Skechers U.S.A. (NYSE:SKX) Receives “Equal Weight” Rating from Barclays

Barclays reaffirmed their equal weight rating on shares of Skechers U.S.A. (NYSE:SKX) in a report released on Tuesday,Benzinga reports. The brokerage currently has a $63.00 price target on the textile maker’s stock, up from their prior price target of $53.00.

SKX has been the subject of several other reports. Morgan Stanley lowered their target price on Skechers U.S.A. from $80.00 to $73.00 and set an “overweight” rating for the company in a report on Friday, April 25th. Monness Crespi & Hardt dropped their target price on shares of Skechers U.S.A. from $85.00 to $70.00 and set a “buy” rating on the stock in a report on Friday, April 25th. Bank of America reduced their price target on shares of Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating for the company in a report on Monday, March 24th. Raymond James dropped their price objective 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. Finally, TD Cowen boosted their price objective on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $70.77.

Skechers U.S.A. Price Performance

Shares of SKX stock opened at $61.38 on Tuesday. The stock has a 50 day moving average price of $53.25 and a 200 day moving average price of $62.08. Skechers U.S.A. has a 52-week low of $44.50 and a 52-week high of $78.85. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.12 and a current ratio of 1.97. The firm has a market capitalization of $9.17 billion, a P/E ratio of 14.79, a P/E/G ratio of 1.11 and a beta of 1.06.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, April 24th. The textile maker reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.17. The business had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.43 billion. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period last year, the company earned $1.33 earnings per share. As a group, sell-side analysts predict that Skechers U.S.A. will post 4.47 earnings per share for the current year.

Insider Transactions at Skechers U.S.A.

In other Skechers U.S.A. news, CEO Robert Greenberg sold 52,600 shares of Skechers U.S.A. stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total transaction of $3,299,072.00. Following the completion of the sale, the chief executive officer now owns 61,367 shares of the company’s stock, valued at approximately $3,848,938.24. The trade was a 46.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO David Weinberg sold 36,000 shares of the stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total value of $2,257,920.00. Following the completion of the transaction, the chief operating officer now directly owns 54,499 shares in the company, valued at $3,418,177.28. This represents a 39.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 218,245 shares of company stock worth $13,452,902. Insiders own 24.78% of the company’s stock.

Institutional Investors Weigh In On Skechers U.S.A.

A number of institutional investors and hedge funds have recently modified their holdings of the company. NewEdge Advisors LLC raised its position in Skechers U.S.A. by 85.2% during the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker’s stock worth $28,000 after buying an additional 190 shares during the last quarter. TD Private Client Wealth LLC increased its stake in shares of Skechers U.S.A. by 534.3% in the fourth quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock worth $29,000 after acquiring an additional 358 shares during the period. Investment Management Corp VA ADV purchased a new position in shares of Skechers U.S.A. during the fourth quarter worth $32,000. Parallel Advisors LLC lifted its position in Skechers U.S.A. by 183.0% during the first quarter. Parallel Advisors LLC now owns 617 shares of the textile maker’s stock valued at $35,000 after purchasing an additional 399 shares during the period. Finally, Golden State Wealth Management LLC purchased a new stake in Skechers U.S.A. in the first quarter valued at $35,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

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.