Skechers U.S.A. (NYSE:SKX) Reaches New 12-Month High Following Analyst Upgrade

Skechers U.S.A., Inc. (NYSE:SKXGet Free Report)’s stock price reached a new 52-week high during trading on Tuesday after Stifel Nicolaus raised their price target on the stock from $74.00 to $81.00. Stifel Nicolaus currently has a buy rating on the stock. Skechers U.S.A. traded as high as $71.39 and last traded at $71.09, with a volume of 161957 shares trading hands. The stock had previously closed at $68.29.

Other equities analysts have also issued reports about the stock. TD Cowen boosted their price target on shares of 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. Raymond James dropped their target price on shares of Skechers U.S.A. from $68.00 to $66.00 and set an “outperform” rating for the company in a research note on Monday, February 5th. Bank of America assumed coverage on shares of Skechers U.S.A. in a research note on Friday, March 8th. They issued a “neutral” rating and a $67.00 target price for the company. Wedbush reaffirmed an “outperform” rating and issued a $76.00 target price on shares of Skechers U.S.A. in a research note on Friday, May 17th. Finally, Evercore ISI dropped their target price on shares of Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating for the company in a research note on Wednesday, April 17th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $67.75.

View Our Latest Report on SKX

Insider Buying and Selling

In related news, CEO Robert Greenberg sold 30,339 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $1,854,016.29. Following the completion of the sale, the chief executive officer now directly owns 132,783 shares of the company’s stock, valued at $8,114,369.13. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Robert Greenberg sold 30,339 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $1,854,016.29. Following the completion of the transaction, the chief executive officer now owns 132,783 shares in the company, valued at $8,114,369.13. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Michael Greenberg sold 25,282 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $1,544,983.02. Following the transaction, the president now owns 123,441 shares of the company’s stock, valued at approximately $7,543,479.51. The disclosure for this sale can be found here. Insiders sold a total of 81,914 shares of company stock valued at $5,005,765 over the last ninety days. Insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Redmont Wealth Advisors LLC acquired a new position in Skechers U.S.A. during the first quarter valued at approximately $25,000. Bessemer Group Inc. boosted its holdings in shares of Skechers U.S.A. by 66.7% in 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 period. Huntington National Bank boosted its holdings in shares of Skechers U.S.A. by 861.7% in the third quarter. Huntington National Bank now owns 577 shares of the textile maker’s stock valued at $28,000 after buying an additional 517 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in shares of Skechers U.S.A. in the third quarter valued at approximately $31,000. Finally, GAMMA Investing LLC acquired a new position in shares of Skechers U.S.A. in the fourth quarter valued at approximately $36,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

Skechers U.S.A. Price Performance

The company has a market cap of $10.65 billion, a price-to-earnings ratio of 18.37, a PEG ratio of 1.23 and a beta of 1.29. The company has a quick ratio of 1.56, a current ratio of 2.39 and a debt-to-equity ratio of 0.02. The company’s fifty day moving average price is $63.02 and its two-hundred day moving average price is $61.20.

Skechers U.S.A. (NYSE:SKXGet Free Report) last released its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.23. The company had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.56%. The business’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.02 earnings per share. On average, equities research analysts forecast that Skechers U.S.A., Inc. will post 4.06 EPS for the current fiscal year.

Skechers U.S.A. Company Profile

(Get Free Report)

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.

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