Bank of America Cuts Skechers U.S.A. (NYSE:SKX) Price Target to $70.00

Skechers U.S.A. (NYSE:SKX) had its price target cut by Bank of America from $76.00 to $70.00 in a research report released on Monday morning,Benzinga reports. They currently have a buy rating on the textile maker’s stock.

A number of other research analysts also recently commented on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Skechers U.S.A. in a research note on Friday, February 7th. Evercore ISI raised their target price on Skechers U.S.A. from $72.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. Piper Sandler began coverage on Skechers U.S.A. in a research report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price objective for the company. StockNews.com downgraded Skechers U.S.A. from a “buy” rating to a “hold” rating in a research note on Monday, February 10th. Finally, Raymond James reduced their price target on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $80.42.

Skechers U.S.A. Stock Performance

SKX opened at $57.34 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12. The company has a market capitalization of $8.56 billion, a PE ratio of 13.82, a price-to-earnings-growth ratio of 1.11 and a beta of 1.21. The business has a fifty day simple moving average of $64.77 and a 200 day simple moving average of $65.32. Skechers U.S.A. has a 1 year low of $53.79 and a 1 year high of $78.85.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.08). Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. Research analysts expect that Skechers U.S.A. will post 4.47 EPS for the current year.

Insider Transactions at Skechers U.S.A.

In related news, General Counsel Phillip Paccione sold 10,994 shares of Skechers U.S.A. stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $56.63, for a total value of $622,590.22. Following the transaction, the general counsel now directly owns 15,000 shares of the company’s stock, valued at $849,450. The trade was a 42.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Michael Greenberg sold 10,274 shares of the stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $693,289.52. Following the sale, the president now directly owns 149,327 shares of the company’s stock, valued at $10,076,585.96. This represents a 6.44 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 236,738 shares of company stock worth $14,700,809. Company insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. NewEdge Advisors LLC grew its stake in Skechers U.S.A. by 85.2% during the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker’s stock worth $28,000 after purchasing an additional 190 shares during the period. TD Private Client Wealth LLC grew its position in shares of Skechers U.S.A. by 534.3% during the 4th quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock worth $29,000 after buying an additional 358 shares during the period. Investment Management Corp VA ADV acquired a new stake in shares of Skechers U.S.A. during the 4th quarter worth approximately $32,000. UMB Bank n.a. increased its stake in shares of Skechers U.S.A. by 53.1% in the 4th quarter. UMB Bank n.a. now owns 689 shares of the textile maker’s stock valued at $46,000 after acquiring an additional 239 shares in the last quarter. Finally, IFP Advisors Inc lifted its position in shares of Skechers U.S.A. by 62.4% during the 4th quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock valued at $55,000 after acquiring an additional 317 shares during the period. Institutional investors and hedge funds own 79.96% of the company’s stock.

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.