Skechers USA (NYSE:SKX) Rating reiterated by Berenberg Bank
Skechers USA (NYSE: SKX – Get a rating)The stock was reaffirmed its “buy” rating by equity researchers at Berenberg Bank in a report released on Tuesday, TipRanks reports. They currently have a price target of $71.00 on shares of the textile maker. Berenberg Bank’s target price would indicate a potential upside of 88.63% from the company’s current price.
SKX has been the subject of several other reports. OTR Global upgraded Skechers USA from a “mixed” rating to a “positive” rating in a Tuesday, April 5 research report. StockNews.com launched a hedge on Skechers USA shares in a research note on Thursday, March 31. They issued a “hold” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft lowered its price target on Skechers USA shares from $62.00 to $61.00 in a Monday, April 25 research report. Four analysts gave the stock a hold rating and nine gave the company a buy rating. According to data from MarketBeat, Skechers USA currently has a consensus rating of “Buy” and a consensus target price of $56.78.
Skechers USA stock traded down $0.80 at midday on Tuesday, hitting $37.64. The company’s shares had a trading volume of 8,656 shares, compared to its average volume of 1,433,582. The company has a current ratio of 2.44, a quick ratio of 1.41 and a debt ratio of of 0.07. Skechers USA has a 12-month low of $33.50 and a 12-month high of $55.87. The company has a 50-day moving average price of $39.01 and a 200-day moving average price of $42.75. The company has a market capitalization of $5.87 billion, a price-earnings ratio of 7.73 and a beta of 1.33.
Skechers USA (NYSE: SKX – Get a rating) last released its quarterly results on Tuesday, April 26. The textile maker reported earnings per share (EPS) of $0.80 for the quarter, beating the consensus estimate of $0.72 by $0.08. Skechers USA had a return on equity of 12.94% and a net margin of 11.45%. In the same period a year earlier, the company had earned earnings per share of $0.63. On average, stock analysts expect Skechers USA to post EPS of 2.84 for the current fiscal year.
In other news, COO David Weinberg sold 56,722 shares of the company in a trade that took place on Wednesday, March 2. The shares were sold at an average price of $43.30, for a total transaction of $2,456,062.60. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via the SEC website. Also, the president Michael Greenberg bought 75,000 shares of Skechers USA in a trade that took place on Friday, March 4. The shares were purchased at an average price of $38.23 per share, for a total transaction of $2,867,250.00. Disclosure of this purchase can be found here. During the last quarter, insiders sold 153,501 shares of the company valued at $6,646,593. 24.44% of the shares are currently held by company insiders.
Several hedge funds have recently changed their positions in SKX. Fifth Third Bancorp increased its position in Skechers USA by 79.3% during the 1st quarter. Fifth Third Bancorp now owns 710 shares of the textile maker worth $29,000 after buying 314 more shares last quarter. Covestor Ltd acquired a new position in shares of Skechers USA during the fourth quarter worth $31,000. Allworth Financial LP increased its stake in Skechers USA shares by 198.4% in the fourth quarter. Allworth Financial LP now owns 761 shares of the textile maker valued at $33,000 after acquiring an additional 506 shares in the last quarter. Cornerstone Advisory LLC acquired a new stake in shares of Skechers USA during the 4th quarter at a value of $34,000. Finally, Prospera Financial Services Inc acquired a new stake in Skechers USA during the 1st quarter for a value of approximately $34,000. Institutional investors and hedge funds hold 79.71% of the company’s shares.
Skechers USA Company Profile (Get a rating)
Skechers U.SA, Inc designs, develops, markets and distributes footwear for men, women and children; and performance footwear for men and women worldwide. The Company operates through three segments: Domestic Wholesale, International Wholesale and Direct-to-Consumer. It offers casual, athletic casual, athletic, trail shoes, sandals, boots and retro fashion shoes for men and women under the brands Skechers USA, Skechers Sport, Skechers Active, Modern Comfort, Skechers Street, Mark Nason and BOBS; sneakers, casual shoes, boots and sandals for boys and girls under the brands Skechers Mega-Craft, S-Lights, SKECH-AIR, Foamies, Twinkle Toes, Z-Strap, Skechers Stretch Fit and Skechers Street; and technical footwear under the Skechers GOrun, Skechers GOwalk, Skechers GOtrain, Skechers GOtrail and Skechers GO Golf brands.
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