StockNews.com Begins Coverage on Skechers U.S.A. (NYSE:SKX)

StockNews.com assumed coverage on shares of Skechers U.S.A. (NYSE:SKX – Get Rating) in a research report released on Thursday morning. The brokerage issued a hold rating on the textile maker’s stock.

Several other analysts have also issued reports on SKX. Raymond James increased their target price on Skechers U.S.A. from $48.00 to $55.00 and gave the stock an outperform rating in a report on Wednesday, February 1st. Cowen raised Skechers U.S.A. from a market perform rating to an outperform rating and increased their target price for the stock from $48.00 to $65.00 in a report on Monday, January 23rd. Morgan Stanley lowered Skechers U.S.A. from an overweight rating to an equal weight rating and reduced their target price for the stock from $54.00 to $46.00 in a report on Wednesday, January 18th. Cowen reduced their target price on Skechers U.S.A. from $65.00 to $62.00 and set an outperform rating on the stock in a report on Friday, February 3rd. Finally, Piper Sandler initiated coverage on Skechers U.S.A. in a report on Wednesday, December 28th. They set a neutral rating and a $42.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Skechers U.S.A. has an average rating of Moderate Buy and a consensus price target of $53.83.

Skechers U.S.A. Stock Performance

Shares of NYSE SKX opened at $44.44 on Thursday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.26 and a quick ratio of 1.13. The stock’s fifty day moving average price is $45.43 and its two-hundred day moving average price is $40.63. Skechers U.S.A. has a one year low of $31.28 and a one year high of $49.56. The firm has a market cap of $6.89 billion, a price-to-earnings ratio of 18.67 and a beta of 1.32.

Skechers U.S.A. (NYSE:SKX – Get Rating) last issued its quarterly earnings data on Thursday, February 2nd. The textile maker reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.10. Skechers U.S.A. had a return on equity of 9.94% and a net margin of 5.01%. The firm had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same period in the prior year, the firm posted $0.43 EPS. The company’s revenue for the quarter was up 13.5% on a year-over-year basis. On average, equities analysts forecast that Skechers U.S.A. will post 2.95 EPS for the current year.

Insider Buying and Selling

In related news, EVP Mark A. Nason sold 1,093 shares of the company’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $45.12, for a total transaction of $49,316.16. Following the completion of the sale, the executive vice president now directly owns 18,903 shares in the company, valued at approximately $852,903.36. The sale was disclosed in a filing with the SEC, which is available through this link. In other Skechers U.S.A. news, EVP Mark A. Nason sold 1,093 shares of the stock in a transaction dated Monday, March 6th. The stock was sold at an average price of $45.12, for a total value of $49,316.16. Following the completion of the transaction, the executive vice president now directly owns 18,903 shares in the company, valued at $852,903.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO David Weinberg sold 8,403 shares of the stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $42.29, for a total value of $355,362.87. Following the completion of the transaction, the chief operating officer now owns 124,419 shares of the company’s stock, valued at $5,261,679.51. The disclosure for this sale can be found here. Insiders sold a total of 97,211 shares of company stock worth $4,348,160 in the last ninety days. 24.44% of the stock is owned by insiders.

Hedge Funds Weigh In On Skechers U.S.A.

Large investors have recently bought and sold shares of the company. Thrivent Financial for Lutherans raised its position in shares of Skechers U.S.A. by 0.9% during the third quarter. Thrivent Financial for Lutherans now owns 35,699 shares of the textile maker’s stock worth $1,132,000 after acquiring an additional 312 shares during the last quarter. Teacher Retirement System of Texas raised its position in shares of Skechers U.S.A. by 0.7% during the fourth quarter. Teacher Retirement System of Texas now owns 50,155 shares of the textile maker’s stock worth $2,104,000 after acquiring an additional 341 shares during the last quarter. Malaga Cove Capital LLC raised its position in shares of Skechers U.S.A. by 1.0% during the third quarter. Malaga Cove Capital LLC now owns 35,979 shares of the textile maker’s stock worth $1,141,000 after acquiring an additional 350 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in shares of Skechers U.S.A. by 1.1% during the third quarter. Oregon Public Employees Retirement Fund now owns 39,352 shares of the textile maker’s stock worth $1,248,000 after acquiring an additional 423 shares during the last quarter. Finally, Amalgamated Bank raised its position in shares of Skechers U.S.A. by 0.5% during the third quarter. Amalgamated Bank now owns 97,346 shares of the textile maker’s stock worth $3,088,000 after acquiring an additional 449 shares during the last quarter. 93.29% of the stock is currently owned by institutional investors.

Skechers U.S.A. Company Profile

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Skechers U.SA, Inc engages in designing, development, and marketing of lifestyle footwear for men, women, and children of all ages. It operates through the Wholesale and Direct-to-Consumer segment. The Wholesale segment includes department stores, family shoe stores, specialty running, and sporting goods retailers.