Skechers U.S.A. (NYSE:SKX) Lowered to Hold Rating by StockNews.com

StockNews.com downgraded shares of Skechers U.S.A. (NYSE:SKX) from a buy rating to a hold rating in a report issued on Monday morning.

A number of other equities analysts have also recently commented on SKX. Morgan Stanley lifted their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Evercore ISI increased 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. Stifel Nicolaus raised their price target on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Wedbush increased their target price on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, Barclays boosted their price target on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.09.

Skechers U.S.A. Price Performance

Shares of Skechers U.S.A. stock opened at $61.98 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. Skechers U.S.A. has a 52-week low of $47.98 and a 52-week high of $75.09. The company has a fifty day moving average of $65.25 and a 200-day moving average of $66.44. The stock has a market capitalization of $9.44 billion, a price-to-earnings ratio of 15.27, a price-to-earnings-growth ratio of 0.87 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate 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 7.19% and a return on equity of 13.71%. The company’s revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.93 earnings per share. Equities research analysts expect that Skechers U.S.A. will post 4.25 EPS for the current year.

Skechers U.S.A. declared that its board has authorized a share repurchase program on Thursday, July 25th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the textile maker to buy up to 10.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Skechers U.S.A. by 0.8% in the first quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock worth $779,491,000 after purchasing an additional 97,666 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Skechers U.S.A. by 3.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker’s stock valued at $130,350,000 after purchasing an additional 55,095 shares during the last quarter. Coronation Fund Managers Ltd. boosted its position in shares of Skechers U.S.A. by 378.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock worth $33,382,000 after purchasing an additional 394,618 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Skechers U.S.A. by 38.6% in the 2nd quarter. American Century Companies Inc. now owns 330,769 shares of the textile maker’s stock worth $22,863,000 after buying an additional 92,093 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new position in Skechers U.S.A. during the 2nd quarter valued at approximately $22,425,000. 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.