Skechers U.S.A. (NYSE:SKX) PT Raised to $84.00 at Morgan Stanley

Skechers U.S.A. (NYSE:SKX) had its target price boosted by research analysts at Morgan Stanley from $81.00 to $84.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the textile maker’s stock. Morgan Stanley’s price target suggests a potential upside of 41.87% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Stifel Nicolaus boosted their target price on 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 lifted their price target 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. Bank of America cut their price objective on shares of Skechers U.S.A. from $87.00 to $81.00 and set a “buy” rating on the stock in a research report on Monday, September 23rd. Wedbush lifted their target price on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, TD Cowen dropped their target price 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. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Skechers U.S.A. has an average rating of “Buy” and an average price target of $78.09.

Skechers U.S.A. Stock Performance

Shares of SKX stock opened at $59.21 on Friday. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. The company’s fifty day moving average price is $65.98 and its 200-day moving average price is $66.11. The stock has a market cap of $9.03 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 0.89 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.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share 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 business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the prior year, the company earned $0.93 earnings per share. The business’s revenue was up 16.0% compared to the same quarter last year. On average, equities analysts expect that Skechers U.S.A. will post 4.15 EPS for the current fiscal year.

Skechers U.S.A. announced that its Board of Directors has approved a stock buyback program on Thursday, July 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the textile maker to reacquire up to 10.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Skechers U.S.A.

Hedge funds have recently bought and sold shares of the company. Park Avenue Securities LLC grew its stake in shares of Skechers U.S.A. by 4.3% during the 1st quarter. Park Avenue Securities LLC now owns 12,262 shares of the textile maker’s stock valued at $751,000 after purchasing an additional 502 shares during the period. Sunbelt Securities Inc. bought a new stake in Skechers U.S.A. during the first quarter valued at approximately $45,000. Hennion & Walsh Asset Management Inc. grew its position in Skechers U.S.A. by 41.9% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 36,813 shares of the textile maker’s stock valued at $2,255,000 after buying an additional 10,863 shares during the period. Symphony Financial Ltd. Co. increased its holdings in Skechers U.S.A. by 34.8% during the first quarter. Symphony Financial Ltd. Co. now owns 6,200 shares of the textile maker’s stock valued at $380,000 after buying an additional 1,600 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. raised its position in Skechers U.S.A. by 62.6% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker’s stock worth $75,534,000 after acquiring an additional 474,524 shares during the period. Hedge funds and other institutional investors 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.