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

by · The Cerbat Gem

Skechers U.S.A. (NYSE:SKX – Get Free Report) had its target price upped by stock analysts at TD Cowen from $88.00 to $93.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the textile maker’s stock. TD Cowen’s target price would suggest a potential upside of 34.80% from the company’s previous close.

A number of other equities research analysts have also recently commented on SKX. Deutsche Bank Aktiengesellschaft increased their price target on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a report on Friday, October 25th. Bank of America lowered their price target 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. 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 began coverage on shares of 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. Finally, Needham & Company LLC initiated coverage on Skechers U.S.A. in a report on Friday, November 22nd. They issued a “hold” rating on the stock. 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 MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $78.42.

Read Our Latest Report on Skechers U.S.A.

Skechers U.S.A. Trading Down 1.3 %

Shares of NYSE:SKX traded down $0.91 on Wednesday, hitting $68.99. The company had a trading volume of 627,741 shares, compared to its average volume of 1,260,336. Skechers U.S.A. has a 1 year low of $55.67 and a 1 year high of $75.09. The firm has a market capitalization of $10.42 billion, a price-to-earnings ratio of 16.99, a P/E/G ratio of 0.98 and a beta of 1.19. The firm’s 50-day simple moving average is $65.58 and its two-hundred day simple moving average is $65.63. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX – Get Free Report) 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 7.19% and a return on equity of 13.71%. 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. Equities analysts anticipate that Skechers U.S.A. will post 4.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, President Michael Greenberg sold 10,274 shares of the company’s stock in a transaction 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 completion of the transaction, the president now owns 149,327 shares in the company, valued at approximately $10,076,585.96. This represents a 6.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $554,618.12. Following the completion of the sale, the chief operating officer now owns 122,211 shares in the company, valued at approximately $8,246,798.28. This represents a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is currently owned by corporate insiders.

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

Institutional investors have recently made changes to their positions in the company. 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 valued at $30,000 after buying an additional 364 shares during the period. Venturi Wealth Management LLC increased its holdings in shares of Skechers U.S.A. by 52.9% in 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. Blue Trust Inc. raised its position 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 acquiring an additional 887 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Skechers U.S.A. during the 3rd quarter worth $67,000. Finally, Quarry LP grew 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. Institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Company Profile

(Get Free Report)

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.

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