Skechers U.S.A. (NYSE:SKX) PT Lowered to $81.00 at Bank of America

Skechers U.S.A. (NYSE:SKX) had its price target dropped by Bank of America from $87.00 to $81.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the textile maker’s stock. Bank of America‘s price target indicates a potential upside of 24.61% from the company’s previous close.

SKX has been the topic of a number of other research reports. Stifel Nicolaus upped 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 note on Friday, July 26th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $82.00 target price on shares of Skechers U.S.A. in a report on Thursday, June 13th. Morgan Stanley raised Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $60.00 to $80.00 in a research note on Tuesday, July 23rd. Barclays increased their price objective on Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Finally, Wedbush boosted their target price on shares of 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. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $77.82.

Skechers U.S.A. Trading Up 3.0 %

Skechers U.S.A. stock opened at $65.01 on Monday. Skechers U.S.A. has a 12 month low of $45.58 and a 12 month high of $75.09. The stock has a market cap of $9.91 billion, a price-to-earnings ratio of 17.11, a price-to-earnings-growth ratio of 0.94 and a beta of 1.23. The business has a 50 day moving average price of $65.20 and a two-hundred day moving average price of $65.44. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.04). The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The firm’s revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period last year, the business earned $0.98 earnings per share. As a group, equities analysts forecast 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 approved 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 shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are 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 stock. Norges Bank bought a new stake in shares of Skechers U.S.A. during the fourth quarter valued at approximately $75,194,000. Wells Fargo & Company MN increased its stake in shares of Skechers U.S.A. by 50.4% in the 4th quarter. Wells Fargo & Company MN now owns 157,416 shares of the textile maker’s stock valued at $9,813,000 after buying an additional 52,754 shares during the period. Corient Private Wealth LLC acquired a new stake in shares of Skechers U.S.A. in the 4th quarter valued at $2,114,000. Intech Investment Management LLC acquired a new position in shares of Skechers U.S.A. during the fourth quarter valued at $350,000. Finally, 1492 Capital Management LLC boosted its holdings in Skechers U.S.A. by 1.0% in the fourth quarter. 1492 Capital Management LLC now owns 26,270 shares of the textile maker’s stock valued at $1,638,000 after acquiring an additional 259 shares during the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

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.