Skechers U.S.A. (NYSE:SKX) PT Lowered to $80.00

Skechers U.S.A. (NYSE:SKX) had its target price lowered by investment analysts at Bank of America from $81.00 to $80.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the textile maker’s stock. Bank of America‘s target price would suggest a potential upside of 35.11% from the stock’s previous close.

Several other research firms have also issued reports on SKX. Morgan Stanley upped their price target on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research report on Friday. Barclays raised their price target on Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. TD Cowen decreased their target price on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Wedbush upped their price objective 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. Finally, Stifel Nicolaus raised their price target on Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $78.09.

Skechers U.S.A. Stock Performance

NYSE:SKX opened at $59.21 on Friday. The company has a market capitalization of $9.03 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 0.89 and a beta of 1.22. The business has a 50 day moving average of $65.98 and a 200 day moving average of $66.11. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $75.09.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The firm had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same period last year, the firm posted $0.93 earnings per share. The business’s revenue was up 16.0% compared to the same quarter last year. On average, sell-side analysts predict that Skechers U.S.A. will post 4.15 earnings per share for the current fiscal year.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Adams Diversified Equity Fund Inc. bought a new position in shares of Skechers U.S.A. during the 3rd quarter valued at $16,790,000. Integrated Advisors Network LLC purchased a new position in Skechers U.S.A. in the third quarter worth about $229,000. China Universal Asset Management Co. Ltd. bought a new stake in shares of Skechers U.S.A. during the 3rd quarter valued at about $1,214,000. Semanteon Capital Management LP purchased a new stake in shares of Skechers U.S.A. during the 3rd quarter valued at about $330,000. Finally, State of Alaska Department of Revenue boosted its holdings in shares of Skechers U.S.A. by 165.9% in the third quarter. State of Alaska Department of Revenue now owns 38,535 shares of the textile maker’s stock worth $2,578,000 after buying an additional 24,040 shares during the last quarter. 79.96% of the stock is 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.