Investment Analysts’ Recent Ratings Changes for Skechers USA (SKX)

Several analysts have recently updated their ratings and price targets for Skechers USA (NYSE: SKX):

  • 12/5/2018 – Skechers USA was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $32.00 price target on the stock. According to Zacks, “Greater emphasis on new line of products, cost containment efforts, inventory management and global distribution platform have been aiding Skechers. The company reversed the preceding quarter’s earnings miss with a beat in the third quarter of 2018. Management also provided an upbeat view for the final quarter, despite the year-over-year earnings decline and top-line miss. The sluggish domestic wholesale business performance was compensated by double-digit increase in both international wholesale and global company-owned retail businesses. Skechers’ domestic e-commerce business also continues to gain traction. Management now expects both the top and bottom lines to increase year over year during the final quarter. However, higher general & administrative expenses remain a concern. Although, the stock has declined in the past three months, we expect the aforementioned drivers to help it revive in the near-term.”
  • 12/3/2018 – Skechers USA was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Greater emphasis on new line of products, cost containment efforts, inventory management and global distribution platform have helped lift Skechers’ performance. The company reversed the preceding quarter’s earnings miss with a beat in the third quarter of 2018. Management also provided an upbeat view for the final quarter, which perked up investors despite the year-over-year earnings decline and top-line miss. The sluggish domestic wholesale business performance was compensated by double-digit increase in both international wholesale and global company-owned retail businesses. Skechers’ domestic e-commerce business also continues to gain traction. Management now expects both the top and bottom lines to increase year over year during the final quarter. However, higher general & administrative expenses remain a concern. Meanwhile, the stock has declined and underperformed the industry in the past one month.”
  • 11/26/2018 – Skechers USA was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Greater emphasis on new line of products, cost containment efforts, inventory management and global distribution platform have helped lift Skechers’ performance. The company reversed the preceding quarter’s earnings miss with a beat in the third quarter of 2018. Management also provided an upbeat view for the final quarter, which perked up investors despite the year-over-year earnings decline and top-line miss. The sluggish domestic wholesale business performance was compensated by double-digit increase in both international wholesale and global company-owned retail businesses. Skechers’ domestic e-commerce business also continues to gain traction. Management now expects both the top and bottom lines to increase year over year during the final quarter. However, higher general & administrative expenses remain a concern. Meanwhile, the stock has declined and performed almost in line with the industry in the past three months.”
  • 11/22/2018 – Skechers USA was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $29.00 price target on the stock. According to Zacks, “Greater emphasis on new line of products, cost containment efforts, inventory management and global distribution platform have helped lift Skechers’ performance. The company reversed the preceding quarter’s earnings miss with a beat in the third quarter of 2018. Management also provided an upbeat view for the final quarter, which perked up investors despite the year-over-year earnings decline and top-line miss. The sluggish domestic wholesale business performance was compensated by double-digit increase in both international wholesale and global company-owned retail businesses. Notably, this led the stock to perform better than the industry in the past three months. Skechers’ domestic e-commerce business also continues to gain traction. Management now expects both the top and bottom lines to increase year over year during the final quarter. However, higher general & administrative expenses remain a concern.”
  • 11/20/2018 – Skechers USA was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating.
  • 10/22/2018 – Skechers USA had its price target lowered by analysts at Citigroup Inc from $30.00 to $29.00. They now have a “neutral” rating on the stock.
  • 10/22/2018 – Skechers USA was upgraded by analysts at Zacks Investment Research from a “strong sell” rating to a “hold” rating. According to Zacks, “Greater emphasis on new line of products, cost containment efforts, inventory management and global distribution platform have helped lift Skechers’ performance. The company reversed the preceding quarter’s earnings miss with a beat in the third quarter of 2018. Management also provided an upbeat view for the final quarter, which perked up investors despite the year-over-year earnings decline and top-line miss. The sluggish domestic wholesale business performance was compensated by double-digit increase in both international wholesale and global company-owned retail businesses. Notably, this led the stock to improve and outpace the industry in the past three months. Skechers’ domestic e-commerce business also continues to gain traction. Management now expects both the top and bottom lines to increase year over year during the final quarter. However, higher general & administrative expenses remain a concern.”
  • 10/19/2018 – Skechers USA was given a new $30.00 price target on by analysts at Wells Fargo & Co. They now have a “hold” rating on the stock.
  • 10/19/2018 – Skechers USA was upgraded by analysts at ValuEngine from a “hold” rating to a “buy” rating.
  • 10/19/2018 – Skechers USA was given a new $45.00 price target on by analysts at B. Riley. They now have a “buy” rating on the stock.
  • 10/17/2018 – Skechers USA had its price target lowered by analysts at Buckingham Research from $35.00 to $30.00. They now have a “buy” rating on the stock.
  • 10/9/2018 – Skechers USA was downgraded by analysts at OTR Global to a “positive” rating.

SKX stock traded down $1.12 during mid-day trading on Friday, hitting $25.08. The company had a trading volume of 663,982 shares, compared to its average volume of 1,860,541. The stock has a market cap of $4.20 billion, a P/E ratio of 14.09, a PEG ratio of 2.05 and a beta of 0.32. Skechers USA Inc has a 12-month low of $23.80 and a 12-month high of $43.08. The company has a quick ratio of 2.29, a current ratio of 3.43 and a debt-to-equity ratio of 0.03.

Skechers USA (NYSE:SKX) last announced its quarterly earnings results on Thursday, October 18th. The textile maker reported $0.58 EPS for the quarter, topping the consensus estimate of $0.51 by $0.07. The business had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Skechers USA had a net margin of 4.13% and a return on equity of 13.81%. The business’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.59 EPS. On average, analysts anticipate that Skechers USA Inc will post 1.85 EPS for the current fiscal year.

In other Skechers USA news, President Michael Greenberg sold 75,630 shares of the business’s stock in a transaction on Friday, November 2nd. The shares were sold at an average price of $29.28, for a total value of $2,214,446.40. Following the sale, the president now owns 593,309 shares in the company, valued at approximately $17,372,087.52. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 27.88% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the business. US Bancorp DE lifted its stake in Skechers USA by 169.5% in the 2nd quarter. US Bancorp DE now owns 4,069 shares of the textile maker’s stock worth $122,000 after purchasing an additional 2,559 shares in the last quarter. First Mercantile Trust Co. purchased a new stake in shares of Skechers USA during the 3rd quarter valued at about $139,000. NuWave Investment Management LLC raised its position in shares of Skechers USA by 92.2% during the 3rd quarter. NuWave Investment Management LLC now owns 5,011 shares of the textile maker’s stock valued at $140,000 after buying an additional 2,404 shares in the last quarter. NumerixS Investment Technologies Inc purchased a new stake in shares of Skechers USA during the 2nd quarter valued at about $141,000. Finally, Strs Ohio purchased a new stake in shares of Skechers USA during the 2nd quarter valued at about $184,000. Institutional investors and hedge funds own 74.28% of the company’s stock.

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.

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