Vetr lowered shares of Skechers USA Inc. (NYSE:SKX) from a strong-buy rating to a buy rating in a research report report published on Thursday morning. The brokerage currently has $25.25 price objective on the stock.
A number of other research firms also recently issued reports on SKX. B. Riley reissued a buy rating and issued a $42.00 target price on shares of Skechers USA in a research report on Tuesday, July 19th. Zacks Investment Research raised Skechers USA from a sell rating to a hold rating in a report on Monday, July 18th. Monness Crespi & Hardt lowered Skechers USA from a buy rating to a neutral rating in a report on Friday, July 22nd. They noted that the move was a valuation call. Citigroup Inc. reaffirmed a buy rating and issued a $38.00 price target on shares of Skechers USA in a report on Tuesday, August 23rd. Finally, Susquehanna began coverage on Skechers USA in a report on Friday, August 12th. They issued a neutral rating and a $27.00 price target for the company. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $29.79.
Shares of Skechers USA (NYSE:SKX) traded down 1.43% during trading on Thursday, reaching $22.75. The company’s stock had a trading volume of 1,956,643 shares. The stock’s 50-day moving average is $23.25 and its 200-day moving average is $27.60. The stock has a market cap of $3.59 billion, a P/E ratio of 13.14 and a beta of 0.15. Skechers USA has a 12-month low of $20.90 and a 12-month high of $49.28.
Skechers USA (NYSE:SKX) last released its earnings results on Thursday, July 21st. The company reported $0.50 earnings per share (EPS) for the quarter, missing the Zacks’ 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 earned $877.80 million during the quarter, compared to analysts’ expectations of $892.06 million. During the same period in the prior year, the business earned $0.52 earnings per share. Equities research analysts anticipate that Skechers USA will post $1.80 earnings per share for the current fiscal year.
In other news, General Counsel Phillip Paccione sold 1,389 shares of Skechers USA stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $24.12, for a total value of $33,502.68. Following the transaction, the general counsel now owns 90,445 shares in the company, valued at $2,181,533.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 21.73% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital Growth Management LP bought a new position in Skechers USA during the second quarter valued at approximately $62,115,000. Fiera Capital Corp increased its position in Skechers USA by 10,690.6% in the second quarter. Fiera Capital Corp now owns 1,898,281 shares of the company’s stock valued at $56,417,000 after buying an additional 1,880,689 shares in the last quarter. Scout Investments Inc. bought a new position in Skechers USA during the second quarter valued at approximately $33,603,000. Prudential Financial Inc. increased its position in Skechers USA by 229.7% in the second quarter. Prudential Financial Inc. now owns 862,012 shares of the company’s stock valued at $25,619,000 after buying an additional 600,550 shares in the last quarter. Finally, State Treasurer State of Michigan increased its position in Skechers USA by 1,130.5% in the second quarter. State Treasurer State of Michigan now owns 642,300 shares of the company’s stock valued at $19,089,000 after buying an additional 590,100 shares in the last quarter. Hedge funds and other institutional investors own 65.70% 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.