Wedbush lowered shares of Skechers U.S.A. (NYSE:SKX) from an outperform rating to a neutral rating in a report released on Friday morning, Marketbeat reports. They currently have $34.00 target price on the textile maker’s stock, down from their prior target price of $46.00. Wedbush also issued estimates for Skechers U.S.A.’s Q2 2018 earnings at $0.40 EPS and FY2019 earnings at $2.30 EPS.
SKX has been the subject of a number of other reports. Citigroup initiated coverage on Skechers U.S.A. in a report on Wednesday, April 18th. They set a buy rating and a $50.00 price objective for the company. Vetr raised Skechers U.S.A. from a sell rating to a hold rating and set a $39.03 price objective for the company in a report on Monday, February 19th. B. Riley set a $50.00 price objective on Skechers U.S.A. and gave the stock a buy rating in a report on Tuesday, April 17th. ValuEngine raised Skechers U.S.A. from a buy rating to a strong-buy rating in a report on Monday, April 2nd. Finally, Buckingham Research reissued a buy rating and set a $48.00 price objective on shares of Skechers U.S.A. in a report on Wednesday, April 18th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $42.40.
Shares of SKX opened at $29.12 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.40 and a quick ratio of 2.21. The company has a market cap of $4,918.60, a price-to-earnings ratio of 16.36, a P/E/G ratio of 0.89 and a beta of 0.31. Skechers U.S.A. has a 52 week low of $22.64 and a 52 week high of $43.08.
Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, April 19th. The textile maker reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01. The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.20 billion. Skechers U.S.A. had a return on equity of 15.30% and a net margin of 4.67%. The company’s revenue for the quarter was up 16.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 EPS. analysts expect that Skechers U.S.A. will post 2.3 EPS for the current year.
Skechers U.S.A. declared that its Board of Directors has authorized a share repurchase program on Thursday, February 8th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the textile maker to reacquire shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
In other news, CEO Robert Greenberg sold 37,814 shares of the business’s stock in a transaction that occurred on Friday, March 2nd. The stock was sold at an average price of $40.34, for a total value of $1,525,416.76. Following the transaction, the chief executive officer now owns 704,397 shares in the company, valued at approximately $28,415,374.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Phillip Paccione sold 17,432 shares of the business’s stock in a transaction that occurred on Friday, March 23rd. The stock was sold at an average price of $38.04, for a total value of $663,113.28. Following the completion of the transaction, the general counsel now owns 47,432 shares in the company, valued at approximately $1,804,313.28. The disclosure for this sale can be found here. Insiders sold a total of 95,286 shares of company stock worth $3,804,003 in the last 90 days. Company insiders own 38.20% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. boosted its stake in shares of Skechers U.S.A. by 82.0% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 19,347 shares of the textile maker’s stock worth $732,000 after buying an additional 8,716 shares during the last quarter. Xact Kapitalforvaltning AB purchased a new position in Skechers U.S.A. in the fourth quarter valued at approximately $480,000. Sterling Capital Management LLC purchased a new position in Skechers U.S.A. in the fourth quarter valued at approximately $1,256,000. MetLife Investment Advisors LLC purchased a new position in Skechers U.S.A. in the fourth quarter valued at approximately $3,206,000. Finally, Macquarie Group Ltd. lifted its stake in Skechers U.S.A. by 18.5% in the fourth quarter. Macquarie Group Ltd. now owns 101,085 shares of the textile maker’s stock valued at $3,825,000 after purchasing an additional 15,785 shares during the last quarter. Hedge funds and other institutional investors own 73.05% of the company’s stock.
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Skechers U.S.A. 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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