Skechers U.S.A. (NYSE:SKX) Raised to Buy at StockNews.com

Skechers U.S.A. (NYSE:SKX) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Thursday.

A number of other research firms have also recently weighed in on SKX. TD Cowen decreased 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. Morgan Stanley boosted their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Piper Sandler assumed coverage on Skechers U.S.A. in a research report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 target price for the company. Bank of America cut their price target on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Skechers U.S.A. presently has an average rating of “Moderate Buy” and an average target price of $77.00.

Skechers U.S.A. Trading Up 2.1 %

Shares of SKX opened at $67.65 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. Skechers U.S.A. has a 52-week low of $55.67 and a 52-week high of $75.09. The firm has a market cap of $10.21 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 0.98 and a beta of 1.22. The business’s fifty day moving average is $64.18 and its 200-day moving average is $66.11.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. The firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The business’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.93 earnings per share. Equities analysts anticipate that Skechers U.S.A. will post 4.24 EPS for the current fiscal year.

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

A number of institutional investors have recently modified their holdings of SKX. Tidal Investments LLC lifted its holdings in Skechers U.S.A. by 24.3% in the third quarter. Tidal Investments LLC now owns 51,827 shares of the textile maker’s stock valued at $3,468,000 after buying an additional 10,122 shares during the period. World Investment Advisors LLC bought a new stake in shares of Skechers U.S.A. during the 3rd quarter valued at about $1,182,000. Sanctuary Advisors LLC increased its holdings in Skechers U.S.A. by 88.1% in the third quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock worth $1,822,000 after purchasing an additional 13,836 shares in the last quarter. Te Ahumairangi Investment Management Ltd increased its holdings in Skechers U.S.A. by 31.0% in the third quarter. Te Ahumairangi Investment Management Ltd now owns 89,950 shares of the textile maker’s stock worth $5,985,000 after purchasing an additional 21,275 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in Skechers U.S.A. in the third quarter valued at approximately $2,402,000. 79.96% of the stock is owned by 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.