Skechers U.S.A., Inc. (SKX) Price Target Raised to $34.00

Skechers U.S.A., Inc. (NYSE:SKX) had its price objective upped by Citigroup Inc. from $30.00 to $34.00 in a research note released on Friday, July 21st. The firm currently has a buy rating on the textile maker’s stock.

Several other analysts also recently issued reports on SKX. UBS AG raised Skechers U.S.A. from a neutral rating to a positive rating in a report on Monday, June 5th. B. Riley reaffirmed a buy rating and set a $37.00 target price on shares of Skechers U.S.A. in a research note on Friday, July 21st. BidaskClub downgraded Skechers U.S.A. from a buy rating to a hold rating in a research note on Thursday, July 13th. Morgan Stanley lifted their target price on Skechers U.S.A. from $25.00 to $26.00 and gave the company an equal weight rating in a research note on Tuesday, June 6th. Finally, Vetr downgraded Skechers U.S.A. from a strong-buy rating to a buy rating and set a $32.12 target price on the stock. in a research note on Monday, July 17th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company’s stock. Skechers U.S.A. presently has a consensus rating of Buy and a consensus price target of $31.10.

Shares of Skechers U.S.A. (SKX) opened at 27.93 on Friday. Skechers U.S.A. has a 1-year low of $18.81 and a 1-year high of $30.00. The stock has a market cap of $4.35 billion, a PE ratio of 19.37 and a beta of 0.18. The stock’s 50 day moving average price is $28.41 and its 200 day moving average price is $26.34.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, July 20th. The textile maker reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by $0.06. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $966.46 million. Skechers U.S.A. had a return on equity of 12.79% and a net margin of 5.92%. The company’s revenue for the quarter was up 16.9% on a year-over-year basis. During the same period last year, the business posted $0.48 EPS. On average, equities research analysts anticipate that Skechers U.S.A. will post $1.58 EPS for the current fiscal year.

In other Skechers U.S.A. news, Director Richard Rappaport sold 1,500 shares of the business’s stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $28.38, for a total value of $42,570.00. Following the transaction, the director now owns 20,000 shares in the company, valued at $567,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 38.20% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. FMR LLC boosted its stake in shares of Skechers U.S.A. by 0.3% in the first quarter. FMR LLC now owns 20,061,114 shares of the textile maker’s stock worth $550,678,000 after buying an additional 62,666 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Skechers U.S.A. by 3,136.5% in the first quarter. BlackRock Inc. now owns 11,190,173 shares of the textile maker’s stock worth $307,170,000 after buying an additional 10,844,421 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Skechers U.S.A. by 1.0% in the first quarter. Vanguard Group Inc. now owns 10,043,534 shares of the textile maker’s stock worth $275,695,000 after buying an additional 99,851 shares in the last quarter. Amerigo Asset Management boosted its stake in shares of Skechers U.S.A. by 38.2% in the second quarter. Amerigo Asset Management now owns 6,134,253 shares of the textile maker’s stock worth $180,960,000 after buying an additional 1,694,253 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Skechers U.S.A. by 2.8% in the first quarter. State Street Corp now owns 3,417,147 shares of the textile maker’s stock worth $93,798,000 after buying an additional 93,722 shares in the last quarter. 65.00% 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.