Skechers U.S.A. (NYSE:SKX) Upgraded at StockNews.com

StockNews.com upgraded shares of Skechers U.S.A. (NYSE:SKX) from a hold rating to a buy rating in a research report released on Thursday morning.

SKX has been the topic of a number of other research reports. 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 report on Friday, October 25th. Needham & Company LLC started coverage on shares of Skechers U.S.A. in a report on Friday, November 22nd. They issued a “hold” rating on the stock. Piper Sandler initiated coverage on shares of Skechers U.S.A. in a report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 target price for the company. Bank of America lowered their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Finally, TD Cowen lifted their price objective on Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $79.00.

Skechers U.S.A. Stock Performance

Shares of NYSE:SKX opened at $75.94 on Thursday. The stock has a market capitalization of $11.46 billion, a P/E ratio of 18.70, a PEG ratio of 0.90 and a beta of 1.19. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01. Skechers U.S.A. has a 52 week low of $55.67 and a 52 week high of $76.67. The firm has a fifty day simple moving average of $68.09 and a two-hundred day simple moving average of $65.89.

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. The company had revenue of $2.35 billion during 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%. The firm’s revenue was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.93 EPS. On average, analysts expect that Skechers U.S.A. will post 4.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of the firm’s stock in a transaction on 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 owns 149,327 shares in the company, valued at approximately $10,076,585.96. This trade represents a 6.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $554,618.12. Following the sale, the chief operating officer now directly owns 122,211 shares in the company, valued at approximately $8,246,798.28. This trade represents a 6.30 % decrease in their position. The disclosure for this sale can be found here. 24.75% of the stock is owned by insiders.

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

Institutional investors and hedge funds have recently bought and sold shares of the business. Sanctuary Advisors LLC raised its holdings in shares of Skechers U.S.A. by 88.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock worth $1,822,000 after acquiring an additional 13,836 shares during the period. 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 worth $9,295,000 after purchasing an additional 25,289 shares during the period. Transform Wealth LLC purchased a new position in Skechers U.S.A. during the third quarter worth about $7,186,000. National Bank of Canada FI boosted its holdings in Skechers U.S.A. by 2,340.0% in the 3rd quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker’s stock valued at $4,732,000 after purchasing an additional 67,812 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Skechers U.S.A. by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock valued at $88,126,000 after buying an additional 17,429 shares during the period. 79.96% of the stock is currently owned by institutional investors and hedge funds.

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.