Skechers U.S.A., Inc. (SKX) Earns “Buy” Rating from Cowen and Company

Cowen and Company reissued their buy rating on shares of Skechers U.S.A., Inc. (NYSE:SKX) in a research report report published on Friday. The brokerage currently has a $35.00 price objective on the textile maker’s stock.

A number of other research firms have also issued reports on SKX. Vetr lowered shares of Skechers U.S.A. from a strong-buy rating to a hold rating and set a $33.73 price target for the company. in a research report on Monday, October 23rd. Zacks Investment Research raised shares of Skechers U.S.A. from a sell rating to a hold rating and set a $38.00 price target for the company in a research report on Monday, October 23rd. BidaskClub raised shares of Skechers U.S.A. from a sell rating to a hold rating in a research report on Saturday, August 12th. OTR Global raised shares of Skechers U.S.A. from a mixed rating to a positive rating in a research report on Tuesday, July 18th. Finally, Susquehanna Bancshares Inc reissued a positive rating and set a $34.00 price target (up from $32.00) on shares of Skechers U.S.A. in a research report on Sunday, July 23rd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. Skechers U.S.A. currently has an average rating of Hold and a consensus price target of $34.39.

Shares of Skechers U.S.A. (SKX) opened at 32.94 on Friday. The firm’s 50-day moving average is $26.54 and its 200-day moving average is $26.72. The stock has a market capitalization of $5.22 billion, a PE ratio of 22.84 and a beta of 0.19. Skechers U.S.A. has a one year low of $19.59 and a one year high of $34.87.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, October 19th. The textile maker reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.16. Skechers U.S.A. had a net margin of 6.38% and a return on equity of 13.70%. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same period last year, the firm posted $0.42 EPS. Skechers U.S.A.’s revenue for the quarter was up 16.2% compared to the same quarter last year. On average, analysts expect that Skechers U.S.A. will post $1.71 earnings per share for the current fiscal year.

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In related news, Director Richard Siskind sold 25,500 shares of the business’s stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $33.40, for a total value of $851,700.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Phillip Paccione sold 1,004 shares of the business’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $27.24, for a total transaction of $27,348.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 206,504 shares of company stock valued at $6,588,649. Insiders own 38.20% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of SKX. Seven Eight Capital LP purchased a new stake in Skechers U.S.A. in the 2nd quarter worth $105,000. Tower Research Capital LLC TRC increased its holdings in Skechers U.S.A. by 430.9% in the 1st quarter. Tower Research Capital LLC TRC now owns 3,844 shares of the textile maker’s stock worth $106,000 after acquiring an additional 3,120 shares in the last quarter. Aviance Capital Management LLC purchased a new stake in Skechers U.S.A. in the 2nd quarter worth $109,000. Exane Derivatives purchased a new stake in Skechers U.S.A. in the 2nd quarter worth $118,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Skechers U.S.A. by 12.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,594 shares of the textile maker’s stock worth $136,000 after acquiring an additional 503 shares in the last quarter. 70.60% of the stock is owned by institutional investors.

About Skechers U.S.A.

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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