Bank of America Cuts Skechers U.S.A. (NYSE:SKX) Price Target to $70.00

Skechers U.S.A. (NYSE:SKX) had its target price decreased by Bank of America from $76.00 to $70.00 in a report released on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the textile maker’s stock.

SKX has been the subject of several other research reports. StockNews.com downgraded Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Stifel Nicolaus reduced their price objective on shares of Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, February 7th. Evercore ISI lifted their target price on shares of Skechers U.S.A. from $72.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 28th. Piper Sandler assumed coverage on Skechers U.S.A. in a research report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price target for the company. Finally, TD Cowen boosted their price objective on Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Skechers U.S.A. presently has an average rating of “Moderate Buy” and an average price target of $80.42.

Skechers U.S.A. Price Performance

Shares of SKX opened at $57.34 on Monday. The stock has a market cap of $8.56 billion, a P/E ratio of 13.82, a P/E/G ratio of 1.11 and a beta of 1.21. The business’s fifty day moving average is $64.77 and its 200 day moving average is $65.32. The company has a quick ratio of 1.12, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. Skechers U.S.A. has a 12-month low of $53.79 and a 12-month high of $78.85.

Skechers U.S.A. (NYSE:SKX) last posted its earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. Sell-side analysts anticipate that Skechers U.S.A. will post 4.47 earnings per share for the current fiscal year.

Insider Activity

In other Skechers U.S.A. news, CFO John M. Vandemore sold 5,112 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $60.76, for a total value of $310,605.12. Following the completion of the transaction, the chief financial officer now directly owns 83,328 shares of the company’s stock, valued at $5,063,009.28. This trade represents a 5.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Michael Greenberg sold 10,274 shares of the company’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 transaction, the president now directly owns 149,327 shares in the company, valued at approximately $10,076,585.96. The trade was a 6.44 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 236,738 shares of company stock worth $14,700,809. 24.75% of the stock is owned by corporate insiders.

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

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Skechers U.S.A. by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 12,544,233 shares of the textile maker’s stock worth $843,474,000 after purchasing an additional 82,143 shares in the last quarter. Anomaly Capital Management LP raised its position in Skechers U.S.A. by 51.2% during the fourth quarter. Anomaly Capital Management LP now owns 2,989,015 shares of the textile maker’s stock valued at $200,981,000 after purchasing an additional 1,011,815 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Skechers U.S.A. by 70.4% during the fourth quarter. Bank of New York Mellon Corp now owns 2,308,283 shares of the textile maker’s stock worth $155,209,000 after purchasing an additional 953,528 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Skechers U.S.A. by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 2,294,976 shares of the textile maker’s stock worth $154,361,000 after purchasing an additional 78,071 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Skechers U.S.A. by 19.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,212,020 shares of the textile maker’s stock valued at $148,743,000 after buying an additional 357,681 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors.

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.