Skechers USA Inc (SKX) Receives Average Rating of “Hold” from Analysts
Skechers USA Inc (NYSE:SKX) has been assigned an average rating of “Hold” from the seventeen ratings firms that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $34.16.
SKX has been the subject of several recent research reports. Cowen lowered shares of Skechers USA from an “outperform” rating to a “market perform” rating and cut their target price for the company from $32.00 to $28.00 in a research report on Thursday, September 20th. Standpoint Research raised shares of Skechers USA from a “hold” rating to a “buy” rating in a report on Friday, July 20th. Buckingham Research lifted their price target on shares of Skechers USA from $31.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, August 16th. UBS Group downgraded shares of Skechers USA from a “positive” rating to a “neutral” rating and lowered their price target for the company from $41.00 to $37.00 in a report on Friday, July 20th. Finally, Citigroup downgraded shares of Skechers USA from a “buy” rating to a “neutral” rating in a report on Tuesday, October 2nd.
A number of institutional investors have recently added to or reduced their stakes in SKX. BlackRock Inc. increased its position in Skechers USA by 1.9% during the second quarter. BlackRock Inc. now owns 13,107,423 shares of the textile maker’s stock valued at $393,355,000 after acquiring an additional 244,350 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Skechers USA by 0.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,047,704 shares of the textile maker’s stock worth $61,451,000 after acquiring an additional 6,338 shares in the last quarter. Boston Partners grew its holdings in Skechers USA by 3.2% during the 2nd quarter. Boston Partners now owns 1,201,846 shares of the textile maker’s stock worth $36,068,000 after acquiring an additional 36,940 shares in the last quarter. Northern Trust Corp grew its holdings in Skechers USA by 12.8% during the 2nd quarter. Northern Trust Corp now owns 1,183,347 shares of the textile maker’s stock worth $35,512,000 after acquiring an additional 134,632 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in Skechers USA during the 2nd quarter worth about $35,425,000. 70.89% of the stock is currently owned by institutional investors.
Skechers USA (NYSE:SKX) last announced its earnings results on Thursday, July 19th. The textile maker reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.12). The business had revenue of $1.13 billion for the quarter, compared to the consensus estimate of $1.13 billion. Skechers USA had a net margin of 4.24% and a return on equity of 14.17%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 earnings per share. Analysts anticipate that Skechers USA will post 1.72 earnings per share for the current year.
About Skechers USA
Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.
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