Evercore ISI Trims Skechers U.S.A. (NYSE:SKX) Target Price to $68.00

Skechers U.S.A. (NYSE:SKX) had its target price lowered by Evercore ISI from $73.00 to $68.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The firm currently has an outperform rating on the textile maker’s stock.

Several other research analysts also recently commented on the company. TD Cowen boosted their target price on Skechers U.S.A. from $70.00 to $74.00 and gave the stock a buy rating in a research note on Wednesday, March 6th. Barclays assumed coverage on shares of Skechers U.S.A. in a report on Monday, April 1st. They set an overweight rating and a $71.00 price target for the company. Bank of America initiated coverage on Skechers U.S.A. in a research report on Friday, March 8th. They set a neutral rating and a $67.00 price objective on the stock. Stifel Nicolaus cut their target price on shares of Skechers U.S.A. from $72.00 to $70.00 and set a buy rating on the stock in a research report on Friday, February 2nd. Finally, Monness Crespi & Hardt upped their price target on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the company a buy rating in a research report on Thursday, January 18th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $66.17.

Skechers U.S.A. Stock Down 0.8 %

NYSE SKX opened at $56.43 on Wednesday. The company has a market cap of $8.65 billion, a price-to-earnings ratio of 16.17, a PEG ratio of 1.02 and a beta of 1.32. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $65.17. The company has a current ratio of 2.38, a quick ratio of 1.46 and a debt-to-equity ratio of 0.06. The company has a 50 day moving average of $59.67 and a 200-day moving average of $57.63.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, February 1st. The textile maker reported $0.56 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.04. The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.03 billion. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. Skechers U.S.A.’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.48 earnings per share. On average, equities research analysts expect that Skechers U.S.A. will post 3.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Mark A. Nason sold 6,067 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $370,754.37. Following the transaction, the executive vice president now directly owns 14,023 shares of the company’s stock, valued at approximately $856,945.53. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Robert Greenberg sold 99,139 shares of the firm’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $5,737,173.93. Following the transaction, the chief executive officer now owns 196,050 shares of the company’s stock, valued at approximately $11,345,413.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Mark A. Nason sold 6,067 shares of Skechers U.S.A. stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $61.11, for a total value of $370,754.37. Following the transaction, the executive vice president now owns 14,023 shares of the company’s stock, valued at approximately $856,945.53. The disclosure for this sale can be found here. In the last three months, insiders have sold 254,875 shares of company stock worth $15,021,192. Corporate insiders own 24.79% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Redmont Wealth Advisors LLC purchased a new stake in Skechers U.S.A. in the 1st quarter valued at $25,000. State of Michigan Retirement System grew its stake in shares of Skechers U.S.A. by 2.5% in the 1st quarter. State of Michigan Retirement System now owns 32,844 shares of the textile maker’s stock worth $2,012,000 after acquiring an additional 800 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Skechers U.S.A. by 19.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 34,391 shares of the textile maker’s stock valued at $2,107,000 after purchasing an additional 5,716 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in shares of Skechers U.S.A. by 62.6% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker’s stock valued at $75,534,000 after purchasing an additional 474,524 shares in the last quarter. Finally, Symphony Financial Ltd. Co. boosted its holdings in Skechers U.S.A. by 34.8% during the first quarter. Symphony Financial Ltd. Co. now owns 6,200 shares of the textile maker’s stock worth $380,000 after purchasing an additional 1,600 shares during the last quarter. 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.