Skechers U.S.A. (NYSE:SKX) Trading 3% Higher

Skechers U.S.A., Inc. (NYSE:SKX) shares rose 3% on Friday . The company traded as high as $63.47 and last traded at $63.43. Approximately 931,567 shares changed hands during trading, a decline of 48% from the average daily volume of 1,776,759 shares. The stock had previously closed at $61.56.

Analyst Upgrades and Downgrades

SKX has been the subject of a number of research analyst reports. Wedbush lifted their price objective on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a report on Friday, July 26th. TD Cowen lifted their price objective on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Barclays raised their target price on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Evercore ISI raised 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 research report on Friday, July 26th. Finally, Stifel Nicolaus raised their target price on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $78.36.

Skechers U.S.A. Stock Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06. The firm’s 50 day moving average is $65.41 and its 200-day moving average is $65.31. The stock has a market capitalization of $9.69 billion, a price-to-earnings ratio of 16.20, a PEG ratio of 0.94 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last posted its earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) 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 firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the prior year, the firm earned $0.98 earnings per share. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. Analysts forecast that Skechers U.S.A., Inc. will post 4.17 earnings per share for the current fiscal year.

Skechers U.S.A. declared that its board has authorized a share buyback program on Thursday, July 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the textile maker to purchase up to 10.3% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.

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

A number of large investors have recently modified their holdings of SKX. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Skechers U.S.A. by 17.5% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 5,260 shares of the textile maker’s stock worth $328,000 after buying an additional 783 shares in the last quarter. Panagora Asset Management Inc. grew its holdings in shares of Skechers U.S.A. by 11.6% in the fourth quarter. Panagora Asset Management Inc. now owns 5,716 shares of the textile maker’s stock valued at $356,000 after purchasing an additional 594 shares during the period. Norges Bank purchased a new stake in shares of Skechers U.S.A. in the fourth quarter valued at about $75,194,000. Wells Fargo & Company MN grew its holdings in shares of Skechers U.S.A. by 50.4% in the fourth quarter. Wells Fargo & Company MN now owns 157,416 shares of the textile maker’s stock valued at $9,813,000 after purchasing an additional 52,754 shares during the period. Finally, Corient Private Wealth LLC purchased a new position in Skechers U.S.A. during the fourth quarter worth about $2,114,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

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.