Bank of America Trims Skechers U.S.A. (NYSE:SKX) Target Price to $80.00

Skechers U.S.A. (NYSE:SKX) had its price objective cut by Bank of America from $81.00 to $80.00 in a report released on Friday morning, Benzinga reports. They currently have a buy rating on the textile maker’s stock.

A number of other research firms have also recently commented on SKX. Stifel Nicolaus lifted their price objective on Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Wedbush lifted their price target on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. TD Cowen reduced their price objective on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Barclays lifted their target price on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Evercore ISI increased their price target on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Skechers U.S.A. currently has an average rating of “Buy” and an average price target of $78.09.

Skechers U.S.A. Stock Performance

Shares of SKX opened at $59.21 on Friday. Skechers U.S.A. has a 12-month low of $45.58 and a 12-month high of $75.09. The stock has a market cap of $9.03 billion, a P/E ratio of 15.58, a PEG ratio of 0.89 and a beta of 1.22. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average of $65.98 and a two-hundred day moving average of $66.16.

Skechers U.S.A. (NYSE:SKX) last posted its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. The firm had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.31 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. Skechers U.S.A.’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.93 EPS. As a group, research analysts predict that Skechers U.S.A. will post 4.15 EPS for the current fiscal year.

Skechers U.S.A. declared that its Board of Directors has authorized a share buyback plan on Thursday, July 25th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the textile maker to reacquire up to 10.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Skechers U.S.A.

Institutional investors have recently added to or reduced their stakes in the company. Redmont Wealth Advisors LLC acquired a new position in shares of Skechers U.S.A. in the 1st quarter valued at about $25,000. Bessemer Group Inc. lifted its holdings in shares of Skechers U.S.A. by 66.7% during the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after acquiring an additional 164 shares in the last quarter. UMB Bank n.a. boosted its position in Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after purchasing an additional 364 shares during the period. Versant Capital Management Inc increased its holdings in Skechers U.S.A. by 2,809.1% in the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after purchasing an additional 618 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new position in Skechers U.S.A. in the first quarter valued at about $45,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Company Profile

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.