Vetr downgraded shares of Skechers USA Inc. (NYSE:SKX) from a strong-buy rating to a buy rating in a research note issued to investors on Thursday. Vetr currently has $25.25 price objective on the stock.
Several other brokerages have also issued reports on SKX. B. Riley reaffirmed a buy rating and set a $42.00 price target on shares of Skechers USA in a research note on Tuesday, July 19th. Zacks Investment Research raised Skechers USA from a sell rating to a hold rating in a research note on Monday, July 18th. Monness Crespi & Hardt lowered Skechers USA from a buy rating to a neutral rating in a research note on Friday, July 22nd. They noted that the move was a valuation call. Citigroup Inc. reissued a buy rating and issued a $38.00 target price on shares of Skechers USA in a research note on Tuesday, August 23rd. Finally, Susquehanna assumed coverage on Skechers USA in a research note on Friday, August 12th. They issued a neutral rating and a $27.00 target price for the company. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $28.42.
Shares of Skechers USA (NYSE:SKX) opened at 22.67 on Thursday. The company’s 50-day moving average price is $23.06 and its 200 day moving average price is $27.38. The firm has a market cap of $3.58 billion, a PE ratio of 13.10 and a beta of 0.15. Skechers USA has a 1-year low of $20.90 and a 1-year high of $46.95.
Skechers USA (NYSE:SKX) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.50 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by $0.02. Skechers USA had a return on equity of 20.20% and a net margin of 7.79%. The firm had revenue of $877.80 million for the quarter, compared to the consensus estimate of $892.06 million. During the same period last year, the firm earned $0.52 EPS. On average, analysts predict that Skechers USA will post $1.80 EPS for the current year.
In related news, General Counsel Phillip Paccione sold 1,389 shares of the business’s stock in a transaction on Thursday, July 28th. The shares were sold at an average price of $24.12, for a total transaction of $33,502.68. Following the completion of the transaction, the general counsel now directly owns 90,445 shares in the company, valued at $2,181,533.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 21.73% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of SKX. Bank of Montreal Can acquired a new position in Skechers USA during the second quarter worth about $14,762,000. State Street Corp increased its position in Skechers USA by 1.7% in the first quarter. State Street Corp now owns 3,551,897 shares of the company’s stock worth $108,158,000 after buying an additional 59,148 shares in the last quarter. Tower Research Capital LLC TRC increased its position in Skechers USA by 3.9% in the second quarter. Tower Research Capital LLC TRC now owns 9,966 shares of the company’s stock worth $296,000 after buying an additional 377 shares in the last quarter. BlackRock Group LTD increased its position in Skechers USA by 24.7% in the first quarter. BlackRock Group LTD now owns 128,575 shares of the company’s stock worth $3,916,000 after buying an additional 25,449 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado increased its position in Skechers USA by 0.8% in the second quarter. Public Employees Retirement Association of Colorado now owns 31,113 shares of the company’s stock worth $925,000 after buying an additional 244 shares in the last quarter. Institutional investors own 65.73% of the company’s stock.
About Skechers USA
Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.
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