Skechers U.S.A. (NYSE:SKX) Given Equal Weight Rating at Morgan Stanley

Skechers U.S.A. (NYSE:SKX - Get Free Report)'s stock had its "equal weight" rating reissued by Morgan Stanley in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $63.00 target price on the textile maker's stock, down from their prior target price of $73.00. Morgan Stanley's target price indicates a potential upside of 2.65% from the stock's previous close.

Several other research analysts have also weighed in on the company. Evercore ISI lowered their price objective on Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating for the company in a research report on Thursday, April 17th. TD Cowen boosted their target price on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the stock a "buy" rating in a research report on Wednesday, January 8th. Needham & Company LLC restated a "hold" rating on shares of Skechers U.S.A. in a research report on Tuesday, April 22nd. Barclays reaffirmed an "equal weight" rating and set a $63.00 price target (up from $53.00) on shares of Skechers U.S.A. in a research report on Tuesday. Finally, Bank of America decreased their price target on Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating for the company in a research note on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Skechers U.S.A. has a consensus rating of "Moderate Buy" and a consensus target price of $70.00.

Skechers U.S.A. Stock Performance

SKX opened at $61.38 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12. The firm has a market cap of $9.17 billion, a P/E ratio of 14.79, a PEG ratio of 1.11 and a beta of 1.06. The company has a 50 day simple moving average of $53.25 and a two-hundred day simple moving average of $62.08. Skechers U.S.A. has a 1-year low of $44.50 and a 1-year high of $78.85.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The textile maker reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.17. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. The company had revenue of $2.41 billion for the quarter, compared to analysts' expectations of $2.43 billion. During the same quarter in the prior year, the firm earned $1.33 earnings per share. Skechers U.S.A.'s revenue was up 7.1% compared to the same quarter last year. Equities analysts forecast that Skechers U.S.A. will post 4.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO David Weinberg sold 36,000 shares of the business's stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total transaction of $2,257,920.00. Following the sale, the chief operating officer now directly owns 54,499 shares of the company's stock, valued at $3,418,177.28. The trade was a 39.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert Greenberg sold 52,600 shares of the business's stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total value of $3,299,072.00. Following the completion of the transaction, the chief executive officer now directly owns 61,367 shares of the company's stock, valued at approximately $3,848,938.24. This trade represents a 46.15 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 218,245 shares of company stock valued at $13,452,902. Insiders own 24.78% of the company's stock.

Institutional Investors Weigh In On Skechers U.S.A.

A number of hedge funds have recently added to or reduced their stakes in SKX. Vanguard Group Inc. grew its position in Skechers U.S.A. by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 12,544,233 shares of the textile maker's stock worth $843,474,000 after purchasing an additional 82,143 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Skechers U.S.A. by 15,774.3% during 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 period. Anomaly Capital Management LP lifted its stake in shares of Skechers U.S.A. by 51.2% in the 4th quarter. Anomaly Capital Management LP now owns 2,989,015 shares of the textile maker's stock valued at $200,981,000 after purchasing an additional 1,011,815 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Skechers U.S.A. by 7.6% in the first quarter. Bank of New York Mellon Corp now owns 2,482,980 shares of the textile maker's stock worth $140,984,000 after buying an additional 174,697 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Skechers U.S.A. by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 2,294,976 shares of the textile maker's stock worth $154,361,000 after buying an additional 78,071 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Skechers U.S.A. Company Profile

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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