Skechers U.S.A. (NYSE:SKX) Price Target Cut to $68.00

Skechers U.S.A. (NYSE:SKX - Get Free Report) had its price objective cut by Evercore ISI from $73.00 to $68.00 in a report issued on Wednesday, Benzinga reports. The firm currently has an "outperform" rating on the textile maker's stock. Evercore ISI's price objective points to a potential upside of 20.31% from the company's current price.

Several other equities analysts have also recently issued reports on SKX. Wedbush lowered their target price on shares of Skechers U.S.A. from $75.00 to $68.00 and set an "outperform" rating on the stock in a research note on Friday, February 2nd. Monness Crespi & Hardt increased their price objective on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the stock a "buy" rating in a research note on Thursday, January 18th. Stifel Nicolaus lowered their price objective on shares of Skechers U.S.A. from $72.00 to $70.00 and set a "buy" rating on the stock in a research note on Friday, February 2nd. Barclays started coverage on shares of Skechers U.S.A. in a research note on Monday, April 1st. They issued an "overweight" rating and a $71.00 price objective on the stock. Finally, Bank of America started coverage on shares of Skechers U.S.A. in a research note on Friday, March 8th. They issued a "neutral" rating and a $67.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $66.17.

Skechers U.S.A. Stock Down 1.5 %

SKX stock traded down $0.87 during trading on Wednesday, hitting $56.52. 1,617,606 shares of the stock traded hands, compared to its average volume of 1,582,052. Skechers U.S.A. has a 1 year low of $45.58 and a 1 year high of $65.17. The firm's 50 day moving average is $59.75 and its two-hundred day moving average is $57.59. The stock has a market cap of $8.66 billion, a price-to-earnings ratio of 16.28, a price-to-earnings-growth ratio of 1.02 and a beta of 1.32. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 1.46.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced its quarterly earnings data on Thursday, February 1st. The textile maker reported $0.56 EPS for the quarter, beating the consensus estimate of $0.52 by $0.04. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.03 billion. Skechers U.S.A. had a net margin of 6.82% and a return on equity of 12.89%. Skechers U.S.A.'s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.48 EPS. On average, sell-side analysts anticipate that Skechers U.S.A. will post 3.82 EPS for the current year.

Insiders Place Their Bets

In other Skechers U.S.A. news, CEO Robert Greenberg sold 30,339 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $1,854,016.29. Following the completion of the sale, the chief executive officer now directly owns 132,783 shares of the company's stock, valued at approximately $8,114,369.13. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Skechers U.S.A. news, CEO Robert Greenberg sold 30,339 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $1,854,016.29. Following the completion of the sale, the chief executive officer now directly owns 132,783 shares of the company's stock, valued at approximately $8,114,369.13. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark A. Nason sold 6,067 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $370,754.37. Following the sale, the executive vice president now directly owns 14,023 shares of the company's stock, valued at $856,945.53. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 254,875 shares of company stock worth $15,021,192. Company insiders own 24.79% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SKX. American Century Companies Inc. grew its holdings in shares of Skechers U.S.A. by 10.8% in the first quarter. American Century Companies Inc. now owns 16,901 shares of the textile maker's stock valued at $689,000 after purchasing an additional 1,654 shares in the last quarter. US Bancorp DE grew its holdings in shares of Skechers U.S.A. by 71.1% in the first quarter. US Bancorp DE now owns 2,416 shares of the textile maker's stock valued at $98,000 after purchasing an additional 1,004 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Skechers U.S.A. by 11.5% in the first quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the textile maker's stock valued at $260,000 after purchasing an additional 663 shares in the last quarter. Bank of Montreal Can grew its holdings in shares of Skechers U.S.A. by 8.6% in the first quarter. Bank of Montreal Can now owns 12,534 shares of the textile maker's stock valued at $519,000 after purchasing an additional 990 shares in the last quarter. Finally, MetLife Investment Management LLC grew its holdings in shares of Skechers U.S.A. by 34.4% in the first quarter. MetLife Investment Management LLC now owns 87,839 shares of the textile maker's stock valued at $3,580,000 after purchasing an additional 22,464 shares in the last quarter. 79.96% of the stock is 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.