Skechers U.S.A. (NYSE:SKX) Price Target Increased to $80.00 by Analysts at Barclays

Skechers U.S.A. (NYSE:SKX) had its price objective increased by Barclays from $79.00 to $80.00 in a report released on Friday morning, Benzinga reports. They currently have an overweight rating on the textile maker’s stock.

A number of other research firms have also recently weighed in on SKX. Morgan Stanley raised their price target on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research note on Friday. 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 note on Friday, July 26th. TD Cowen dropped their price target on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Bank of America reduced their price objective on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a research report on Friday. Finally, Wedbush increased their target price on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $78.09.

Skechers U.S.A. Stock Down 3.9 %

Skechers U.S.A. stock traded down $2.42 during mid-day trading on Friday, reaching $59.21. 6,649,372 shares of the company’s stock were exchanged, compared to its average volume of 1,871,951. 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. has a twelve month low of $45.58 and a twelve month high of $75.09. The company has a market cap of $9.03 billion, a P/E ratio of 15.59, a P/E/G ratio of 0.89 and a beta of 1.22. The company has a fifty day moving average of $65.98 and a 200-day moving average of $66.11.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping 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 company 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 firm earned $0.93 earnings per share. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. Sell-side analysts expect that Skechers U.S.A. will post 4.15 EPS for the current year.

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

Institutional Trading of Skechers U.S.A.

Institutional investors have recently bought and sold shares of the company. Seven Eight Capital LP boosted its position in shares of Skechers U.S.A. by 126.1% in the 2nd quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock worth $2,033,000 after buying an additional 16,408 shares in the last quarter. Cetera Advisors LLC purchased a new position in shares of Skechers U.S.A. during the 1st quarter worth approximately $600,000. Vista Investment Partners LLC acquired a new position in shares of Skechers U.S.A. during the 2nd quarter worth approximately $925,000. Capstone Investment Advisors LLC lifted its stake in Skechers U.S.A. by 264.1% in the 1st quarter. Capstone Investment Advisors LLC now owns 80,074 shares of the textile maker’s stock valued at $4,905,000 after buying an additional 58,082 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Skechers U.S.A. by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock valued at $779,491,000 after buying an additional 97,666 shares during the last quarter. 79.96% of the stock is currently owned by hedge funds and other 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.