Bank of America Trims Skechers U.S.A. (NYSE:SKX) Target Price to $81.00

Skechers U.S.A. (NYSE:SKX) had its target price dropped by research analysts at Bank of America from $87.00 to $81.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the textile maker’s stock. Bank of America‘s target price would indicate a potential upside of 27.68% from the stock’s current price.

A number of other equities analysts have also recently issued reports on the company. TD Cowen increased their target price on Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Stifel Nicolaus upped their target price 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 Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Morgan Stanley raised Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $60.00 to $80.00 in a research note on Tuesday, July 23rd. Finally, Evercore ISI upped their target price on shares of 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. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $77.82.

Skechers U.S.A. Trading Up 0.7 %

NYSE:SKX traded up $0.43 during mid-day trading on Monday, hitting $63.44. 957,526 shares of the company’s stock were exchanged, compared to its average volume of 1,811,516. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. Skechers U.S.A. has a fifty-two week low of $45.58 and a fifty-two week high of $75.09. The company has a 50 day simple moving average of $65.30 and a 200-day simple moving average of $65.39. The firm has a market capitalization of $9.66 billion, a P/E ratio of 16.71, a PEG ratio of 0.94 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.98 EPS. As a group, research analysts expect that Skechers U.S.A. will post 4.17 earnings per share for the current year.

Skechers U.S.A. declared that its board has approved a stock buyback 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.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SKX. Vanguard Group Inc. raised its position in Skechers U.S.A. by 0.8% during the first quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock valued at $779,491,000 after purchasing an additional 97,666 shares in the last quarter. Fiduciary Management Inc. WI lifted its position in Skechers U.S.A. by 3.5% in the 4th quarter. Fiduciary Management Inc. WI now owns 2,893,529 shares of the textile maker’s stock worth $180,383,000 after buying an additional 98,068 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Skechers U.S.A. by 3.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker’s stock worth $130,350,000 after buying an additional 55,095 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its position in 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 valued at $75,534,000 after acquiring an additional 474,524 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Skechers U.S.A. during the fourth quarter worth approximately $75,194,000. 79.96% of the stock is currently owned by institutional investors.

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.