Skechers U.S.A. (NYSE:SKX) PT Lowered to $81.00

Skechers U.S.A. (NYSE:SKX) had its price objective cut by Bank of America from $87.00 to $81.00 in a research note published on Monday morning, Benzinga reports. They currently have a buy rating on the textile maker’s stock.

SKX has been the topic of a number of other research reports. Wells Fargo & Company assumed coverage on Skechers U.S.A. in a research report on Wednesday, June 12th. They set an overweight rating and a $83.00 price target on the stock. Barclays upped their price target on Skechers U.S.A. from $78.00 to $79.00 and gave the company an overweight rating in a research report on Friday, July 26th. Wedbush upped their price target on Skechers U.S.A. from $76.00 to $79.00 and gave the company an outperform rating in a research report on Friday, July 26th. Stifel Nicolaus upped their price target on Skechers U.S.A. from $81.00 to $83.00 and gave the company a buy rating in a research report on Friday, July 26th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a buy rating and set a $82.00 price target on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Skechers U.S.A. presently has an average rating of Buy and a consensus price target of $77.82.

Skechers U.S.A. Stock Up 5.7 %

SKX stock opened at $69.23 on Monday. The stock’s fifty day simple moving average is $65.20 and its two-hundred day simple moving average is $65.44. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $75.09. The stock has a market cap of $10.55 billion, a P/E ratio of 18.22, a P/E/G ratio of 0.88 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.04). Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the prior year, the firm posted $0.98 EPS. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. Analysts expect that Skechers U.S.A. will post 4.16 EPS for the current year.

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

Institutional Trading of Skechers U.S.A.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bessemer Group Inc. increased its stake in Skechers U.S.A. by 66.7% in the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after acquiring an additional 164 shares during the last quarter. CIBC Asset Management Inc increased its stake in Skechers U.S.A. by 4.7% in the 2nd quarter. CIBC Asset Management Inc now owns 3,820 shares of the textile maker’s stock worth $264,000 after acquiring an additional 173 shares during the last quarter. QRG Capital Management Inc. increased its stake in Skechers U.S.A. by 2.0% in the 1st quarter. QRG Capital Management Inc. now owns 10,047 shares of the textile maker’s stock worth $615,000 after acquiring an additional 194 shares during the last quarter. X Square Capital LLC increased its stake in Skechers U.S.A. by 0.5% in the 2nd quarter. X Square Capital LLC now owns 40,903 shares of the textile maker’s stock worth $2,827,000 after acquiring an additional 215 shares during the last quarter. Finally, 1492 Capital Management LLC increased its stake in Skechers U.S.A. by 1.0% in the 4th quarter. 1492 Capital Management LLC now owns 26,270 shares of the textile maker’s stock worth $1,638,000 after acquiring an additional 259 shares during the last quarter. 79.96% of the stock is currently owned by institutional investors.

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.