Skechers U.S.A. (NYSE:SKX) Cut to Hold at StockNews.com

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

SKX has been the subject of a number of other research reports. TD Cowen lowered their target price on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a report on Monday, October 14th. Morgan Stanley raised 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. Bank of America reduced their target price on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday, October 25th. Deutsche Bank Aktiengesellschaft increased their price target on shares of 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. Finally, Needham & Company LLC began coverage on shares of Skechers U.S.A. in a research report on Friday, November 22nd. They issued a “hold” rating on the stock. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $78.09.

Skechers U.S.A. Price Performance

SKX opened at $63.73 on Monday. The company has a market capitalization of $9.62 billion, a price-to-earnings ratio of 15.70, a PEG ratio of 0.88 and a beta of 1.23. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. Skechers U.S.A. has a 12-month low of $55.67 and a 12-month high of $75.09. The business’s fifty day simple moving average is $63.33 and its 200-day simple moving average is $66.15.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The company had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same period in the prior year, the business earned $0.93 EPS. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. On average, equities research analysts anticipate that Skechers U.S.A. will post 4.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. grew its holdings in shares of Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after buying an additional 164 shares during the last quarter. UMB Bank n.a. grew its stake in Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock valued at $30,000 after purchasing an additional 364 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Skechers U.S.A. by 2,809.1% in the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after purchasing an additional 618 shares during the period. Venturi Wealth Management LLC raised its stake in shares of Skechers U.S.A. by 52.9% in the third quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock worth $58,000 after purchasing an additional 299 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new stake in shares of Skechers U.S.A. during the third quarter worth about $67,000. Institutional investors and hedge funds 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.