Skechers U.S.A. (NYSE:SKX) Lowered to "Hold" Rating by Argus

Key Points

• Skechers U.S.A. has been downgraded by Argus from a "buy" rating to a "hold" rating, indicating a shift in investment sentiment towards the company's stock.
• Other analysts have also adjusted their ratings, with both Morgan Stanley and Raymond James Financial assigning hold ratings and setting a price objective of $63.00, a decrease from previous estimates.
• The company's recent earnings report showed a 13.1% increase in year-over-year revenue, with earnings per share of $1.13, surpassing expectations.

Skechers U.S.A. (NYSE:SKX - Get Free Report) was downgraded by equities researchers at Argus from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Tuesday,Finviz reports.

Several other equities analysts have also recently weighed in on SKX. Morgan Stanley restated an "equal weight" rating and set a $63.00 price objective (down from $73.00) on shares of Skechers U.S.A. in a research note on Wednesday, May 7th. Raymond James Financial cut Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research note on Monday, May 5th. TD Cowen cut Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price objective on the stock. in a research note on Wednesday, May 28th. UBS Group restated a "neutral" rating and set a $63.00 price objective (down from $64.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. Finally, Wall Street Zen began coverage on Skechers U.S.A. in a research note on Thursday, May 22nd. They set a "sell" rating on the stock. Five research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $66.75.

Skechers U.S.A. Price Performance

Shares of SKX opened at $63.0050 on Tuesday. Skechers U.S.A. has a 12-month low of $44.50 and a 12-month high of $78.85. The business's fifty day moving average is $63.02 and its 200 day moving average is $59.50. The company has a quick ratio of 1.29, a current ratio of 2.09 and a debt-to-equity ratio of 0.02. The stock has a market cap of $9.47 billion, a P/E ratio of 14.38 and a beta of 1.16.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its earnings results on Friday, August 8th. The textile maker reported $1.13 earnings per share (EPS) 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 company had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.35 billion. During the same period last year, the business earned $0.91 EPS. Skechers U.S.A.'s quarterly revenue was up 13.1% compared to the same quarter last year. Sell-side analysts anticipate that Skechers U.S.A. will post 4.47 earnings per share for the current fiscal year.

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

Several large investors have recently made changes to their positions in SKX. Banque Transatlantique SA purchased a new stake in shares of Skechers U.S.A. during the 1st quarter valued at $26,000. NewEdge Advisors LLC increased its position in shares of Skechers U.S.A. by 85.2% during the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock valued at $28,000 after purchasing an additional 190 shares during the last quarter. Hantz Financial Services Inc. increased its position in shares of Skechers U.S.A. by 297.5% during the 2nd quarter. Hantz Financial Services Inc. now owns 477 shares of the textile maker's stock valued at $30,000 after purchasing an additional 357 shares during the last quarter. Investment Management Corp VA ADV purchased a new stake in shares of Skechers U.S.A. during the 4th quarter valued at $32,000. Finally, Parallel Advisors LLC increased its position in shares of Skechers U.S.A. by 183.0% during the 1st quarter. Parallel Advisors LLC now owns 617 shares of the textile maker's stock valued at $35,000 after purchasing an additional 399 shares during the last quarter. 79.96% of the stock is owned by hedge funds and other institutional investors.

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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