TD Cowen Forecasts Strong Price Appreciation for Skechers U.S.A. (NYSE:SKX) Stock

Skechers U.S.A. (NYSE:SKX) had its price objective lifted by TD Cowen from $88.00 to $93.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the textile maker’s stock.

Other research analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft raised 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 report on Friday, November 22nd. They set a “hold” rating on the stock. Morgan Stanley upped their target price on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. StockNews.com raised shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Finally, Bank of America cut their target price on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $78.42.

Skechers U.S.A. Stock Up 1.0 %

Skechers U.S.A. stock opened at $70.03 on Wednesday. Skechers U.S.A. has a 12 month low of $55.67 and a 12 month high of $75.09. The stock has a market capitalization of $10.57 billion, a PE ratio of 17.25, a price-to-earnings-growth ratio of 0.98 and a beta of 1.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The business has a 50 day simple moving average of $66.03 and a 200-day simple moving average of $65.65.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.11. The business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.93 EPS. On average, analysts anticipate that Skechers U.S.A. will post 4.24 EPS for the current fiscal year.

Insider Buying and Selling

In other news, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $554,618.12. Following the transaction, the chief operating officer now owns 122,211 shares of the company’s stock, valued at $8,246,798.28. The trade was a 6.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Michael Greenberg sold 10,274 shares of the stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $693,289.52. Following the sale, the president now owns 149,327 shares of the company’s stock, valued at $10,076,585.96. This trade represents a 6.44 % decrease in their position. The disclosure for this sale can be found here. Insiders own 24.75% of the company’s stock.

Institutional Trading of Skechers U.S.A.

A number of hedge funds have recently modified their holdings of SKX. Nordea Investment Management AB purchased a new position in Skechers U.S.A. during the fourth quarter valued at approximately $2,752,000. Tidal Investments LLC increased its holdings in Skechers U.S.A. by 24.3% in the third quarter. Tidal Investments LLC now owns 51,827 shares of the textile maker’s stock worth $3,468,000 after buying an additional 10,122 shares during the last quarter. World Investment Advisors LLC bought a new position in Skechers U.S.A. during the third quarter valued at approximately $1,182,000. Sanctuary Advisors LLC grew its position in Skechers U.S.A. by 88.1% in the third quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock worth $1,822,000 after acquiring an additional 13,836 shares in the last quarter. Finally, Te Ahumairangi Investment Management Ltd raised its holdings in shares of Skechers U.S.A. by 31.0% during the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 89,950 shares of the textile maker’s stock valued at $5,985,000 after purchasing an additional 21,275 shares in the last quarter. 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.