Skechers U.S.A. (NYSE:SKX) Price Target Cut to $68.00 by Analysts at Evercore ISI

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

SKX has been the subject of several other research reports. Monness Crespi & Hardt raised their price target on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the company a buy rating in a research report on Thursday, January 18th. Wedbush cut their target price on shares of Skechers U.S.A. from $75.00 to $68.00 and set an outperform rating for the company in a research report on Friday, February 2nd. Bank of America began coverage on shares of Skechers U.S.A. in a research report on Friday, March 8th. They issued a neutral rating and a $67.00 target price for the company. Raymond James cut their target price on shares of Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating for the company in a research report on Monday, February 5th. Finally, TD Cowen lifted their price target on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the stock a buy rating in a research note on Wednesday, March 6th. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $66.17.

Skechers U.S.A. Price Performance

Shares of NYSE SKX opened at $56.52 on Wednesday. Skechers U.S.A. has a fifty-two week low of $45.58 and a fifty-two week high of $65.17. The company has a 50 day simple moving average of $59.74 and a two-hundred day simple moving average of $57.58. The company has a market capitalization of $8.66 billion, a price-to-earnings ratio of 16.19, a P/E/G ratio of 1.04 and a beta of 1.32. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.46 and a current ratio of 2.38.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter last year, the firm earned $0.48 earnings per share. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. Analysts expect that Skechers U.S.A. will post 3.82 EPS for the current fiscal year.

Insider Buying and Selling at Skechers U.S.A.

In other Skechers U.S.A. news, COO David Weinberg sold 67,390 shares of Skechers U.S.A. stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $3,899,859.30. Following the sale, the chief operating officer now directly owns 141,405 shares in the company, valued at approximately $8,183,107.35. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Mark A. Nason sold 6,067 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $61.11, for a total value of $370,754.37. Following the sale, the executive vice president now directly owns 14,023 shares in the company, valued at approximately $856,945.53. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO David Weinberg sold 67,390 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the completion of the sale, the chief operating officer now owns 141,405 shares in the company, valued at $8,183,107.35. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 254,875 shares of company stock worth $15,021,192. Insiders own 24.79% of the company’s stock.

Institutional Trading of Skechers U.S.A.

A number of large investors have recently made changes to their positions in SKX. Advisors Asset Management Inc. bought a new stake in shares of Skechers U.S.A. in the 1st quarter worth about $25,000. Fred Alger Management LLC bought a new stake in shares of Skechers U.S.A. in the 1st quarter worth about $26,000. Huntington National Bank increased its holdings in shares of Skechers U.S.A. by 861.7% in the 3rd quarter. Huntington National Bank now owns 577 shares of the textile maker’s stock worth $28,000 after buying an additional 517 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of Skechers U.S.A. in the 3rd quarter worth about $31,000. Finally, Lazard Asset Management LLC increased its holdings in shares of Skechers U.S.A. by 117.7% in the 3rd quarter. Lazard Asset Management LLC now owns 651 shares of the textile maker’s stock worth $31,000 after buying an additional 352 shares during the last quarter. 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.