Evercore ISI Lowers Skechers U.S.A. (NYSE:SKX) Price Target to $68.00

Skechers U.S.A. (NYSE:SKX) had its target price cut by Evercore ISI from $73.00 to $68.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the textile maker’s stock. Evercore ISI’s price objective would suggest a potential upside of 19.59% from the company’s current price.

A number of other brokerages also recently commented on SKX. Bank of America assumed coverage on Skechers U.S.A. in a research report on Friday, March 8th. They issued a “neutral” rating and a $67.00 price objective for the company. TD Cowen raised their price objective on Skechers U.S.A. from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Wedbush reduced their price objective on Skechers U.S.A. from $75.00 to $68.00 and set an “outperform” rating for the company in a research report on Friday, February 2nd. Raymond James reduced their price objective on Skechers U.S.A. from $68.00 to $66.00 and set an “outperform” rating for the company in a research report on Monday, February 5th. Finally, Barclays began coverage on Skechers U.S.A. in a research report on Monday, April 1st. They issued an “overweight” rating and a $71.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $66.17.

Skechers U.S.A. Stock Performance

SKX opened at $56.86 on Wednesday. The firm has a market capitalization of $8.72 billion, a P/E ratio of 16.29, a price-to-earnings-growth ratio of 1.04 and a beta of 1.32. The stock’s 50 day moving average price is $59.72 and its two-hundred day moving average price is $57.57. The company has a quick ratio of 1.46, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. Skechers U.S.A. has a 12-month low of $45.58 and a 12-month high of $65.17.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.04. The firm had revenue of $1.96 billion for the quarter, compared to analyst estimates of $2.03 billion. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. The company’s revenue was up 4.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 EPS. On average, equities analysts forecast that Skechers U.S.A. will post 3.82 earnings per share for the current year.

Insider Buying and Selling at Skechers U.S.A.

In other news, CEO Robert Greenberg sold 99,139 shares of Skechers U.S.A. stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total transaction of $5,737,173.93. Following the completion of the sale, the chief executive officer now owns 196,050 shares in the company, valued at approximately $11,345,413.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Skechers U.S.A. news, CEO Robert Greenberg sold 99,139 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $5,737,173.93. Following the sale, the chief executive officer now directly owns 196,050 shares in the company, valued at $11,345,413.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO David Weinberg sold 67,390 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the sale, the chief operating officer now owns 141,405 shares in the company, valued at $8,183,107.35. The disclosure for this sale can be found here. In the last quarter, insiders sold 254,875 shares of company stock worth $15,021,192. 24.79% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. State of Michigan Retirement System raised its position in Skechers U.S.A. by 2.5% during the first quarter. State of Michigan Retirement System now owns 32,844 shares of the textile maker’s stock worth $2,012,000 after acquiring an additional 800 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Skechers U.S.A. by 19.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 34,391 shares of the textile maker’s stock worth $2,107,000 after acquiring an additional 5,716 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Skechers U.S.A. by 62.6% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker’s stock worth $75,534,000 after acquiring an additional 474,524 shares during the last quarter. Symphony Financial Ltd. Co. lifted its holdings in shares of Skechers U.S.A. by 34.8% in the first quarter. Symphony Financial Ltd. Co. now owns 6,200 shares of the textile maker’s stock worth $380,000 after acquiring an additional 1,600 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. raised its holdings in Skechers U.S.A. by 41.9% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 36,813 shares of the textile maker’s stock valued at $2,255,000 after buying an additional 10,863 shares during the last quarter. 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.