Skechers U.S.A., Inc. (NYSE:SKX) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Skechers U.S.A., Inc. (NYSE:SKX) have been given an average recommendation of “Moderate Buy” by the thirteen brokerages that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $78.42.

A number of equities analysts recently weighed in on the company. TD Cowen raised their price objective on Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Bank of America decreased their price target on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, October 25th. StockNews.com raised Skechers U.S.A. from a “hold” rating to a “buy” rating in a research note on Thursday, December 19th. Piper Sandler started coverage on Skechers U.S.A. in a research note on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price target on the stock. Finally, Morgan Stanley lifted their price target on 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.

Insider Activity at Skechers U.S.A.

In related news, President Michael Greenberg sold 10,274 shares of Skechers U.S.A. stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $693,289.52. Following the sale, the president now directly owns 149,327 shares in the company, valued at $10,076,585.96. The trade was a 6.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 sale, the chief operating officer now owns 122,211 shares in the company, valued at $8,246,798.28. This represents a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Seven Eight Capital LP raised its stake in Skechers U.S.A. by 126.1% during the second quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock valued at $2,033,000 after buying an additional 16,408 shares during the last quarter. Sanctuary Advisors LLC raised its stake in Skechers U.S.A. by 88.1% during the third quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock valued at $1,822,000 after buying an additional 13,836 shares during the last quarter. Victory Capital Management Inc. raised its stake in Skechers U.S.A. by 22.3% during the third quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker’s stock valued at $9,295,000 after buying an additional 25,289 shares during the last quarter. Transform Wealth LLC purchased a new position in Skechers U.S.A. during the third quarter valued at $7,186,000. Finally, National Bank of Canada FI raised its stake in Skechers U.S.A. by 2,340.0% during the third quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker’s stock valued at $4,732,000 after buying an additional 67,812 shares during the last quarter. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Stock Performance

Shares of NYSE SKX opened at $71.06 on Thursday. The stock has a market cap of $10.73 billion, a price-to-earnings ratio of 17.50, a P/E/G ratio of 0.98 and a beta of 1.19. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. Skechers U.S.A. has a 1-year low of $55.67 and a 1-year high of $75.09. The stock’s 50-day moving average is $66.22 and its 200 day moving average is $65.57.

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, beating analysts’ consensus estimates of $1.15 by $0.11. The company had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. Skechers U.S.A.’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period last year, the firm posted $0.93 EPS. On average, sell-side analysts anticipate that Skechers U.S.A. will post 4.24 EPS for the current fiscal year.

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.