Skechers U.S.A. (NYSE:SKX) Price Target Cut to $75.00 by Analysts at Raymond James

Skechers U.S.A. (NYSE:SKX) had its target price decreased by Raymond James from $80.00 to $75.00 in a report released on Friday morning,Benzinga reports. Raymond James currently has an outperform rating on the textile maker’s stock.

SKX has been the subject of a number of other reports. Morgan Stanley boosted their target price on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Evercore ISI increased their target price on Skechers U.S.A. from $72.00 to $85.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 28th. Piper Sandler initiated coverage on shares of Skechers U.S.A. in a research note on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price target on the stock. Bank of America lowered their price objective on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $81.50.

Skechers U.S.A. Stock Performance

SKX stock opened at $66.06 on Friday. 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 twelve month low of $55.67 and a twelve month high of $78.85. The business’s fifty day moving average is $70.51 and its 200-day moving average is $66.46. The company has a market cap of $9.97 billion, a P/E ratio of 15.92, a price-to-earnings-growth ratio of 0.95 and a beta of 1.19.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data on Thursday, February 6th. The textile maker reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.81% and a net margin of 7.13%. Equities research analysts forecast that Skechers U.S.A. will post 4.79 EPS for the current year.

Insider Buying and Selling at Skechers U.S.A.

In other news, President Michael Greenberg sold 10,274 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the president now directly owns 149,327 shares of the company’s stock, valued at $10,076,585.96. This trade represents a 6.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO David Weinberg sold 8,219 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $554,618.12. Following the transaction, the chief operating officer now directly owns 122,211 shares in the company, valued at $8,246,798.28. The trade was a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 24.75% of the company’s stock.

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

Several institutional investors and hedge funds have recently modified their holdings of SKX. Pacer Advisors Inc. boosted its holdings in shares of Skechers U.S.A. by 5,780.6% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock worth $176,628,000 after buying an additional 2,594,507 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Skechers U.S.A. by 70.4% during the fourth quarter. Bank of New York Mellon Corp now owns 2,308,283 shares of the textile maker’s stock worth $155,209,000 after acquiring an additional 953,528 shares during the period. Commerce Bank increased its stake in shares of Skechers U.S.A. by 949.5% during the third quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock worth $31,303,000 after purchasing an additional 423,204 shares during the period. Coronation Fund Managers Ltd. lifted its holdings in Skechers U.S.A. by 378.6% during the 3rd quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock worth $33,382,000 after purchasing an additional 394,618 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in Skechers U.S.A. by 39.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock valued at $68,630,000 after purchasing an additional 287,939 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.