TD Cowen Issues Positive Forecast for Skechers U.S.A. (NYSE:SKX) Stock Price

Skechers U.S.A. (NYSE:SKX - Get Free Report) had its target price lifted by analysts at TD Cowen from $88.00 to $93.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the textile maker's stock. TD Cowen's price objective would suggest a potential upside of 34.33% from the stock's previous close.

Several other equities research analysts also recently commented on the company. Bank of America cut their price objective on Skechers U.S.A. from $81.00 to $80.00 and set a "buy" rating for the company in a report on Friday, October 25th. StockNews.com upgraded Skechers U.S.A. from a "hold" rating to a "buy" rating in a report on Thursday, December 19th. Piper Sandler started coverage on Skechers U.S.A. in a research note on Tuesday, December 10th. They issued a "neutral" rating and a $65.00 price objective on the stock. Needham & Company LLC started coverage on Skechers U.S.A. in a research note on Friday, November 22nd. They issued a "hold" rating on the stock. Finally, Morgan Stanley upped their price objective on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $78.42.

Skechers U.S.A. Trading Down 1.0 %

NYSE:SKX traded down $0.67 on Wednesday, reaching $69.23. The company's stock had a trading volume of 1,484,576 shares, compared to its average volume of 1,443,071. The firm has a market cap of $10.45 billion, a PE ratio of 17.05, a PEG ratio of 0.98 and a beta of 1.19. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The business's 50-day moving average price is $65.58 and its two-hundred day moving average price is $65.63. Skechers U.S.A. has a 1-year low of $55.67 and a 1-year high of $75.09.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last posted its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $0.11. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The business had revenue of $2.35 billion during the quarter, compared to analysts' expectations of $2.31 billion. During the same period in the prior year, the business earned $0.93 EPS. Skechers U.S.A.'s revenue for the quarter was up 16.0% compared to the same quarter last year. Equities research analysts anticipate that Skechers U.S.A. will post 4.24 earnings per share for the current fiscal year.

Insider Activity

In other news, President Michael Greenberg sold 10,274 shares of Skechers U.S.A. stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $693,289.52. Following the completion of the transaction, the president now directly owns 149,327 shares of the company's stock, valued at approximately $10,076,585.96. This trade represents a 6.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO David Weinberg sold 8,219 shares of the firm's stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $554,618.12. Following the sale, the chief operating officer now directly owns 122,211 shares of the company's stock, valued at approximately $8,246,798.28. This trade represents a 6.30 % decrease in their position. The disclosure for this sale can be found here. Insiders own 24.75% of the company's stock.

Institutional Trading of Skechers U.S.A.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. TD Asset Management Inc raised its holdings in shares of Skechers U.S.A. by 5.7% in the second quarter. TD Asset Management Inc now owns 32,838 shares of the textile maker's stock valued at $2,270,000 after purchasing an additional 1,764 shares during the last quarter. Los Angeles Capital Management LLC bought a new position in Skechers U.S.A. in the 2nd quarter valued at $632,000. Texas Permanent School Fund Corp boosted its stake in Skechers U.S.A. by 8.6% during the second quarter. Texas Permanent School Fund Corp now owns 127,017 shares of the textile maker's stock valued at $8,779,000 after buying an additional 10,095 shares during the period. Headlands Technologies LLC grew its holdings in shares of Skechers U.S.A. by 517.2% during the second quarter. Headlands Technologies LLC now owns 16,269 shares of the textile maker's stock worth $1,125,000 after purchasing an additional 13,633 shares in the last quarter. Finally, American Century Companies Inc. raised its position 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 valued at $22,863,000 after buying an additional 92,093 shares in the last quarter. 79.96% of the stock is owned by 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.