Wedbush Lowers Skechers U.S.A. (NYSE:SKX) Price Target to $68.00

Skechers U.S.A. (NYSE:SKXFree Report) had its target price reduced by Wedbush from $75.00 to $68.00 in a report published on Friday morning, Benzinga reports. They currently have an outperform rating on the textile maker’s stock. Wedbush also issued estimates for Skechers U.S.A.’s Q1 2024 earnings at $1.09 EPS and FY2025 earnings at $4.25 EPS.

Several other brokerages also recently issued reports on SKX. StockNews.com initiated coverage on Skechers U.S.A. in a research report on Thursday, October 5th. They issued a buy rating on the stock. Monness Crespi & Hardt upped their price objective on 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. Raymond James upped their target price on Skechers U.S.A. from $56.00 to $68.00 and gave the company an outperform rating in a research note on Tuesday, January 30th. Finally, Stifel Nicolaus upped their target price on Skechers U.S.A. from $62.00 to $72.00 and gave the company a buy rating in a research note on Thursday, December 14th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Skechers U.S.A. currently has an average rating of Moderate Buy and an average target price of $64.56.

Read Our Latest Analysis on SKX

Skechers U.S.A. Stock Up 2.0 %

Skechers U.S.A. stock opened at $58.17 on Friday. The stock’s 50 day moving average price is $61.76 and its 200 day moving average price is $54.36. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 1.46. The company has a market cap of $8.96 billion, a PE ratio of 16.67 and a beta of 1.36. Skechers U.S.A. has a 1-year low of $41.56 and a 1-year high of $65.17.

Skechers U.S.A. (NYSE:SKXGet Free Report) last posted its earnings results on Thursday, February 1st. The textile maker reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.04. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.03 billion. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. Skechers U.S.A.’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.48 earnings per share. On average, sell-side analysts predict that Skechers U.S.A. will post 3.8 EPS for the current fiscal year.

Insider Activity

In related news, Director Katherine J. Blair purchased 4,900 shares of Skechers U.S.A. stock in a transaction dated Friday, November 10th. The shares were acquired at an average price of $49.93 per share, with a total value of $244,657.00. Following the completion of the transaction, the director now owns 15,400 shares of the company’s stock, valued at approximately $768,922. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Katherine J. Blair purchased 4,900 shares of Skechers U.S.A. stock in a transaction dated Friday, November 10th. The shares were acquired at an average price of $49.93 per share, with a total value of $244,657.00. Following the completion of the transaction, the director now owns 15,400 shares of the company’s stock, valued at approximately $768,922. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Phillip Paccione sold 581 shares of the stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $58.75, for a total transaction of $34,133.75. Following the transaction, the general counsel now directly owns 40,000 shares in the company, valued at approximately $2,350,000. The disclosure for this sale can be found here. Insiders sold 216,186 shares of company stock worth $12,764,321 over the last ninety days. Corporate insiders own 24.79% of the company’s stock.

Hedge Funds Weigh In On Skechers U.S.A.

Large investors have recently bought and sold shares of the business. American Century Companies Inc. increased its stake in shares of Skechers U.S.A. by 10.8% during the first quarter. American Century Companies Inc. now owns 16,901 shares of the textile maker’s stock valued at $689,000 after acquiring an additional 1,654 shares during the period. US Bancorp DE increased its stake in shares of Skechers U.S.A. by 71.1% during the first quarter. US Bancorp DE now owns 2,416 shares of the textile maker’s stock valued at $98,000 after acquiring an additional 1,004 shares during the period. PNC Financial Services Group Inc. grew its position in Skechers U.S.A. by 11.5% in the first quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the textile maker’s stock worth $260,000 after buying an additional 663 shares during the last quarter. Bank of Montreal Can boosted its stake in Skechers U.S.A. by 8.6% in the 1st quarter. Bank of Montreal Can now owns 12,534 shares of the textile maker’s stock worth $519,000 after purchasing an additional 990 shares during the period. Finally, MetLife Investment Management LLC boosted its stake in Skechers U.S.A. by 34.4% in the 1st quarter. MetLife Investment Management LLC now owns 87,839 shares of the textile maker’s stock worth $3,580,000 after purchasing an additional 22,464 shares during the period. Institutional investors own 80.54% of the company’s stock.

About Skechers U.S.A.

(Get Free Report)

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through two segments, Wholesale and Direct-to-Consumer. It offers casual, casual athletic, sport athletic, trail, sandals, boots, and retro fashion footwear for men and women under the Skechers USA, Skechers Sport, Skechers Active, Modern Comfort, Skechers Street, Foamies, Mark Nason, and BOBS brands; sneakers, casuals, boots, and sandals for boys and girls under the S-Lights, Skech-Air, Foamies, Twinkle Toes, Skechers Stretch Fit, and Skechers Street brands; and technical footwear under the Skechers GOrun, Skechers GOwalk, Skechers GOtrain, Skechers GOtrail, and Skechers GO Golf brands, as well as Skechers Viper Court for pickleball.

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