Needham & Company LLC Reiterates Hold Rating for Skechers U.S.A. (NYSE:SKX)

Key Points

• Needham & Company LLC has reiterated a "hold" rating for Skechers U.S.A. (NYSE:SKX), indicating a cautious stance on the stock's performance.
• Skechers U.S.A. reported earnings per share of $1.13, surpassing analyst expectations of $0.86, while also showing a revenue increase of 13.1% year-over-year.
• The company's stock currently has a consensus rating of "Hold" with an average price target of $66.46, according to MarketBeat.

Skechers U.S.A. (NYSE:SKX - Get Free Report)'s stock had its "hold" rating reiterated by equities researchers at Needham & Company LLC in a report released on Wednesday,Benzinga reports.

A number of other research firms also recently weighed in on SKX. Barclays reiterated an "equal weight" rating and set a $63.00 target price (up previously from $53.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. Wall Street Zen assumed coverage on Skechers U.S.A. in a research report on Thursday, May 22nd. They issued a "sell" rating on the stock. Argus cut Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price target on the stock. in a research report on Tuesday. Zacks Research raised Skechers U.S.A. from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. Finally, Monness Crespi & Hardt cut Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 7th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $66.46.

Skechers U.S.A. Stock Down 0.0%

SKX stock opened at $63.03 on Wednesday. Skechers U.S.A. has a fifty-two week low of $44.50 and a fifty-two week high of $78.85. The business's 50 day moving average price is $63.05 and its two-hundred day moving average price is $59.55. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.29 and a current ratio of 2.09. The company has a market capitalization of $9.47 billion, a price-to-earnings ratio of 14.39 and a beta of 1.16.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last posted its earnings results on Friday, August 8th. The textile maker reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.27. Skechers U.S.A. had a return on equity of 13.44% and a net margin of 7.07%.The firm had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the business earned $0.91 EPS. The business's revenue for the quarter was up 13.1% on a year-over-year basis. As a group, analysts forecast that Skechers U.S.A. will post 4.47 earnings per share for the current fiscal year.

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

A number of hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. raised its holdings in Skechers U.S.A. by 15,774.3% in the 1st quarter. Victory Capital Management Inc. now owns 3,949,844 shares of the textile maker's stock worth $224,272,000 after acquiring an additional 3,924,962 shares during the last quarter. Fiduciary Management Inc. WI raised its stake in Skechers U.S.A. by 12.9% during the 1st quarter. Fiduciary Management Inc. WI now owns 2,833,785 shares of the textile maker's stock valued at $160,902,000 after buying an additional 324,007 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Skechers U.S.A. by 26.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,795,753 shares of the textile maker's stock valued at $158,739,000 after buying an additional 583,733 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Skechers U.S.A. by 7.6% during the 1st quarter. Bank of New York Mellon Corp now owns 2,482,980 shares of the textile maker's stock valued at $140,984,000 after buying an additional 174,697 shares during the last quarter. Finally, Nomura Holdings Inc. purchased a new stake in Skechers U.S.A. during the 2nd quarter valued at $140,963,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

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.

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