Skechers U.S.A., Inc. (NYSE:SKX) Stock Rating Upgraded by Zacks Investment Research
Skechers U.S.A., Inc. (NYSE:SKX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “After posting earnings beat in first-quarter 2017, Skechers succumbed to a negative earnings surprise in the second quarter. Although the company's top line improved, it failed to act as a savior for the bottom line that fell 20.8% due to increased operating expenses and higher effective tax rate. Investors remain apprehensive about Skechers’ bottom line that has been declining for five straight quarters and also missed the Zacks Consensus Estimate four times in the said period. Further, soft third quarter earnings projection also raises concern. On the contrary, net sales beat the consensus mark for the third quarter in row and management also provided an encouraging outlook for the same. We believe greater emphasis on new line of products, cost containment efforts, inventory management and global distribution platform may help lift the stock’s performance that has underperformed the industry in the past one month.”
Several other research firms also recently weighed in on SKX. Vetr downgraded shares of Skechers U.S.A. from a “strong-buy” rating to a “buy” rating and set a $32.17 price target for the company. in a research note on Tuesday, July 25th. BidaskClub raised shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Friday, June 30th. OTR Global raised shares of Skechers U.S.A. from a “mixed” rating to a “positive” rating in a research report on Tuesday, July 18th. Citigroup Inc. boosted their target price on shares of Skechers U.S.A. from $30.00 to $34.00 and gave the stock a “buy” rating in a research report on Friday, July 21st. Finally, Buckingham Research set a $34.00 target price on shares of Skechers U.S.A. and gave the stock a “buy” rating in a research report on Saturday, July 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. Skechers U.S.A. currently has a consensus rating of “Buy” and an average price target of $31.10.
Shares of Skechers U.S.A. (SKX) traded up 0.65% during mid-day trading on Wednesday, hitting $27.94. The company’s stock had a trading volume of 1,011,897 shares. The stock has a market cap of $4.35 billion, a PE ratio of 19.38 and a beta of 0.18. The company has a 50-day moving average price of $28.41 and a 200-day moving average price of $26.34. Skechers U.S.A. has a 1-year low of $18.81 and a 1-year high of $30.00.
Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, July 20th. The textile maker reported $0.38 earnings per share for the quarter, missing the consensus estimate of $0.44 by $0.06. Skechers U.S.A. had a net margin of 5.92% and a return on equity of 12.79%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $966.46 million. During the same period last year, the firm posted $0.48 earnings per share. The company’s revenue for the quarter was up 16.9% on a year-over-year basis. Analysts predict that Skechers U.S.A. will post $1.57 EPS for the current fiscal year.
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In other Skechers U.S.A. news, Director Richard Rappaport sold 1,500 shares of the stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $28.38, for a total value of $42,570.00. Following the sale, the director now directly owns 20,000 shares in the company, valued at approximately $567,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 21.73% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. FMR LLC boosted its stake in Skechers U.S.A. by 0.3% in the first quarter. FMR LLC now owns 20,061,114 shares of the textile maker’s stock valued at $550,678,000 after buying an additional 62,666 shares in the last quarter. BlackRock Inc. boosted its stake in Skechers U.S.A. by 3,136.5% in the first quarter. BlackRock Inc. now owns 11,190,173 shares of the textile maker’s stock valued at $307,170,000 after buying an additional 10,844,421 shares in the last quarter. Vanguard Group Inc. boosted its stake in Skechers U.S.A. by 1.0% in the first quarter. Vanguard Group Inc. now owns 10,043,534 shares of the textile maker’s stock valued at $275,695,000 after buying an additional 99,851 shares in the last quarter. Amerigo Asset Management boosted its stake in Skechers U.S.A. by 38.2% in the second quarter. Amerigo Asset Management now owns 6,134,253 shares of the textile maker’s stock valued at $180,960,000 after buying an additional 1,694,253 shares in the last quarter. Finally, State Street Corp boosted its stake in Skechers U.S.A. by 2.8% in the first quarter. State Street Corp now owns 3,417,147 shares of the textile maker’s stock valued at $93,798,000 after buying an additional 93,722 shares in the last quarter. Institutional investors and hedge funds own 65.00% of the company’s stock.
About Skechers U.S.A.
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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