Bank of America Lowers Skechers U.S.A. (NYSE:SKX) Price Target to $70.00

Skechers U.S.A. (NYSE:SKX - Get Free Report) had its target price dropped by investment analysts at Bank of America from $76.00 to $70.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the textile maker's stock. Bank of America's target price suggests a potential upside of 22.68% from the company's previous close.

SKX has been the subject of a number of other research reports. StockNews.com downgraded Skechers U.S.A. from a "buy" rating to a "hold" rating in a research report on Monday, February 10th. Piper Sandler assumed coverage on shares of Skechers U.S.A. in a research note on Tuesday, December 10th. They set a "neutral" rating and a $65.00 price objective for the company. Raymond James decreased their target price on shares of Skechers U.S.A. from $80.00 to $75.00 and set an "outperform" rating on the stock in a research report on Friday, February 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of Skechers U.S.A. in a research report on Friday, February 7th. Finally, Barclays decreased their price target on shares of Skechers U.S.A. from $80.00 to $77.00 and set an "overweight" rating on the stock in a report on Monday, February 10th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $80.42.

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Skechers U.S.A. Trading Down 1.3 %

NYSE:SKX traded down $0.74 on Monday, reaching $57.06. The stock had a trading volume of 448,674 shares, compared to its average volume of 2,016,104. Skechers U.S.A. has a 12-month low of $53.79 and a 12-month high of $78.85. The company has a market cap of $8.52 billion, a price-to-earnings ratio of 13.74, a P/E/G ratio of 1.11 and a beta of 1.21. The firm's fifty day moving average is $64.54 and its two-hundred day moving average is $65.27. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The textile maker reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.08). Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. Equities analysts expect that Skechers U.S.A. will post 4.47 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO John M. Vandemore sold 5,112 shares of Skechers U.S.A. stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $60.76, for a total transaction of $310,605.12. Following the sale, the chief financial officer now owns 83,328 shares of the company's stock, valued at $5,063,009.28. The trade was a 5.78 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Phillip Paccione sold 10,994 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $56.63, for a total transaction of $622,590.22. Following the completion of the transaction, the general counsel now directly owns 15,000 shares of the company's stock, valued at approximately $849,450. The trade was a 42.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 236,738 shares of company stock valued at $14,700,809. Corporate insiders own 24.75% of the company's stock.

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

Hedge funds and other institutional investors have recently bought and sold shares of the business. NewEdge Advisors LLC grew its position in shares of Skechers U.S.A. by 85.2% during the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock worth $28,000 after buying an additional 190 shares in the last quarter. TD Private Client Wealth LLC boosted its stake in Skechers U.S.A. by 534.3% during the 4th quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker's stock valued at $29,000 after acquiring an additional 358 shares during the last quarter. Investment Management Corp VA ADV acquired a new position in Skechers U.S.A. during the 4th quarter worth $32,000. UMB Bank n.a. raised its stake in shares of Skechers U.S.A. by 53.1% in the 4th quarter. UMB Bank n.a. now owns 689 shares of the textile maker's stock valued at $46,000 after purchasing an additional 239 shares in the last quarter. Finally, IFP Advisors Inc raised its stake in shares of Skechers U.S.A. by 62.4% in the 4th quarter. IFP Advisors Inc now owns 825 shares of the textile maker's stock valued at $55,000 after purchasing an additional 317 shares in the last quarter. 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.