Skechers U.S.A. (NYSE:SKX) Upgraded by Wall Street Zen to Hold Rating

Key Points

• Skechers U.S.A. was upgraded to a "hold" rating by Wall Street Zen, while Zacks Research upgraded it to a "strong-buy" and Wells Fargo raised the target price from $57.00 to $63.00.
• The company's stock currently has a consensus rating of "Hold" and a target price of $66.46, with several analysts providing various ratings including one "Strong Buy" and nine "Hold" ratings.
• Skechers reported better-than-expected earnings with an EPS of $1.13 for the quarter, exceeding estimates and achieving a 13.1% increase in revenue compared to the previous year.

Wall Street Zen upgraded shares of Skechers U.S.A. (NYSE:SKX - Free Report) to a hold rating in a research note issued to investors on Saturday morning.

A number of other analysts have also recently weighed in on the stock. TD Cowen cut shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price target on the stock. in a report on Wednesday, May 28th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $63.00 price objective (down from $73.00) on shares of Skechers U.S.A. in a research report on Wednesday, May 7th. Monness Crespi & Hardt lowered shares of Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 7th. Wells Fargo & Company increased their price objective on shares of Skechers U.S.A. from $57.00 to $63.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Finally, Argus lowered shares of Skechers U.S.A. from a "buy" rating to a "hold" rating and set a $63.00 price objective for the company. in a research report on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $66.46.

Skechers U.S.A. Stock Up 0.1%

NYSE SKX traded up $0.08 during trading on Friday, reaching $63.16. 2,647,790 shares of the company's stock traded hands, compared to its average volume of 4,475,431. Skechers U.S.A. has a 12-month low of $44.50 and a 12-month high of $78.85. The firm has a market cap of $9.49 billion, a price-to-earnings ratio of 14.42 and a beta of 1.19. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.09 and a quick ratio of 1.29. The company's 50 day simple moving average is $63.08 and its two-hundred day simple moving average is $59.47.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its quarterly earnings results on Friday, August 8th. The textile maker reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.86 by $0.27. Skechers U.S.A. had a net margin of 7.07% and a return on equity of 13.44%. The business 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. The company's revenue was up 13.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Skechers U.S.A. will post 4.47 EPS for the current fiscal year.

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

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. HB Wealth Management LLC grew its stake in Skechers U.S.A. by 4.3% in the first quarter. HB Wealth Management LLC now owns 4,107 shares of the textile maker's stock valued at $233,000 after acquiring an additional 168 shares during the period. Cim LLC grew its stake in Skechers U.S.A. by 0.9% in the first quarter. Cim LLC now owns 19,440 shares of the textile maker's stock valued at $1,104,000 after acquiring an additional 169 shares during the period. National Bank of Canada FI grew its stake in Skechers U.S.A. by 8.5% in the first quarter. National Bank of Canada FI now owns 2,400 shares of the textile maker's stock valued at $136,000 after acquiring an additional 189 shares during the period. NewEdge Advisors LLC grew its stake in Skechers U.S.A. by 85.2% in the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock valued at $28,000 after acquiring an additional 190 shares during the period. Finally, PNC Financial Services Group Inc. grew its stake in Skechers U.S.A. by 2.8% in the first quarter. PNC Financial Services Group Inc. now owns 7,551 shares of the textile maker's stock valued at $429,000 after acquiring an additional 204 shares during the period. Institutional investors and hedge funds own 79.96% of the company's stock.

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.