Skechers U.S.A. (NYSE:SKX) Upgraded by StockNews.com to “Buy” Rating

Skechers U.S.A. (NYSE:SKX) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.

Several other research analysts also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Piper Sandler initiated coverage on shares of Skechers U.S.A. in a research report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price target on the stock. Needham & Company LLC began coverage on Skechers U.S.A. in a report on Friday, November 22nd. They set a “hold” rating for the company. Bank of America dropped their target price on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Finally, TD Cowen cut their target price on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Two equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $77.00.

Skechers U.S.A. Stock Performance

Shares of Skechers U.S.A. stock opened at $67.65 on Thursday. The business has a 50-day simple moving average of $64.18 and a 200 day simple moving average of $66.11. Skechers U.S.A. has a one year low of $55.67 and a one year high of $75.09. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. The firm has a market capitalization of $10.21 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 0.98 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, beating the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter in the previous year, the company posted $0.93 earnings per share. The company’s quarterly revenue was up 16.0% on a year-over-year basis. On average, research analysts anticipate that Skechers U.S.A. will post 4.24 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Skechers U.S.A.

Hedge funds have recently made changes to their positions in the business. UMB Bank n.a. increased its holdings in Skechers U.S.A. by 423.3% during the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after buying an additional 364 shares during the last quarter. Venturi Wealth Management LLC grew its position in shares of Skechers U.S.A. by 52.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock valued at $58,000 after acquiring an additional 299 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Skechers U.S.A. during the 3rd quarter worth approximately $67,000. Blue Trust Inc. raised its holdings in shares of Skechers U.S.A. by 778.1% in the 3rd quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock worth $69,000 after purchasing an additional 887 shares during the period. Finally, Quarry LP lifted its stake in Skechers U.S.A. by 44.6% in the second quarter. Quarry LP now owns 1,187 shares of the textile maker’s stock valued at $82,000 after purchasing an additional 366 shares during the last quarter. 79.96% of the stock is currently owned by institutional investors.

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.