Skechers U.S.A. (NYSE:SKX) Given New $93.00 Price Target at TD Cowen

Skechers U.S.A. (NYSE:SKX) had its price objective boosted by investment analysts at TD Cowen from $88.00 to $93.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the textile maker’s stock. TD Cowen’s price target would indicate a potential upside of 34.80% from the stock’s previous close.

A number of other brokerages have also commented on SKX. Bank of America cut 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. Deutsche Bank Aktiengesellschaft increased their target price on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Barclays raised their target price on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Piper Sandler started coverage on Skechers U.S.A. in a report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price target on the stock. Finally, 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. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $78.42.

Skechers U.S.A. Stock Down 1.3 %

NYSE SKX traded down $0.91 during trading hours on Wednesday, reaching $68.99. 627,741 shares of the company’s stock were exchanged, compared to its average volume of 1,260,336. The company has a market capitalization of $10.42 billion, a price-to-earnings ratio of 16.99, 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 quick ratio of 1.25 and a current ratio of 1.96. Skechers U.S.A. has a one year low of $55.67 and a one year high of $75.09. The company’s 50-day moving average is $65.58 and its two-hundred day moving average is $65.63.

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

Insiders Place Their Bets

In other Skechers U.S.A. news, COO David Weinberg sold 8,219 shares of the firm’s stock in a transaction dated Tuesday, December 31st. The stock was 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 of the company’s stock, valued at $8,246,798.28. This trade represents a 6.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Michael Greenberg sold 10,274 shares of the business’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $693,289.52. Following the transaction, the president now directly owns 149,327 shares of the company’s stock, valued at $10,076,585.96. The trade was a 6.44 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 24.75% of the company’s stock.

Hedge Funds Weigh In On Skechers U.S.A.

Institutional investors have recently made changes to their positions in the stock. UMB Bank n.a. lifted its position in Skechers U.S.A. by 423.3% in the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after buying an additional 364 shares during the last quarter. Venturi Wealth Management LLC raised its holdings in Skechers U.S.A. by 52.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock valued at $58,000 after buying an additional 299 shares during the last quarter. Brooklyn Investment Group bought a new stake in Skechers U.S.A. in the 3rd quarter worth $67,000. Blue Trust Inc. increased its position in shares of Skechers U.S.A. by 778.1% in the third quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock valued at $69,000 after acquiring an additional 887 shares during the period. Finally, Quarry LP increased its position in shares of Skechers U.S.A. by 44.6% in the second quarter. Quarry LP now owns 1,187 shares of the textile maker’s stock valued at $82,000 after acquiring an additional 366 shares during the period. Institutional investors 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.