Evercore ISI Cuts Skechers U.S.A. (NYSE:SKX) Price Target to $60.00

Skechers U.S.A. (NYSE:SKX) had its target price decreased by Evercore ISI from $78.00 to $60.00 in a research report report published on Thursday,Benzinga reports. Evercore ISI currently has an outperform rating on the textile maker’s stock.

Other equities analysts also recently issued research reports about the company. UBS Group cut their target price on Skechers U.S.A. from $65.00 to $64.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Stifel Nicolaus cut their price objective on shares of Skechers U.S.A. from $80.00 to $62.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Raymond James reduced their target price on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. TD Cowen lifted their price target on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, Barclays reduced their price objective on shares of Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating on the stock in a research report on Monday, February 10th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Skechers U.S.A. currently has an average rating of “Moderate Buy” and a consensus target price of $74.67.

Skechers U.S.A. Price Performance

Skechers U.S.A. stock opened at $47.53 on Thursday. Skechers U.S.A. has a 52-week low of $44.50 and a 52-week high of $78.85. The company has a market cap of $7.10 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 1.11 and a beta of 1.08. The firm’s fifty day moving average is $56.42 and its 200 day moving average is $63.30. The company has a quick ratio of 1.12, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. Sell-side analysts forecast that Skechers U.S.A. will post 4.47 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO David Weinberg sold 36,000 shares of Skechers U.S.A. stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total value of $2,257,920.00. Following the completion of the sale, the chief operating officer now directly owns 54,499 shares in the company, valued at $3,418,177.28. The trade was a 39.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robert Greenberg sold 52,600 shares of the company’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total transaction of $3,299,072.00. Following the completion of the sale, the chief executive officer now directly owns 61,367 shares of the company’s stock, valued at approximately $3,848,938.24. This trade represents a 46.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 218,245 shares of company stock valued at $13,452,902 over the last quarter. 24.75% of the stock is owned by corporate insiders.

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

Several large investors have recently modified their holdings of SKX. Te Ahumairangi Investment Management Ltd raised its stake in Skechers U.S.A. by 31.0% in the third quarter. Te Ahumairangi Investment Management Ltd now owns 89,950 shares of the textile maker’s stock worth $5,985,000 after buying an additional 21,275 shares in the last quarter. Sanctuary Advisors LLC increased its holdings in shares of Skechers U.S.A. by 88.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock valued at $1,822,000 after acquiring an additional 13,836 shares during the period. World Investment Advisors LLC bought a new position in shares of Skechers U.S.A. in the 3rd quarter worth $1,182,000. Tidal Investments LLC lifted its stake in shares of Skechers U.S.A. by 24.3% during the 3rd quarter. Tidal Investments LLC now owns 51,827 shares of the textile maker’s stock worth $3,468,000 after purchasing an additional 10,122 shares during the last quarter. Finally, Nordea Investment Management AB bought a new stake in Skechers U.S.A. during the fourth quarter valued at about $2,752,000. Institutional investors 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.