Stifel Nicolaus Raises Skechers U.S.A. (NYSE:SKX) Price Target to $83.00

Skechers U.S.A. (NYSE:SKX) had its target price lifted by equities researchers at Stifel Nicolaus from $81.00 to $83.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the textile maker’s stock. Stifel Nicolaus’ price target suggests a potential upside of 26.72% from the company’s previous close.

Several other analysts have also weighed in on SKX. Wedbush restated an “outperform” rating and issued a $76.00 price objective on shares of Skechers U.S.A. in a report on Friday, May 17th. Barclays began coverage on shares of Skechers U.S.A. in a report on Monday, April 1st. They issued an “overweight” rating and a $71.00 price target for the company. TD Cowen lifted their price objective on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday. Bank of America raised shares of Skechers U.S.A. from a “neutral” rating to a “buy” rating and increased their target price for the company from $71.00 to $87.00 in a research note on Friday, June 7th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $82.00 price target on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Fourteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $74.92.

Skechers U.S.A. Price Performance

Skechers U.S.A. stock traded up $1.79 during trading hours on Friday, hitting $65.50. 1,936,989 shares of the company traded hands, compared to its average volume of 1,758,696. The firm’s 50-day simple moving average is $69.22 and its two-hundred day simple moving average is $64.12. The firm has a market cap of $9.99 billion, a P/E ratio of 17.04, a P/E/G ratio of 0.91 and a beta of 1.25. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $75.09. The company has a quick ratio of 1.56, a current ratio of 2.39 and a debt-to-equity ratio of 0.02.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, July 25th. The textile maker reported $0.91 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.03). The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.24 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 for the quarter was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.98 EPS. As a group, analysts forecast that Skechers U.S.A. will post 4.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Phillip Paccione sold 423 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total value of $29,377.35. Following the completion of the sale, the general counsel now owns 35,000 shares of the company’s stock, valued at approximately $2,430,750. The sale was disclosed in a document filed with the SEC, which is available at this link. 24.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Skechers U.S.A.

Several institutional investors have recently bought and sold shares of SKX. Vanguard Group Inc. boosted its stake in shares of Skechers U.S.A. by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock worth $779,491,000 after acquiring an additional 97,666 shares in the last quarter. Fiduciary Management Inc. WI grew its holdings in Skechers U.S.A. by 3.5% during the fourth quarter. Fiduciary Management Inc. WI now owns 2,893,529 shares of the textile maker’s stock valued at $180,383,000 after purchasing an additional 98,068 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Skechers U.S.A. by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,269,306 shares of the textile maker’s stock worth $79,129,000 after buying an additional 16,146 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Skechers U.S.A. by 62.6% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker’s stock worth $75,534,000 after buying an additional 474,524 shares during the period. Finally, Norges Bank acquired a new position in Skechers U.S.A. in the 4th quarter valued at $75,194,000. 79.96% of the stock is currently owned by 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.