Morgan Stanley Reaffirms “Equal Weight” Rating for Skechers U.S.A. (NYSE:SKX)

Skechers U.S.A. (NYSE:SKX)‘s stock had its “equal weight” rating reaffirmed by equities researchers at Morgan Stanley in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $63.00 price objective on the textile maker’s stock, down from their prior price objective of $73.00. Morgan Stanley’s price objective indicates a potential upside of 2.49% from the company’s previous close.

A number of other equities analysts have also recently issued reports on SKX. Stifel Nicolaus cut their target price on Skechers U.S.A. from $80.00 to $62.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Monness Crespi & Hardt decreased their target price on shares of Skechers U.S.A. from $85.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Bank of America dropped their price target on shares of Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Wells Fargo & Company boosted their price objective on Skechers U.S.A. from $57.00 to $63.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, TD Cowen raised their target price on Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $70.00.

Skechers U.S.A. Price Performance

Skechers U.S.A. stock opened at $61.47 on Wednesday. The stock has a market capitalization of $9.18 billion, a price-to-earnings ratio of 14.81, a PEG ratio of 1.11 and a beta of 1.06. 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 stock’s 50 day moving average price is $53.32 and its two-hundred day moving average price is $62.07.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, April 24th. The textile maker reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.17. Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. The business had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the firm earned $1.33 earnings per share. Skechers U.S.A.’s revenue was up 7.1% on a year-over-year basis. On average, equities analysts predict that Skechers U.S.A. will post 4.47 earnings per share for the current year.

Insider Activity

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SKX. Raymond James Financial Inc. purchased a new position in shares of Skechers U.S.A. in the fourth quarter worth $12,852,000. Schroder Investment Management Group raised its stake in shares of Skechers U.S.A. by 11.3% during the fourth quarter. Schroder Investment Management Group now owns 177,343 shares of the textile maker’s stock valued at $12,010,000 after acquiring an additional 18,024 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Skechers U.S.A. by 15.2% during the fourth quarter. Assenagon Asset Management S.A. now owns 120,007 shares of the textile maker’s stock worth $8,069,000 after purchasing an additional 15,874 shares during the period. Nordea Investment Management AB bought a new stake in shares of Skechers U.S.A. in the fourth quarter worth about $2,752,000. Finally, Delphi Management Inc. MA bought a new stake in shares of Skechers U.S.A. in the fourth quarter worth about $1,517,000. 79.96% of the stock is currently owned by 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.