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

Skechers U.S.A. (NYSE:SKX) had its target price lowered by analysts at Evercore ISI from $73.00 to $68.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an “outperform” rating on the textile maker’s stock. Evercore ISI’s target price indicates a potential upside of 19.59% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Bank of America began coverage on Skechers U.S.A. in a research report on Friday, March 8th. They set a “neutral” rating and a $67.00 price target on the stock. Barclays initiated coverage on Skechers U.S.A. in a research report on Monday, April 1st. They issued an “overweight” rating and a $71.00 target price on the stock. Wedbush decreased their target price on Skechers U.S.A. from $75.00 to $68.00 and set an “outperform” rating on the stock in a research report on Friday, February 2nd. Raymond James decreased their target price on Skechers U.S.A. from $68.00 to $66.00 and set an “outperform” rating on the stock in a research report on Monday, February 5th. Finally, TD Cowen raised their target price on Skechers U.S.A. from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $66.17.

Skechers U.S.A. Stock Performance

Shares of SKX stock opened at $56.86 on Wednesday. The company has a market capitalization of $8.72 billion, a P/E ratio of 16.29, a P/E/G ratio of 1.04 and a beta of 1.32. The business’s 50 day moving average is $59.72 and its two-hundred day moving average is $57.57. The company has a current ratio of 2.38, a quick ratio of 1.46 and a debt-to-equity ratio of 0.06. Skechers U.S.A. has a 12-month low of $45.58 and a 12-month high of $65.17.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.04. The company had revenue of $1.96 billion for 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% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.48 earnings per share. Analysts expect that Skechers U.S.A. will post 3.82 EPS for the current fiscal year.

Insider Activity at Skechers U.S.A.

In related news, CEO Robert Greenberg sold 99,139 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $5,737,173.93. Following the completion of the sale, the chief executive officer now owns 196,050 shares of the company’s stock, valued at $11,345,413.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Mark A. Nason sold 6,432 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $58.83, for a total value of $378,394.56. Following the completion of the sale, the executive vice president now owns 34,023 shares of the company’s stock, valued at $2,001,573.09. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robert Greenberg sold 99,139 shares of the firm’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $5,737,173.93. Following the sale, the chief executive officer now directly owns 196,050 shares of the company’s stock, valued at approximately $11,345,413.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 254,875 shares of company stock valued at $15,021,192. 24.79% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Skechers U.S.A.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State of Michigan Retirement System increased its stake in Skechers U.S.A. by 2.5% during the first 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 during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Skechers U.S.A. by 19.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 34,391 shares of the textile maker’s stock worth $2,107,000 after acquiring an additional 5,716 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in 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 worth $75,534,000 after acquiring an additional 474,524 shares during the last quarter. Symphony Financial Ltd. Co. increased its stake 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 acquiring an additional 1,600 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. increased its stake in Skechers U.S.A. by 41.9% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 36,813 shares of the textile maker’s stock worth $2,255,000 after acquiring an additional 10,863 shares during the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

Skechers U.S.A. Company Profile

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.