Bank of America Lowers Skechers U.S.A. (NYSE:SKX) Price Target to $70.00

Skechers U.S.A. (NYSE:SKX) had its price target reduced by analysts at Bank of America from $76.00 to $70.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the textile maker’s stock. Bank of America‘s price target points to a potential upside of 24.76% from the stock’s previous close.

Other analysts have also issued reports about the company. Barclays dropped their price objective on Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating on the stock in a report on Monday, February 10th. Raymond James dropped their price target on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Needham & Company LLC restated a “hold” rating on shares of Skechers U.S.A. in a research report on Friday, February 7th. Evercore ISI lifted their target price on shares of Skechers U.S.A. from $72.00 to $85.00 and gave the company an “outperform” rating in a research report on Tuesday, January 28th. Finally, TD Cowen raised their price target on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Skechers U.S.A. presently has a consensus rating of “Moderate Buy” and an average target price of $80.42.

Skechers U.S.A. Stock Performance

SKX opened at $56.11 on Monday. The firm has a fifty day moving average price of $65.55 and a 200 day moving average price of $65.50. Skechers U.S.A. has a 1 year low of $53.79 and a 1 year high of $78.85. The stock has a market cap of $8.38 billion, a P/E ratio of 13.52, a P/E/G ratio of 1.11 and a beta of 1.21. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, February 6th. The textile maker reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. Equities research analysts anticipate that Skechers U.S.A. will post 4.47 earnings per share for the current year.

Insiders Place Their Bets

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 10,994 shares of Skechers U.S.A. stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $56.63, for a total transaction of $622,590.22. Following the transaction, the general counsel now directly owns 15,000 shares of the company’s stock, valued at $849,450. The trade was a 42.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Michael Greenberg sold 10,274 shares of the stock in a transaction that occurred 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 sale, the president now directly owns 149,327 shares of the company’s stock, valued at approximately $10,076,585.96. This trade represents a 6.44 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 236,738 shares of company stock valued at $14,700,809. Insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC raised its position 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 valued at $1,822,000 after purchasing an additional 13,836 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Skechers U.S.A. during the 4th quarter worth about $12,852,000. National Bank of Canada FI raised its holdings in Skechers U.S.A. by 2,340.0% in the 3rd quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker’s stock valued at $4,732,000 after buying an additional 67,812 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Skechers U.S.A. by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock valued at $88,126,000 after buying an additional 17,429 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Skechers U.S.A. by 15.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 120,007 shares of the textile maker’s stock worth $8,069,000 after buying an additional 15,874 shares during the period. 79.96% of the stock is currently owned by institutional investors and hedge funds.

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.