Skechers U.S.A., Inc. (SKX) Upgraded to “Buy” at Vetr Inc.

Vetr upgraded shares of Skechers U.S.A., Inc. (NYSE:SKX) from a hold rating to a buy rating in a report released on Monday, November 6th. The firm currently has $33.73 target price on the textile maker’s stock.

A number of other brokerages have also weighed in on SKX. Susquehanna Bancshares Inc restated a positive rating and issued a $34.00 target price (up from $32.00) on shares of Skechers U.S.A. in a research note on Sunday, July 23rd. Cowen Inc set a $36.00 target price on Skechers U.S.A. and gave the company a buy rating in a research note on Friday, October 20th. B. Riley restated a buy rating and issued a $37.00 target price on shares of Skechers U.S.A. in a research note on Friday, July 21st. BidaskClub lowered Skechers U.S.A. from a hold rating to a sell rating in a research note on Friday, August 4th. Finally, Citigroup Inc. raised their target price on Skechers U.S.A. from $30.00 to $34.00 and gave the company a buy rating in a research note on Friday, July 21st. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $34.74.

Skechers U.S.A. (NYSE:SKX) traded down $0.13 during trading on Monday, reaching $33.54. The company’s stock had a trading volume of 379,988 shares, compared to its average volume of 2,567,003. The company has a quick ratio of 2.30, a current ratio of 3.46 and a debt-to-equity ratio of 0.04. Skechers U.S.A. has a 1 year low of $21.33 and a 1 year high of $34.87. The firm has a market capitalization of $5,335.69, a price-to-earnings ratio of 20.91, a P/E/G ratio of 1.41 and a beta of 0.11.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data on Thursday, October 19th. The textile maker reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.16. Skechers U.S.A. had a return on equity of 13.70% and a net margin of 6.38%. The firm had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same period in the prior year, the company posted $0.42 earnings per share. The business’s revenue for the quarter was up 16.2% compared to the same quarter last year. sell-side analysts forecast that Skechers U.S.A. will post 1.71 EPS for the current fiscal year.

In related news, Director Richard Siskind sold 25,500 shares of Skechers U.S.A. stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $33.40, for a total value of $851,700.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Michael Greenberg sold 150,000 shares of Skechers U.S.A. stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $31.86, for a total value of $4,779,000.00. Following the completion of the sale, the president now owns 251,679 shares of the company’s stock, valued at $8,018,492.94. The disclosure for this sale can be found here. Over the last quarter, insiders sold 385,500 shares of company stock valued at $12,291,900. Corporate insiders own 21.73% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in Skechers U.S.A. by 5.0% during the second quarter. Vanguard Group Inc. now owns 10,543,894 shares of the textile maker’s stock worth $311,045,000 after buying an additional 500,360 shares during the last quarter. Amerigo Asset Management boosted its holdings in Skechers U.S.A. by 38.2% during the second quarter. Amerigo Asset Management now owns 6,134,253 shares of the textile maker’s stock worth $180,960,000 after buying an additional 1,694,253 shares during the last quarter. State Street Corp boosted its holdings in Skechers U.S.A. by 47.2% during the second quarter. State Street Corp now owns 5,031,124 shares of the textile maker’s stock worth $148,423,000 after buying an additional 1,613,977 shares during the last quarter. Prudential Financial Inc. boosted its holdings in Skechers U.S.A. by 125.7% during the second quarter. Prudential Financial Inc. now owns 2,302,352 shares of the textile maker’s stock worth $67,919,000 after buying an additional 1,282,260 shares during the last quarter. Finally, Mik Capital LLC bought a new position in Skechers U.S.A. during the second quarter worth about $56,285,000. Hedge funds and other institutional investors own 69.65% of the company’s stock.

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About Skechers U.S.A.

Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.

To view Vetr’s full report, visit Vetr’s official website.

Analyst Recommendations for Skechers U.S.A. (NYSE:SKX)

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