker’s stock valued at $4,732,000 after purchasing an additional 67,812 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Skechers U.S.A. by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock valued at $88,126,000 after buying an additional 17,429 shares in the last quarter. 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.