Skechers U.S.A. (NYSE:SKX) Upgraded by Bank of America to “Buy”

Skechers U.S.A. (NYSE:SKX) was upgraded by analysts at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Friday, MarketBeat reports. The firm presently has a $87.00 price target on the textile maker’s stock, up from their previous price target of $71.00. Bank of America‘s target price suggests a potential upside of 19.39% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Stifel Nicolaus increased their price target on shares of Skechers U.S.A. from $74.00 to $81.00 and gave the company a “buy” rating in a report on Tuesday, May 28th. Evercore ISI cut their price objective on Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating for the company in a research report on Wednesday, April 17th. Wedbush reaffirmed an “outperform” rating and set a $76.00 price objective on shares of Skechers U.S.A. in a research note on Friday, May 17th. TD Cowen boosted their target price on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Finally, Barclays initiated coverage on shares of Skechers U.S.A. in a research note on Monday, April 1st. They issued an “overweight” rating and a $71.00 target price for the company. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $69.42.

Skechers U.S.A. Stock Up 2.6 %

Shares of NYSE:SKX opened at $72.87 on Friday. The firm has a 50 day simple moving average of $64.44 and a 200-day simple moving average of $62.12. The company has a current ratio of 2.39, a quick ratio of 1.56 and a debt-to-equity ratio of 0.02. Skechers U.S.A. has a twelve month low of $45.58 and a twelve month high of $73.84. The company has a market capitalization of $11.11 billion, a PE ratio of 19.18, a P/E/G ratio of 1.24 and a beta of 1.28.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.23. The firm had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.20 billion. Skechers U.S.A. had a return on equity of 13.56% and a net margin of 7.17%. The business’s revenue was up 12.5% on a year-over-year basis. During the same quarter last year, the company posted $1.02 earnings per share. On average, equities analysts predict that Skechers U.S.A. will post 4.06 EPS for the current fiscal year.

Insider Buying and Selling

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 423 shares of Skechers U.S.A. stock in a transaction that occurred 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 transaction, the general counsel now directly owns 35,000 shares of the company’s stock, valued at $2,430,750. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, COO David Weinberg sold 20,226 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $61.11, for a total value of $1,236,010.86. Following the completion of the sale, the chief operating officer now owns 99,655 shares of the company’s stock, valued at $6,089,917.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Phillip Paccione sold 423 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total value of $29,377.35. Following the sale, the general counsel now owns 35,000 shares in the company, valued at $2,430,750. The disclosure for this sale can be found here. In the last quarter, insiders sold 82,337 shares of company stock valued at $5,035,142. 24.75% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Redmont Wealth Advisors LLC purchased a new stake in Skechers U.S.A. during the 1st quarter worth $25,000. Bessemer Group Inc. grew its stake in shares of Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after acquiring an additional 164 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Skechers U.S.A. during the fourth quarter worth about $36,000. Huntington National Bank lifted its stake in shares of Skechers U.S.A. by 861.7% in the third quarter. Huntington National Bank now owns 577 shares of the textile maker’s stock worth $28,000 after acquiring an additional 517 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in Skechers U.S.A. in the third quarter valued at about $31,000. 79.96% of the stock is 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.