Skechers U.S.A., Inc. (NYSE:SKX) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Skechers U.S.A., Inc. (NYSE:SKX) have been given an average recommendation of “Buy” by the eleven ratings firms that are covering the company, MarketBeat reports. Eleven equities research analysts have rated the stock with a buy recommendation. The average twelve-month price target among brokerages that have covered the stock in the last year is $77.82.

SKX has been the topic of several recent analyst reports. Stifel Nicolaus raised their target price on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Evercore ISI raised their price target on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Barclays upped their price objective on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $82.00 target price on shares of Skechers U.S.A. in a report on Thursday, June 13th. Finally, Bank of America reduced their price target on Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating on the stock in a report on Monday, September 23rd.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock opened at $66.92 on Tuesday. The firm has a fifty day simple moving average of $65.46 and a two-hundred day simple moving average of $65.62. Skechers U.S.A. has a twelve month low of $45.58 and a twelve month high of $75.09. The company has a market capitalization of $10.21 billion, a PE ratio of 17.61, a P/E/G ratio of 0.92 and a beta of 1.23. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.04). Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The company had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the company earned $0.98 earnings per share. The company’s revenue was up 7.3% compared to the same quarter last year. Research analysts expect that Skechers U.S.A. will post 4.16 EPS for the current year.

Skechers U.S.A. declared that its board has initiated a share buyback program on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the textile maker to repurchase up to 10.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Skechers U.S.A.

Several institutional investors and hedge funds have recently bought and sold shares of SKX. Redmont Wealth Advisors LLC bought a new position in shares of Skechers U.S.A. in the 1st quarter worth approximately $25,000. Bessemer Group Inc. raised its holdings in Skechers U.S.A. by 66.7% in the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after purchasing an additional 164 shares in the last quarter. Game Plan Financial Advisors LLC bought a new position in Skechers U.S.A. in the first quarter worth $43,000. Versant Capital Management Inc lifted its position in Skechers U.S.A. by 2,809.1% during the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after buying an additional 618 shares during the period. Finally, Sunbelt Securities Inc. bought a new stake in shares of Skechers U.S.A. during the 1st quarter valued at $45,000. 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.