Skechers U.S.A. (NYSE:SKX) Lowered to Hold Rating by StockNews.com

StockNews.com cut shares of Skechers U.S.A. (NYSE:SKX) from a buy rating to a hold rating in a report released on Monday morning.

Several other brokerages also recently commented on SKX. Deutsche Bank Aktiengesellschaft lifted their price target on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Needham & Company LLC assumed coverage on Skechers U.S.A. in a research report on Friday. They set a “hold” rating on the stock. Bank of America lowered their price objective on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, October 25th. TD Cowen lowered their price objective on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Finally, Morgan Stanley boosted their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $78.09.

Skechers U.S.A. Stock Up 2.9 %

Shares of Skechers U.S.A. stock opened at $63.48 on Monday. The firm has a market cap of $9.58 billion, a price-to-earnings ratio of 15.64, a P/E/G ratio of 0.86 and a beta of 1.23. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. Skechers U.S.A. has a 52-week low of $55.51 and a 52-week high of $75.09. The stock has a 50-day simple moving average of $63.52 and a 200-day simple moving average of $66.20.

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, beating 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 business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same period last year, the business earned $0.93 EPS. The firm’s revenue was up 16.0% compared to the same quarter last year. On average, equities research analysts expect that Skechers U.S.A. will post 4.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Skechers U.S.A.

A number of institutional investors have recently modified their holdings of SKX. Seven Eight Capital LP increased its holdings in shares of Skechers U.S.A. by 126.1% in the second quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock valued at $2,033,000 after purchasing an additional 16,408 shares in the last quarter. Cetera Advisors LLC acquired a new stake in shares of Skechers U.S.A. in the first quarter valued at approximately $600,000. Vista Investment Partners LLC acquired a new stake in shares of Skechers U.S.A. in the second quarter valued at approximately $925,000. First Hawaiian Bank acquired a new stake in shares of Skechers U.S.A. in the second quarter valued at approximately $673,000. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Skechers U.S.A. by 36.5% in the second quarter. Assenagon Asset Management S.A. now owns 193,363 shares of the textile maker’s stock valued at $13,365,000 after purchasing an additional 51,673 shares in the last quarter. 79.96% of the stock is owned by 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.