Skechers U.S.A., Inc. (NYSE:SKX) Receives Consensus Recommendation of “Buy” from Brokerages

Skechers U.S.A., Inc. (NYSE:SKX) has been given a consensus recommendation of “Buy” by the eleven research firms that are presently covering the stock, MarketBeat Ratings reports. Eleven analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $78.09.

A number of brokerages recently weighed in on SKX. Deutsche Bank Aktiengesellschaft raised their price objective on 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. Morgan Stanley raised their price target on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a report on Friday, October 25th. StockNews.com upgraded Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Tuesday, November 12th. Wedbush increased their price objective on shares of 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. Finally, TD Cowen reduced their target price on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a research note on Monday, October 14th.

Skechers U.S.A. Price Performance

Shares of SKX stock opened at $60.64 on Wednesday. Skechers U.S.A. has a twelve month low of $52.49 and a twelve month high of $75.09. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $64.03 and a two-hundred day simple moving average of $66.41. The stock has a market capitalization of $9.15 billion, a price-to-earnings ratio of 14.94, a P/E/G ratio of 0.84 and a beta of 1.23.

Skechers U.S.A. (NYSE:SKX) last posted its earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter last year, the firm posted $0.93 EPS. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. On average, analysts predict that Skechers U.S.A. will post 4.25 EPS for the current fiscal year.

Skechers U.S.A. declared that its board has authorized a share repurchase plan on Thursday, July 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the textile maker to buy up to 10.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

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

Several hedge funds have recently modified their holdings of the company. Bessemer Group Inc. boosted its position in Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after purchasing an additional 164 shares in the last quarter. UMB Bank n.a. lifted its position in shares of 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 buying an additional 364 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Skechers U.S.A. by 2,809.1% during the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after buying an additional 618 shares in the last quarter. Venturi Wealth Management LLC grew its stake in Skechers U.S.A. by 52.9% in the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock valued at $58,000 after acquiring an additional 299 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in Skechers U.S.A. in the 3rd quarter worth $67,000. 79.96% of the stock is owned by hedge funds and other 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.