Citigroup Increases Skechers USA (SKX) Price Target to $45.00

Skechers USA (NYSE:SKX) had its target price raised by stock analysts at Citigroup from $34.00 to $45.00 in a report released on Wednesday, MarketBeat Ratings reports. The brokerage presently has a “buy” rating on the textile maker’s stock. Citigroup’s price target suggests a potential upside of 13.58% from the company’s previous close.

Several other equities analysts also recently commented on SKX. Vetr downgraded shares of Skechers USA from a “strong-buy” rating to a “hold” rating and set a $33.73 price target on the stock. in a report on Monday, October 23rd. Susquehanna Bancshares reiterated a “buy” rating and set a $34.00 price target on shares of Skechers USA in a report on Tuesday, October 10th. Wells Fargo & Co upped their price target on shares of Skechers USA from $33.00 to $36.00 and gave the company a “market perform” rating in a report on Friday, October 20th. Cowen reiterated a “buy” rating and set a $38.00 price target on shares of Skechers USA in a report on Friday, November 3rd. Finally, Argus upgraded shares of Skechers USA from a “hold” rating to a “buy” rating in a report on Friday, December 15th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $38.55.

Skechers USA (NYSE SKX) opened at $39.62 on Wednesday. The firm has a market cap of $6,280.00, a price-to-earnings ratio of 24.46, a P/E/G ratio of 1.24 and a beta of 0.14. Skechers USA has a one year low of $22.31 and a one year high of $39.71. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.30 and a current ratio of 3.46.

Skechers USA (NYSE:SKX) last posted its earnings results on Thursday, October 19th. The textile maker reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.16. Skechers USA had a net margin of 6.38% and a return on equity of 13.70%. The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the firm posted $0.42 EPS. The business’s quarterly revenue was up 16.2% on a year-over-year basis. research analysts expect that Skechers USA will post 1.71 earnings per share for the current year.

In other Skechers USA news, Director Richard Siskind sold 25,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 24th. The shares were sold at an average price of $33.40, for a total transaction of $851,700.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Morton D. Erlich sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, November 22nd. The shares were sold at an average price of $33.66, for a total transaction of $134,640.00. Following the transaction, the director now owns 12,000 shares in the company, valued at approximately $403,920. The disclosure for this sale can be found here. Insiders have sold a total of 786,250 shares of company stock worth $28,248,288 in the last 90 days. 21.73% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Skechers USA by 5.0% during the 2nd quarter. Vanguard Group Inc. now owns 10,543,894 shares of the textile maker’s stock valued at $311,045,000 after purchasing an additional 500,360 shares in the last quarter. State Street Corp increased its stake in Skechers USA by 47.2% during the 2nd quarter. State Street Corp now owns 5,031,124 shares of the textile maker’s stock valued at $148,423,000 after purchasing an additional 1,613,977 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Skechers USA by 9.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,844,216 shares of the textile maker’s stock valued at $54,403,000 after purchasing an additional 162,641 shares in the last quarter. Boston Partners increased its stake in Skechers USA by 2.6% during the 3rd quarter. Boston Partners now owns 1,604,706 shares of the textile maker’s stock valued at $40,262,000 after purchasing an additional 41,403 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Skechers USA by 1.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,548,759 shares of the textile maker’s stock valued at $38,859,000 after purchasing an additional 19,722 shares in the last quarter. Institutional investors and hedge funds own 70.12% of the company’s stock.

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About Skechers USA

Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.

Analyst Recommendations for Skechers USA (NYSE:SKX)

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