Skechers U.S.A. (NYSE:SKX) PT Raised to $80.00 at Barclays

Skechers U.S.A. (NYSE:SKX) had its price objective upped by equities research analysts at Barclays from $79.00 to $80.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the textile maker’s stock. Barclays‘s price objective suggests a potential upside of 32.52% from the stock’s previous close.

A number of other research firms have also recently weighed in on SKX. TD Cowen decreased their price target on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a report on Monday, October 14th. Bank of America lowered their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday. Stifel Nicolaus boosted their price objective on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Evercore ISI boosted their price target on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, Wedbush raised their price objective on Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat, Skechers U.S.A. presently has an average rating of “Buy” and an average price target of $77.91.

Skechers U.S.A. Trading Down 2.0 %

NYSE:SKX traded down $1.26 on Friday, hitting $60.37. 3,805,846 shares of the stock were exchanged, compared to its average volume of 1,857,614. The stock has a fifty day moving average of $66.17 and a 200-day moving average of $66.13. The stock has a market cap of $9.20 billion, a PE ratio of 16.20, a PEG ratio of 0.89 and a beta of 1.22. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. Skechers U.S.A. has a fifty-two week low of $45.58 and a fifty-two week high of $75.09.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter last year, the firm posted $0.93 EPS. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. As a group, equities analysts expect that Skechers U.S.A. will post 4.15 earnings per share for the current fiscal year.

Skechers U.S.A. declared that its board has approved a stock buyback plan on Thursday, July 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the textile maker to purchase up to 10.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Institutional Trading of Skechers U.S.A.

Several hedge funds have recently bought and sold shares of the company. Vaughan Nelson Investment Management L.P. grew its position in Skechers U.S.A. by 62.6% in 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 purchasing an additional 474,524 shares during the last quarter. Coronation Fund Managers Ltd. increased its position in Skechers U.S.A. by 195.1% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 492,585 shares of the textile maker’s stock valued at $34,047,000 after acquiring an additional 325,653 shares during the period. Acadian Asset Management LLC bought a new stake in Skechers U.S.A. during the 2nd quarter valued at $22,425,000. Teachers Retirement System of The State of Kentucky boosted its position in Skechers U.S.A. by 646.3% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker’s stock worth $22,348,000 after acquiring an additional 280,000 shares during the period. Finally, Bwcp LP bought a new position in shares of Skechers U.S.A. in the second quarter worth $16,324,000. 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.