TD Cowen Lowers Skechers U.S.A. (NYSE:SKX) Price Target to $76.00

Skechers U.S.A. (NYSE:SKX) had its target price reduced by analysts at TD Cowen from $78.00 to $76.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the textile maker’s stock. TD Cowen’s price objective suggests a potential upside of 20.33% from the company’s current price.

Other equities analysts have also issued reports about the company. Stifel Nicolaus boosted their price objective on 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. Morgan Stanley upgraded Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $60.00 to $80.00 in a research report on Tuesday, July 23rd. Wedbush boosted their price objective 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. Evercore ISI boosted their price objective on 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, Bank of America cut their target price on Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating on the stock in a research note on Monday, September 23rd. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $77.55.

Skechers U.S.A. Price Performance

Skechers U.S.A. stock opened at $63.16 on Monday. The firm has a market capitalization of $9.63 billion, a P/E ratio of 16.62, a PEG ratio of 0.95 and a beta of 1.22. Skechers U.S.A. has a 1 year low of $45.58 and a 1 year high of $75.09. The business has a 50-day moving average of $66.13 and a 200-day moving average of $66.04. 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. (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 return on equity of 13.04% and a net margin of 6.90%. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the previous year, the firm posted $0.98 earnings per share. Skechers U.S.A.’s quarterly revenue was up 7.3% compared to the same quarter last year. On average, equities analysts anticipate that Skechers U.S.A. will post 4.17 EPS for the current year.

Skechers U.S.A. announced that its Board of Directors has initiated a share repurchase program on Thursday, July 25th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the textile maker to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

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

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Burns Matteson Capital Management LLC bought a new stake in shares of Skechers U.S.A. during the 3rd quarter worth approximately $329,000. Gateway Investment Advisers LLC raised its stake in shares of Skechers U.S.A. by 107.5% during the 3rd quarter. Gateway Investment Advisers LLC now owns 6,838 shares of the textile maker’s stock worth $458,000 after purchasing an additional 3,543 shares in the last quarter. Covea Finance bought a new stake in shares of Skechers U.S.A. during the 3rd quarter worth approximately $1,740,000. UMB Bank n.a. raised its stake in shares of Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after purchasing an additional 364 shares in the last quarter. Finally, CWM LLC raised its stake in shares of Skechers U.S.A. by 4.4% during the 3rd quarter. CWM LLC now owns 10,637 shares of the textile maker’s stock worth $712,000 after purchasing an additional 451 shares in the last quarter. 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.