Evercore ISI Cuts Skechers U.S.A. (NYSE:SKX) Price Target to $60.00

Skechers U.S.A. (NYSE:SKX - Get Free Report) had its price objective dropped by research analysts at Evercore ISI from $78.00 to $60.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the textile maker's stock. Evercore ISI's target price would indicate a potential upside of 24.91% from the company's previous close.

Several other equities analysts have also recently commented on the stock. Bank of America decreased their price target on shares of Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating for the company in a research report on Monday, March 24th. UBS Group lowered their target price on shares of Skechers U.S.A. from $65.00 to $64.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Raymond James dropped their target price on 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 restated 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 Skechers U.S.A. from $80.00 to $77.00 and set an "overweight" rating on the stock in a research note on Monday, February 10th. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, Skechers U.S.A. currently has a consensus rating of "Moderate Buy" and an average price target of $74.67.

Skechers U.S.A. Stock Up 2.7 %

Shares of SKX traded up $1.26 during mid-day trading on Thursday, hitting $48.04. 3,845,663 shares of the company traded hands, compared to its average volume of 2,259,253. The company has a quick ratio of 1.12, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. Skechers U.S.A. has a 1-year low of $44.50 and a 1-year high of $78.85. The company has a market capitalization of $7.17 billion, a PE ratio of 11.57, a price-to-earnings-growth ratio of 1.11 and a beta of 1.08. The business has a 50 day moving average of $56.09 and a 200 day moving average of $63.14.

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 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 research analysts anticipate that Skechers U.S.A. will post 4.47 EPS for the current year.

Insider Buying and Selling at Skechers U.S.A.

In other news, General Counsel Phillip Paccione sold 10,994 shares of Skechers U.S.A. stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $56.63, for a total value of $622,590.22. Following the completion of the transaction, the general counsel now owns 15,000 shares in the company, valued at approximately $849,450. This trade represents a 42.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Michael Greenberg sold 33,656 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.76, for a total value of $2,044,938.56. Following the transaction, the president now owns 137,530 shares in the company, valued at $8,356,322.80. This trade represents a 19.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 218,245 shares of company stock valued at $13,452,902 in the last ninety days. Insiders own 24.75% of the company's stock.

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

Hedge funds and other institutional investors have recently modified their holdings of the company. Te Ahumairangi Investment Management Ltd increased its position in shares of Skechers U.S.A. by 31.0% in the third quarter. Te Ahumairangi Investment Management Ltd now owns 89,950 shares of the textile maker's stock worth $5,985,000 after acquiring an additional 21,275 shares in the last quarter. Sanctuary Advisors LLC raised its position in Skechers U.S.A. by 88.1% during the third quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker's stock valued at $1,822,000 after buying an additional 13,836 shares during the period. World Investment Advisors LLC acquired a new stake in Skechers U.S.A. during the 3rd quarter worth about $1,182,000. Tidal Investments LLC grew its stake in Skechers U.S.A. by 24.3% during the 3rd quarter. Tidal Investments LLC now owns 51,827 shares of the textile maker's stock valued at $3,468,000 after acquiring an additional 10,122 shares in the last quarter. Finally, Nordea Investment Management AB acquired a new position in shares of Skechers U.S.A. in the 4th quarter valued at about $2,752,000. Institutional investors and hedge funds 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.