Skechers U.S.A. (NYSE:SKX) Receives Outperform Rating from Wedbush

Skechers U.S.A. (NYSE:SKX)‘s stock had its “outperform” rating restated by stock analysts at Wedbush in a research report issued on Friday, Benzinga reports. They currently have a $68.00 price target on the textile maker’s stock. Wedbush’s price target suggests a potential upside of 19.49% from the company’s current price.

Several other research analysts also recently weighed in on SKX. Barclays started coverage on Skechers U.S.A. in a research note on Monday, April 1st. They issued an “overweight” rating and a $71.00 price target for the company. Stifel Nicolaus decreased their price target on Skechers U.S.A. from $72.00 to $70.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. TD Cowen increased their target price on Skechers U.S.A. from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Bank of America began coverage on Skechers U.S.A. in a research note on Friday, March 8th. They issued a “neutral” rating and a $67.00 target price on the stock. Finally, Raymond James reduced their target price on Skechers U.S.A. from $68.00 to $66.00 and set an “outperform” rating on the stock in a research note on Monday, February 5th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Skechers U.S.A. presently has a consensus rating of “Moderate Buy” and an average price target of $66.17.

Skechers U.S.A. Price Performance

SKX stock traded up $0.05 during midday trading on Friday, hitting $56.91. The company’s stock had a trading volume of 73,551 shares, compared to its average volume of 1,556,967. Skechers U.S.A. has a 12 month low of $45.58 and a 12 month high of $65.17. The company has a quick ratio of 1.46, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $8.72 billion, a price-to-earnings ratio of 16.26, a price-to-earnings-growth ratio of 1.02 and a beta of 1.32. The company has a 50 day moving average of $59.72 and a two-hundred day moving average of $57.57.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.04. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the prior year, the company posted $0.48 EPS. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. On average, analysts expect that Skechers U.S.A. will post 3.82 EPS for the current year.

Insider Activity at Skechers U.S.A.

In related news, COO David Weinberg sold 67,390 shares of Skechers U.S.A. stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the completion of the transaction, the chief operating officer now directly owns 141,405 shares in the company, valued at $8,183,107.35. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Robert Greenberg sold 99,139 shares of the stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $5,737,173.93. Following the completion of the transaction, the chief executive officer now directly owns 196,050 shares of the company’s stock, valued at approximately $11,345,413.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO David Weinberg sold 67,390 shares of the firm’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $3,899,859.30. Following the completion of the sale, the chief operating officer now directly owns 141,405 shares of the company’s stock, valued at $8,183,107.35. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 254,875 shares of company stock worth $15,021,192. 24.79% of the stock is owned by corporate insiders.

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

Hedge funds have recently modified their holdings of the business. Advisors Asset Management Inc. purchased a new position in shares of Skechers U.S.A. during the 1st quarter worth $25,000. Fred Alger Management LLC purchased a new position in Skechers U.S.A. during the 1st quarter valued at about $26,000. Huntington National Bank boosted its holdings in Skechers U.S.A. by 861.7% during the 3rd quarter. Huntington National Bank now owns 577 shares of the textile maker’s stock valued at $28,000 after acquiring an additional 517 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in Skechers U.S.A. during the 3rd quarter valued at about $31,000. Finally, Lazard Asset Management LLC boosted its holdings in Skechers U.S.A. by 117.7% during the 3rd quarter. Lazard Asset Management LLC now owns 651 shares of the textile maker’s stock valued at $31,000 after acquiring an additional 352 shares during the period. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

About Skechers U.S.A.

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.