Skechers U.S.A. (NYSE:SKX) Price Target Raised to $93.00 at TD Cowen

Skechers U.S.A. (NYSE:SKX) had its price objective raised by TD Cowen from $88.00 to $93.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a buy rating on the textile maker’s stock.

Other analysts also recently issued reports about the stock. Morgan Stanley lifted their price objective on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Needham & Company LLC assumed coverage on Skechers U.S.A. in a report on Friday, November 22nd. They set a “hold” rating on the stock. StockNews.com upgraded Skechers U.S.A. from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Piper Sandler assumed coverage on Skechers U.S.A. in a research report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price target for the company. Finally, Bank of America decreased their target price 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, October 25th. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $78.42.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock opened at $69.23 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. Skechers U.S.A. has a 12 month low of $55.67 and a 12 month high of $75.09. The company has a fifty day moving average price of $65.73 and a two-hundred day moving average price of $65.66. The company has a market cap of $10.45 billion, a PE ratio of 17.05, a P/E/G ratio of 0.98 and a beta of 1.19.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter last year, the business posted $0.93 EPS. The business’s revenue was up 16.0% on a year-over-year basis. Research analysts expect that Skechers U.S.A. will post 4.24 earnings per share for the current year.

Insider Buying and Selling at Skechers U.S.A.

In related news, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $554,618.12. Following the transaction, the chief operating officer now owns 122,211 shares of the company’s stock, valued at approximately $8,246,798.28. This trade represents a 6.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Michael Greenberg sold 10,274 shares of the company’s stock in a transaction dated 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 ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is owned by corporate insiders.

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

Large investors have recently made changes to their positions in the company. TD Asset Management Inc grew its position in Skechers U.S.A. by 5.7% during the 2nd quarter. TD Asset Management Inc now owns 32,838 shares of the textile maker’s stock worth $2,270,000 after purchasing an additional 1,764 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Skechers U.S.A. during the second quarter valued at $632,000. Texas Permanent School Fund Corp raised its position in Skechers U.S.A. by 8.6% during the second quarter. Texas Permanent School Fund Corp now owns 127,017 shares of the textile maker’s stock valued at $8,779,000 after buying an additional 10,095 shares during the period. Headlands Technologies LLC lifted its stake in Skechers U.S.A. by 517.2% in the 2nd quarter. Headlands Technologies LLC now owns 16,269 shares of the textile maker’s stock worth $1,125,000 after acquiring an additional 13,633 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in Skechers U.S.A. by 38.6% during the 2nd quarter. American Century Companies Inc. now owns 330,769 shares of the textile maker’s stock worth $22,863,000 after acquiring an additional 92,093 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.