Skechers U.S.A. (NYSE:SKX) Price Target Lowered to $80.00 at Bank of America

Skechers U.S.A. (NYSE:SKX - Get Free Report) had its price objective reduced by investment analysts at Bank of America from $81.00 to $80.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a "buy" rating on the textile maker's stock. Bank of America's price target points to a potential upside of 35.08% from the stock's previous close.

Other equities analysts have also issued research reports about the company. Stifel Nicolaus boosted their price objective on Skechers U.S.A. from $81.00 to $83.00 and gave the stock a "buy" rating in a research note on Friday, July 26th. Barclays upped their price target on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the stock an "overweight" rating in a research report on Friday, July 26th. TD Cowen dropped 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. Evercore ISI upped their target price on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the stock an "outperform" rating in a research report on Friday, July 26th. Finally, Wedbush raised their price target on shares of Skechers U.S.A. from $76.00 to $79.00 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, the stock presently has an average rating of "Buy" and an average price target of $78.09.

Skechers U.S.A. Price Performance

Shares of NYSE:SKX traded down $2.41 on Friday, hitting $59.23. The stock had a trading volume of 6,641,117 shares, compared to its average volume of 1,871,951. The firm's 50 day moving average price is $65.98 and its 200-day moving average price is $66.11. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06. Skechers U.S.A. has a twelve month low of $45.58 and a twelve month high of $75.09. The company has a market capitalization of $9.03 billion, a price-to-earnings ratio of 15.59, a price-to-earnings-growth ratio of 0.89 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.11. The firm had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.31 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The company's revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.93 earnings per share. On average, equities research analysts predict that Skechers U.S.A. will post 4.15 earnings per share for the current year.

Skechers U.S.A. declared that its Board of Directors has authorized a share repurchase program on Thursday, July 25th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the textile maker to repurchase up to 10.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

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

Several institutional investors have recently modified their holdings of SKX. Redmont Wealth Advisors LLC bought a new position in Skechers U.S.A. in the first quarter valued at approximately $25,000. Bessemer Group Inc. grew its holdings in shares of Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker's stock worth $25,000 after buying an additional 164 shares in the last quarter. UMB Bank n.a. grew its stake in shares of Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker's stock worth $30,000 after acquiring an additional 364 shares in the last quarter. Versant Capital Management Inc raised its holdings in shares of Skechers U.S.A. by 2,809.1% in the second quarter. Versant Capital Management Inc now owns 640 shares of the textile maker's stock valued at $44,000 after purchasing an additional 618 shares during the last quarter. Finally, Sunbelt Securities Inc. bought a new stake in shares of Skechers U.S.A. in the first quarter worth $45,000. Institutional investors own 79.96% of the company's stock.

About Skechers U.S.A.

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.