Evercore ISI Trims Skechers U.S.A. (NYSE:SKX) Target Price to $68.00

Skechers U.S.A. (NYSE:SKX) had its price objective lowered by Evercore ISI from $73.00 to $68.00 in a research report released on Wednesday morning, Benzinga reports. Evercore ISI currently has an outperform rating on the textile maker’s stock.

A number of other equities analysts also recently issued reports on the company. Barclays started coverage on Skechers U.S.A. in a report on Monday, April 1st. They issued an overweight rating and a $71.00 price objective for the company. TD Cowen lifted 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 report on Wednesday, March 6th. Monness Crespi & Hardt boosted their target price on Skechers U.S.A. from $60.00 to $72.00 and gave the stock a buy rating in a report on Thursday, January 18th. Stifel Nicolaus reduced their price target on Skechers U.S.A. from $72.00 to $70.00 and set a buy rating for the company in a report on Friday, February 2nd. Finally, Bank of America began coverage on shares of Skechers U.S.A. in a research note on Friday, March 8th. They issued a neutral rating and a $67.00 price target on the stock. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Skechers U.S.A. currently has a consensus rating of Moderate Buy and a consensus price target of $66.17.

Skechers U.S.A. Stock Down 0.8 %

Shares of Skechers U.S.A. stock opened at $56.43 on Wednesday. The company’s fifty day simple moving average is $59.67 and its two-hundred day simple moving average is $57.63. Skechers U.S.A. has a 12-month low of $45.58 and a 12-month high of $65.17. The company has a current ratio of 2.38, a quick ratio of 1.46 and a debt-to-equity ratio of 0.06. The company has a market cap of $8.65 billion, a P/E ratio of 16.17, a PEG ratio of 1.02 and a beta of 1.32.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.04. Skechers U.S.A. had a net margin of 6.82% and a return on equity of 12.89%. The company had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the previous year, the company earned $0.48 earnings per share. Skechers U.S.A.’s quarterly revenue was up 4.4% on a year-over-year basis. Research analysts anticipate that Skechers U.S.A. will post 3.82 EPS for the current year.

Insider Activity at Skechers U.S.A.

In other Skechers U.S.A. news, CEO Robert Greenberg sold 99,139 shares of Skechers U.S.A. stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $5,737,173.93. Following the completion of the sale, the chief executive officer now owns 196,050 shares of the company’s stock, valued at approximately $11,345,413.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, President Michael Greenberg sold 25,282 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $1,544,983.02. Following the completion of the sale, the president now owns 123,441 shares of the company’s stock, valued at approximately $7,543,479.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Robert Greenberg sold 99,139 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total transaction of $5,737,173.93. Following the completion of the transaction, the chief executive officer now directly owns 196,050 shares in the company, valued at approximately $11,345,413.50. The disclosure for this sale can be found here. Insiders have sold a total of 254,875 shares of company stock worth $15,021,192 over the last quarter. Company insiders own 24.79% of the company’s stock.

Institutional Trading of Skechers U.S.A.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SKX. Redmont Wealth Advisors LLC bought a new stake in shares of Skechers U.S.A. during the 1st quarter valued at $25,000. Advisors Asset Management Inc. bought a new stake in Skechers U.S.A. during the first quarter valued at about $25,000. Fred Alger Management LLC purchased a new stake in Skechers U.S.A. in the first quarter worth about $26,000. GAMMA Investing LLC bought a new position in shares of Skechers U.S.A. in the fourth quarter worth about $36,000. Finally, Huntington National Bank lifted its position in shares of Skechers U.S.A. by 861.7% during the 3rd quarter. Huntington National Bank now owns 577 shares of the textile maker’s stock valued at $28,000 after buying an additional 517 shares in the last quarter. 79.96% of the stock is owned by hedge funds and other institutional investors.

Skechers U.S.A. Company Profile

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.