Skechers U.S.A., Inc. (SKX) Given New $36.00 Price Target at Wells Fargo & Company
Skechers U.S.A., Inc. (NYSE:SKX) had its price target upped by Wells Fargo & Company from $33.00 to $36.00 in a research note issued to investors on Friday. Wells Fargo & Company currently has a market perform rating on the textile maker’s stock.
Several other equities analysts have also commented on the stock. Zacks Investment Research lowered shares of Skechers U.S.A. from a hold rating to a sell rating in a research note on Thursday, July 27th. Susquehanna Bancshares Inc reiterated a buy rating and issued a $34.00 price target on shares of Skechers U.S.A. in a research note on Tuesday, October 10th. Citigroup Inc. increased their price target on shares of 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. Buckingham Research set a $34.00 price target on shares of Skechers U.S.A. and gave the company a buy rating in a research note on Saturday, July 22nd. Finally, BidaskClub upgraded shares of Skechers U.S.A. from a hold rating to a buy rating in a research note on Friday, June 30th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. Skechers U.S.A. currently has a consensus rating of Hold and an average price target of $34.02.
Skechers U.S.A. (SKX) traded up 41.45% during mid-day trading on Friday, reaching $33.99. 35,080,765 shares of the company were exchanged. The firm has a market capitalization of $5.39 billion, a P/E ratio of 23.57 and a beta of 0.19. The stock has a 50-day moving average of $25.54 and a 200 day moving average of $26.45. Skechers U.S.A. has a 1-year low of $19.02 and a 1-year high of $34.33.
Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, October 19th. The textile maker reported $0.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.16. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.07 billion. Skechers U.S.A. had a net margin of 6.38% and a return on equity of 14.10%. The firm’s revenue was up 16.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.42 earnings per share. Equities research analysts forecast that Skechers U.S.A. will post $1.56 earnings per share for the current year.
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In other news, General Counsel Phillip Paccione sold 1,004 shares of the firm’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $27.24, for a total transaction of $27,348.96. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 21.73% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in SKX. BlackRock Inc. grew its position in shares of Skechers U.S.A. by 3,136.5% during the first quarter. BlackRock Inc. now owns 11,190,173 shares of the textile maker’s stock worth $307,170,000 after acquiring an additional 10,844,421 shares during the last quarter. Mik Capital LLC acquired a new stake in shares of Skechers U.S.A. during the second quarter worth $56,285,000. Amerigo Asset Management lifted its holdings in shares of 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 purchasing an additional 1,694,253 shares during the period. State Street Corp lifted its holdings in shares of 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 purchasing an additional 1,613,977 shares during the period. Finally, Prudential Financial Inc. lifted its holdings in shares of 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 purchasing an additional 1,282,260 shares during the period. Institutional investors and hedge funds own 70.52% of the company’s stock.
Skechers U.S.A. Company Profile
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.
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