Brokerages Set Skechers U.S.A., Inc. (NYSE:SKX) Target Price at $77.82

Skechers U.S.A., Inc. (NYSE:SKX) has received an average rating of “Buy” from the eleven ratings firms that are covering the stock, Marketbeat Ratings reports. Eleven analysts have rated the stock with a buy rating. The average 12-month target price among brokers that have covered the stock in the last year is $77.82.

Several equities analysts have recently issued reports on SKX shares. Morgan Stanley upgraded Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $60.00 to $80.00 in a research report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $82.00 price objective on shares of Skechers U.S.A. in a research note on Thursday, June 13th. TD Cowen raised their price objective on Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Barclays raised their price objective on Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Wells Fargo & Company assumed coverage on Skechers U.S.A. in a research note on Wednesday, June 12th. They set an “overweight” rating and a $83.00 price objective for the company.

Institutional Trading of Skechers U.S.A.

A number of institutional investors have recently bought and sold shares of the company. Eagle Rock Investment Company LLC acquired a new stake in Skechers U.S.A. during the third quarter valued at $1,145,000. GAMMA Investing LLC raised its holdings in Skechers U.S.A. by 89.6% during the third quarter. GAMMA Investing LLC now owns 2,215 shares of the textile maker’s stock valued at $148,000 after buying an additional 1,047 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in Skechers U.S.A. by 18.4% during the third quarter. Handelsbanken Fonder AB now owns 36,690 shares of the textile maker’s stock valued at $2,455,000 after buying an additional 5,700 shares in the last quarter. Quent Capital LLC raised its holdings in Skechers U.S.A. by 20.9% during the third quarter. Quent Capital LLC now owns 4,056 shares of the textile maker’s stock valued at $276,000 after buying an additional 700 shares in the last quarter. Finally, Cascade Investment Advisors Inc. raised its holdings in Skechers U.S.A. by 9.5% during the third quarter. Cascade Investment Advisors Inc. now owns 23,105 shares of the textile maker’s stock valued at $1,546,000 after buying an additional 2,005 shares in the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

Skechers U.S.A. Trading Down 3.4 %

Shares of SKX opened at $66.19 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. The stock’s 50-day moving average is $65.64 and its two-hundred day moving average is $65.79. Skechers U.S.A. has a 12 month low of $45.58 and a 12 month high of $75.09. The stock has a market cap of $10.10 billion, a PE ratio of 17.42, a P/E/G ratio of 0.94 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The company’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.98 EPS. Equities analysts forecast that Skechers U.S.A. will post 4.16 earnings per share for the current fiscal year.

Skechers U.S.A. announced that its Board of Directors has approved a stock buyback program on Thursday, July 25th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the textile maker to buy up to 10.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.