Skechers U.S.A. (NYSE:SKX) Price Target Raised to $80.00

Skechers U.S.A. (NYSE:SKX) had its target price lifted by Barclays from $79.00 to $80.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the textile maker’s stock.

Several other research firms have also commented on SKX. Stifel Nicolaus boosted their price objective on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Morgan Stanley increased their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a report on Friday. Bank of America lowered their price objective on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research report on Friday. Wedbush upped their target price on Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Finally, Evercore ISI raised their price target on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Skechers U.S.A. currently has a consensus rating of “Buy” and an average price target of $78.09.

Skechers U.S.A. Stock Performance

Shares of NYSE:SKX opened at $61.86 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $9.42 billion, a price-to-earnings ratio of 15.24, a price-to-earnings-growth ratio of 0.83 and a beta of 1.22. The firm has a 50 day moving average of $65.89 and a 200 day moving average of $66.26. Skechers U.S.A. has a 52 week low of $46.06 and a 52 week high of $75.09.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The firm had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.31 billion. During the same period in the prior year, the business posted $0.93 EPS. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. On average, sell-side analysts predict that Skechers U.S.A. will post 4.2 earnings per share for the current fiscal year.

Skechers U.S.A. announced that its Board of Directors has approved a stock repurchase plan on Thursday, July 25th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the textile maker to purchase up to 10.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Skechers U.S.A.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bessemer Group Inc. lifted its position in Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after purchasing an additional 164 shares during the period. CIBC Asset Management Inc lifted its holdings in shares of Skechers U.S.A. by 4.7% in the 2nd quarter. CIBC Asset Management Inc now owns 3,820 shares of the textile maker’s stock valued at $264,000 after buying an additional 173 shares during the period. QRG Capital Management Inc. boosted its stake in shares of Skechers U.S.A. by 2.0% in the first quarter. QRG Capital Management Inc. now owns 10,047 shares of the textile maker’s stock worth $615,000 after buying an additional 194 shares during the last quarter. X Square Capital LLC grew its holdings in Skechers U.S.A. by 0.5% during the second quarter. X Square Capital LLC now owns 40,903 shares of the textile maker’s stock worth $2,827,000 after acquiring an additional 215 shares during the period. Finally, Pallas Capital Advisors LLC raised its position in Skechers U.S.A. by 5.7% during the second quarter. Pallas Capital Advisors LLC now owns 6,027 shares of the textile maker’s stock valued at $388,000 after acquiring an additional 324 shares in the last quarter. Institutional investors and hedge funds 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.