Skechers USA (NYSE:SKX) Upgraded to “Outperform” at Wedbush

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Wedbush upgraded shares of Skechers USA (NYSE:SKX) from a neutral rating to an outperform rating in a research note released on Friday, BenzingaRatingsTable reports. The firm currently has $46.00 price target on the textile maker’s stock, up from their previous price target of $31.00. Wedbush also issued estimates for Skechers USA’s Q3 2019 earnings at $0.69 EPS, Q4 2019 earnings at $0.37 EPS and FY2020 earnings at $2.55 EPS.

Several other research analysts also recently weighed in on SKX. UBS Group increased their price target on Crowdstrike from $90.00 to $100.00 and gave the stock an outperform rating in a research note on Friday. They noted that the move was a valuation call. Susquehanna Bancshares upgraded Skechers USA from a neutral rating to a positive rating and increased their price target for the stock from $32.00 to $37.00 in a research note on Wednesday, March 27th. OTR Global upgraded Skechers USA from a mixed rating to a positive rating in a research note on Thursday, July 11th. Monness Crespi & Hardt reiterated a buy rating and set a $42.00 price target (up previously from $35.00) on shares of Skechers USA in a research note on Friday. They noted that the move was a valuation call. Finally, B. Riley reiterated a buy rating on shares of Skechers USA in a research note on Friday, April 26th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $37.33.

SKX stock opened at $39.63 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.51 and a quick ratio of 1.65. The company has a market cap of $6.18 billion, a P/E ratio of 20.64, a price-to-earnings-growth ratio of 2.67 and a beta of 0.72. Skechers USA has a fifty-two week low of $21.45 and a fifty-two week high of $40.50. The business’s fifty day moving average price is $32.26.

Skechers USA (NYSE:SKX) last posted its quarterly earnings results on Thursday, July 18th. The textile maker reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.16. The company had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.23 billion. Skechers USA had a return on equity of 14.59% and a net margin of 6.72%. The firm’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.29 EPS. On average, analysts predict that Skechers USA will post 2.09 EPS for the current fiscal year.

In other Skechers USA news, CEO Robert Greenberg sold 25,210 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $31.17, for a total value of $785,795.70. Following the completion of the transaction, the chief executive officer now owns 625,210 shares in the company, valued at approximately $19,487,795.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Phillip Paccione sold 9,693 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $31.17, for a total value of $302,130.81. Following the completion of the transaction, the general counsel now owns 64,693 shares of the company’s stock, valued at approximately $2,016,480.81. The disclosure for this sale can be found here. In the last 90 days, insiders sold 92,690 shares of company stock valued at $2,900,456. 28.08% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Cim LLC increased its stake in Skechers USA by 6.1% in the 2nd quarter. Cim LLC now owns 22,905 shares of the textile maker’s stock worth $721,000 after purchasing an additional 1,310 shares during the period. Hanseatic Management Services Inc. purchased a new position in Skechers USA in the 2nd quarter worth approximately $43,000. Commonwealth Equity Services LLC increased its stake in Skechers USA by 13.3% in the 2nd quarter. Commonwealth Equity Services LLC now owns 32,879 shares of the textile maker’s stock worth $1,035,000 after purchasing an additional 3,871 shares during the period. Machina Capital S.A.S. purchased a new position in Skechers USA in the 2nd quarter worth approximately $120,000. Finally, New York State Teachers Retirement System increased its stake in Skechers USA by 11.0% in the 2nd quarter. New York State Teachers Retirement System now owns 239,910 shares of the textile maker’s stock worth $7,555,000 after purchasing an additional 23,747 shares during the period. Institutional investors and hedge funds own 76.44% of the company’s stock.

Skechers USA Company Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.

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Analyst Recommendations for Skechers USA (NYSE:SKX)

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