Morgan Stanley Increases Skechers U.S.A. (NYSE:SKX) Price Target to $84.00

Skechers U.S.A. (NYSE:SKX) had its target price increased by Morgan Stanley from $81.00 to $84.00 in a research note released on Friday morning, Benzinga reports. They currently have an overweight rating on the textile maker’s stock.

Several other research analysts also recently commented on SKX. Evercore ISI lifted their price objective on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Wedbush increased their price objective 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. TD Cowen lowered their price target on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a report on Monday, October 14th. Barclays raised their price target on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Finally, Stifel Nicolaus increased 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. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $78.09.

Skechers U.S.A. Stock Performance

NYSE:SKX opened at $61.86 on Friday. The company has a market capitalization of $9.42 billion, a price-to-earnings ratio of 15.24, a PEG ratio of 0.83 and a beta of 1.22. The business has a 50 day moving average of $65.89 and a 200 day moving average of $66.26. 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 1-year low of $46.06 and a 1-year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The firm had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same period in the previous year, the business posted $0.93 EPS. The business’s quarterly revenue was up 16.0% on a year-over-year basis. On average, sell-side analysts predict that Skechers U.S.A. will post 4.2 earnings per share for the current fiscal year.

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

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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Skechers U.S.A. by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock valued at $779,491,000 after buying an additional 97,666 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings 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 purchasing an additional 55,095 shares during the period. Vaughan Nelson Investment Management L.P. lifted its holdings 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 valued at $75,534,000 after purchasing an additional 474,524 shares during the last quarter. Coronation Fund Managers Ltd. lifted its holdings in shares of Skechers U.S.A. by 195.1% during the second quarter. Coronation Fund Managers Ltd. now owns 492,585 shares of the textile maker’s stock valued at $34,047,000 after purchasing an additional 325,653 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Skechers U.S.A. by 38.6% in the 2nd quarter. American Century Companies Inc. now owns 330,769 shares of the textile maker’s stock worth $22,863,000 after purchasing an additional 92,093 shares in the last quarter. 79.96% of the stock is owned by hedge funds and other 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.