Skechers U.S.A. (NYSE:SKX) Price Target Lowered to $76.00 at TD Cowen

Skechers U.S.A. (NYSE:SKX) had its price target reduced by TD Cowen from $78.00 to $76.00 in a research note issued to investors on Monday morning, Benzinga reports. TD Cowen currently has a buy rating on the textile maker’s stock.

SKX has been the subject of a number of other research reports. Morgan Stanley raised shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $60.00 to $80.00 in a report on Tuesday, July 23rd. Bank of America decreased their price objective on Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating for the company in a research note on Monday, September 23rd. Stifel Nicolaus increased their target price on Skechers U.S.A. from $81.00 to $83.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Evercore ISI boosted their target price on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Finally, Barclays upped their price target on Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, July 26th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $77.55.

Skechers U.S.A. Trading Down 1.1 %

Shares of SKX opened at $62.00 on Monday. The stock’s fifty day simple moving average is $66.18 and its 200-day simple moving average is $65.98. The firm has a market capitalization of $9.46 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 0.92 and a beta of 1.22. Skechers U.S.A. has a 12-month low of $45.58 and a 12-month high of $75.09. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the previous year, the company posted $0.98 earnings per share. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. As a group, research analysts predict that Skechers U.S.A. will post 4.17 earnings per share for the current year.

Skechers U.S.A. declared that its board has initiated a share buyback program on Thursday, July 25th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the textile maker to reacquire up to 10.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Skechers U.S.A.

Hedge funds and other institutional investors have recently modified their holdings of the company. Redmont Wealth Advisors LLC bought a new position in shares of Skechers U.S.A. during the first quarter worth about $25,000. Bessemer Group Inc. boosted its position in Skechers U.S.A. by 66.7% during the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after acquiring an additional 164 shares during the last quarter. UMB Bank n.a. boosted its position in Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after acquiring an additional 364 shares during the last quarter. Game Plan Financial Advisors LLC bought a new position in shares of Skechers U.S.A. during the 1st quarter worth approximately $43,000. Finally, Versant Capital Management Inc raised its holdings in shares of Skechers U.S.A. by 2,809.1% in the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after purchasing an additional 618 shares during the last quarter. Institutional investors and hedge funds 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.