Brokerages Set Skechers U.S.A., Inc. (NYSE:SKX) Target Price at $78.09

Shares of Skechers U.S.A., Inc. (NYSE:SKX) have earned an average rating of “Buy” from the eleven research firms that are covering the stock, MarketBeat reports. Eleven analysts have rated the stock with a buy recommendation. The average 12-month price objective among analysts that have covered the stock in the last year is $78.09.

A number of equities research analysts have recently commented on the stock. Stifel Nicolaus lifted their price target 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. 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. Bank of America lowered their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday, October 25th. Evercore ISI boosted their target price on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Finally, Morgan Stanley boosted their target price on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a report on Friday, October 25th.

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

Several institutional investors have recently bought and sold shares of the business. Park Avenue Securities LLC lifted its position in shares of Skechers U.S.A. by 4.3% during the first quarter. Park Avenue Securities LLC now owns 12,262 shares of the textile maker’s stock worth $751,000 after purchasing an additional 502 shares in the last quarter. Sunbelt Securities Inc. acquired a new position in shares of Skechers U.S.A. during the first quarter worth $45,000. Hennion & Walsh Asset Management Inc. lifted its position in shares of Skechers U.S.A. by 41.9% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 36,813 shares of the textile maker’s stock worth $2,255,000 after purchasing an additional 10,863 shares in the last quarter. Symphony Financial Ltd. Co. lifted its position in shares of Skechers U.S.A. by 34.8% during the first quarter. Symphony Financial Ltd. Co. now owns 6,200 shares of the textile maker’s stock worth $380,000 after purchasing an additional 1,600 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its position in shares of Skechers U.S.A. by 62.6% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker’s stock worth $75,534,000 after purchasing an additional 474,524 shares in the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

Skechers U.S.A. Stock Up 0.1 %

SKX opened at $61.54 on Friday. The firm has a market cap of $9.38 billion, a P/E ratio of 15.16, a PEG ratio of 0.83 and a beta of 1.22. The business’s fifty day simple moving average is $65.68 and its 200 day simple moving average is $66.26. Skechers U.S.A. has a 52 week low of $46.06 and a 52 week high of $75.09. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. The business had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The company’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.93 earnings per share. As a group, equities research analysts anticipate that Skechers U.S.A. will post 4.2 EPS for the current fiscal year.

Skechers U.S.A. announced that its board has initiated a stock repurchase program 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 programs are typically an indication that the company’s leadership believes its shares are undervalued.

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.