Skechers U.S.A. (NYSE:SKX) Rating Increased to Overweight at Morgan Stanley

Morgan Stanley upgraded shares of Skechers U.S.A. (NYSE:SKX) from an equal weight rating to an overweight rating in a research note published on Tuesday, Marketbeat reports. They currently have $80.00 price target on the textile maker’s stock, up from their prior price target of $60.00.

Several other brokerages have also recently issued reports on SKX. Stifel Nicolaus increased their target price on Skechers U.S.A. from $74.00 to $81.00 and gave the company a buy rating in a research report on Tuesday, May 28th. TD Cowen raised their price objective on Skechers U.S.A. from $77.00 to $79.00 and gave the company a buy rating in a research report on Monday, July 22nd. Deutsche Bank Aktiengesellschaft reiterated a buy rating and issued a $82.00 target price on shares of Skechers U.S.A. in a report on Thursday, June 13th. Bank of America upgraded shares of Skechers U.S.A. from a neutral rating to a buy rating and raised their price target for the company from $71.00 to $87.00 in a report on Friday, June 7th. Finally, Wells Fargo & Company initiated coverage on shares of Skechers U.S.A. in a research note on Wednesday, June 12th. They set an overweight rating and a $83.00 price objective for the company. Fourteen analysts have rated the stock with a buy rating, According to data from MarketBeat, Skechers U.S.A. has a consensus rating of Buy and an average price target of $76.08.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock opened at $64.73 on Tuesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.56 and a current ratio of 2.39. The company has a market capitalization of $9.87 billion, a PE ratio of 17.03, a P/E/G ratio of 0.91 and a beta of 1.25. The company has a 50 day moving average price of $69.15 and a 200-day moving average price of $64.13. Skechers U.S.A. has a fifty-two week low of $45.58 and a fifty-two week high of $75.09.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.03). The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Skechers U.S.A. had a return on equity of 13.56% and a net margin of 7.17%. Skechers U.S.A.’s quarterly revenue was up 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.98 earnings per share. As a group, equities analysts forecast that Skechers U.S.A. will post 4.11 earnings per share for the current year.

Insiders Place Their Bets

In related news, General Counsel Phillip Paccione sold 423 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total transaction of $29,377.35. Following the completion of the transaction, the general counsel now directly owns 35,000 shares in the company, valued at $2,430,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 24.75% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SKX. Redmont Wealth Advisors LLC acquired a new position in Skechers U.S.A. in the 1st quarter valued at $25,000. Bessemer Group Inc. lifted its stake in Skechers U.S.A. by 66.7% in the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after purchasing an additional 164 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Skechers U.S.A. in the fourth quarter valued at approximately $36,000. Game Plan Financial Advisors LLC purchased a new position in Skechers U.S.A. during the first quarter worth approximately $43,000. Finally, Versant Capital Management Inc boosted its stake in Skechers U.S.A. by 2,809.1% during the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock worth $44,000 after buying an additional 618 shares during the last quarter. 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.