Skechers U.S.A. (NYSE:SKX) Lowered to Hold Rating by StockNews.com

StockNews.com cut shares of Skechers U.S.A. (NYSE:SKX) from a buy rating to a hold rating in a research note issued to investors on Monday.

A number of other brokerages also recently issued reports on SKX. Morgan Stanley upped their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Evercore ISI upped their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. TD Cowen cut their target price on 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. Deutsche Bank Aktiengesellschaft upped their target price on Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Stifel Nicolaus upped their target price on 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. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $78.09.

Skechers U.S.A. Price Performance

NYSE:SKX opened at $61.66 on Monday. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $9.39 billion, a P/E ratio of 15.19, a P/E/G ratio of 0.86 and a beta of 1.23. Skechers U.S.A. has a 12 month low of $49.06 and a 12 month high of $75.09. The business’s 50-day moving average is $64.98 and its 200 day moving average is $66.45.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating 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 business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same period in the prior year, the business posted $0.93 earnings per share. The company’s quarterly revenue was up 16.0% compared to the same quarter last year. On average, equities research analysts forecast that Skechers U.S.A. will post 4.25 earnings per share for the current fiscal year.

Skechers U.S.A. announced that its board has authorized a share repurchase program on Thursday, July 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the textile maker to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Skechers U.S.A.

A number of hedge funds have recently bought and sold shares of SKX. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Skechers U.S.A. by 53.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,106 shares of the textile maker’s stock worth $1,599,000 after buying an additional 9,065 shares during the period. Fidelis Capital Partners LLC purchased a new stake in shares of Skechers U.S.A. during the 1st quarter valued at $96,000. FORA Capital LLC purchased a new stake in shares of Skechers U.S.A. during the 1st quarter valued at $511,000. Riggs Asset Managment Co. Inc. purchased a new stake in shares of Skechers U.S.A. during the 1st quarter valued at $2,852,000. Finally, Texas Permanent School Fund Corp lifted its holdings in shares of Skechers U.S.A. by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 116,922 shares of the textile maker’s stock valued at $7,163,000 after purchasing an additional 1,514 shares during 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.