Skechers U.S.A. (NYSE:SKX) Coverage Initiated at Piper Sandler

Piper Sandler initiated coverage on shares of Skechers U.S.A. (NYSE:SKX) in a research report released on Tuesday morning, MarketBeat.com reports. The brokerage issued a neutral rating and a $65.00 price objective on the textile maker’s stock.

Several other equities research analysts have also weighed in on the company. Needham & Company LLC started coverage on Skechers U.S.A. in a research report on Friday, November 22nd. They set a “hold” rating on the stock. StockNews.com downgraded shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a research report on Monday, November 25th. Barclays increased their target price on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. TD Cowen reduced their price target on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Finally, Morgan Stanley raised their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Skechers U.S.A. currently has a consensus rating of “Moderate Buy” and an average target price of $77.00.

Skechers U.S.A. Price Performance

Shares of SKX opened at $70.09 on Tuesday. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01. Skechers U.S.A. has a fifty-two week low of $55.67 and a fifty-two week high of $75.09. The company has a market cap of $10.58 billion, a P/E ratio of 17.26, a PEG ratio of 0.99 and a beta of 1.22. The firm’s 50 day moving average price is $63.97 and its 200 day moving average price is $66.18.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, beating 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 firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter last year, the company earned $0.93 earnings per share. The firm’s revenue was up 16.0% compared to the same quarter last year. On average, research analysts forecast that Skechers U.S.A. will post 4.24 earnings per share for the current fiscal year.

Institutional Trading of Skechers U.S.A.

Several hedge funds and other institutional investors have recently made changes to their positions in SKX. Tidal Investments LLC boosted its holdings in Skechers U.S.A. by 24.3% in the 3rd quarter. Tidal Investments LLC now owns 51,827 shares of the textile maker’s stock valued at $3,468,000 after purchasing an additional 10,122 shares in the last quarter. World Investment Advisors LLC acquired a new stake in shares of Skechers U.S.A. in the 3rd quarter valued at approximately $1,182,000. Sanctuary Advisors LLC boosted its stake in shares of Skechers U.S.A. by 88.1% in the third quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock valued at $1,822,000 after buying an additional 13,836 shares in the last quarter. Te Ahumairangi Investment Management Ltd grew its holdings in Skechers U.S.A. by 31.0% during the third quarter. Te Ahumairangi Investment Management Ltd now owns 89,950 shares of the textile maker’s stock worth $5,985,000 after acquiring an additional 21,275 shares during the period. Finally, Neo Ivy Capital Management acquired a new position in Skechers U.S.A. during the third quarter worth $2,402,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

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.