Skechers U.S.A. (NYSE:SKX) Price Target Increased to $84.00 by Analysts at Morgan Stanley

Skechers U.S.A. (NYSE:SKX) had its target price hoisted by stock analysts at Morgan Stanley from $81.00 to $84.00 in a report released on Friday, Benzinga reports. The firm presently has an “overweight” rating on the textile maker’s stock. Morgan Stanley’s price target indicates a potential upside of 41.87% from the stock’s current price.

Several other research firms have also recently issued reports on SKX. Wedbush increased their target price on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Stifel Nicolaus boosted their target price on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a report on Friday, July 26th. TD Cowen cut their target price on shares of Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Barclays lifted their price target on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, July 26th. Finally, Evercore ISI increased their price objective on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Skechers U.S.A. presently has a consensus rating of “Buy” and a consensus price target of $78.09.

Skechers U.S.A. Price Performance

NYSE SKX opened at $59.21 on Friday. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01. Skechers U.S.A. has a 12 month low of $45.58 and a 12 month high of $75.09. The stock has a market cap of $9.03 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 0.89 and a beta of 1.22. The company’s 50 day moving average is $65.98 and its two-hundred day moving average is $66.11.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The company had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same quarter in the previous year, the company earned $0.93 EPS. Skechers U.S.A.’s revenue for the quarter was up 16.0% on a year-over-year basis. As a group, research analysts anticipate that Skechers U.S.A. will post 4.15 earnings per share for the current year.

Skechers U.S.A. declared that its board has approved a stock buyback program on Thursday, July 25th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the textile maker to buy up to 10.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Skechers U.S.A.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SKX. Vanguard Group Inc. increased its position in shares of Skechers U.S.A. by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 12,724,299 shares of the textile maker’s stock valued at $779,491,000 after purchasing an additional 97,666 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Skechers U.S.A. by 3.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,885,723 shares of the textile maker’s stock worth $130,350,000 after buying an additional 55,095 shares during the period. Vaughan Nelson Investment Management L.P. raised its stake in shares of Skechers U.S.A. by 62.6% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,232,993 shares of the textile maker’s stock valued at $75,534,000 after acquiring an additional 474,524 shares during the period. Coronation Fund Managers Ltd. lifted its holdings in shares of Skechers U.S.A. by 195.1% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 492,585 shares of the textile maker’s stock worth $34,047,000 after acquiring an additional 325,653 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Skechers U.S.A. by 38.6% during the 2nd quarter. American Century Companies Inc. now owns 330,769 shares of the textile maker’s stock worth $22,863,000 after purchasing an additional 92,093 shares during the period. 79.96% of the stock is currently owned by hedge funds and other 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.