Skechers U.S.A. (NYSE:SKX) Lifted to “Buy” at Bank of America

Bank of America upgraded shares of Skechers U.S.A. (NYSE:SKX) from a neutral rating to a buy rating in a report published on Friday, Marketbeat.com reports. Bank of America currently has $87.00 price target on the textile maker’s stock, up from their previous price target of $71.00.

Other equities research analysts also recently issued reports about the stock. Wedbush reissued an outperform rating and issued a $76.00 price objective on shares of Skechers U.S.A. in a research report on Friday, May 17th. Evercore ISI cut their price target on Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating on the stock in a research note on Wednesday, April 17th. TD Cowen lifted their price target on Skechers U.S.A. from $70.00 to $74.00 and gave the stock a buy rating in a report on Wednesday, March 6th. Barclays started coverage on Skechers U.S.A. in a report on Monday, April 1st. They issued an overweight rating and a $71.00 price objective on the stock. Finally, Stifel Nicolaus boosted their target price on Skechers U.S.A. from $74.00 to $81.00 and gave the stock a buy rating in a research note on Tuesday, May 28th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $69.42.

Skechers U.S.A. Stock Up 2.6 %

Skechers U.S.A. stock opened at $72.87 on Friday. The firm has a market capitalization of $11.11 billion, a P/E ratio of 19.18, a P/E/G ratio of 1.28 and a beta of 1.28. The company has a current ratio of 2.39, a quick ratio of 1.56 and a debt-to-equity ratio of 0.02. Skechers U.S.A. has a twelve month low of $45.58 and a twelve month high of $73.84. The stock’s fifty day simple moving average is $64.44 and its 200-day simple moving average is $62.17.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.23. The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.20 billion. Skechers U.S.A. had a return on equity of 13.56% and a net margin of 7.17%. Skechers U.S.A.’s revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.02 EPS. As a group, equities analysts expect that Skechers U.S.A. will post 4.07 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Robert Greenberg sold 30,339 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $61.11, for a total value of $1,854,016.29. Following the transaction, the chief executive officer now owns 132,783 shares in the company, valued at approximately $8,114,369.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Robert Greenberg sold 30,339 shares of the stock in a transaction on Friday, March 15th. The stock was 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO David Weinberg sold 20,226 shares of Skechers U.S.A. stock in a transaction on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $1,236,010.86. Following the completion of the transaction, the chief operating officer now owns 99,655 shares in the company, valued at $6,089,917.05. The disclosure for this sale can be found here. In the last three months, insiders have sold 82,337 shares of company stock valued at $5,035,142. Insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SKX. Redmont Wealth Advisors LLC purchased a new position in Skechers U.S.A. in the first quarter worth $25,000. Bessemer Group Inc. lifted its stake 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 purchasing an additional 164 shares during the period. Huntington National Bank boosted its holdings in Skechers U.S.A. by 861.7% during the third quarter. Huntington National Bank now owns 577 shares of the textile maker’s stock worth $28,000 after buying an additional 517 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in Skechers U.S.A. during the third quarter worth about $31,000. Finally, GAMMA Investing LLC acquired a new position in Skechers U.S.A. during the fourth quarter worth about $36,000. 79.96% of the stock is owned by hedge funds and other institutional investors.

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.