Skechers U.S.A. (NYSE:SKX) Rating Increased to Strong-Buy at Zacks Research

Key Points

• Skechers U.S.A. has been upgraded to a strong-buy rating by Zacks Research, indicating increased investor confidence.
• The company reported $1.13 earnings per share for its latest quarter, surpassing the consensus estimate of $0.86, alongside a 13.1% year-over-year revenue increase.
• Currently, Skechers U.S.A.'s stock has a market cap of $9.47 billion and a consensus price target of $66.46 from various analysts.

Skechers U.S.A. (NYSE:SKX - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

Other research analysts also recently issued reports about the company. UBS Group reissued a "neutral" rating and issued a $63.00 price objective (down from $64.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. Wells Fargo & Company boosted their price objective on Skechers U.S.A. from $57.00 to $63.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Raymond James Financial cut shares of Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a report on Monday, May 5th. Wall Street Zen began coverage on Skechers U.S.A. in a research report on Thursday, May 22nd. They set a "sell" rating for the company. Finally, Morgan Stanley reaffirmed an "equal weight" rating and set a $63.00 price target (down from $73.00) on shares of Skechers U.S.A. in a research report on Wednesday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $66.46.

Skechers U.S.A. Trading Down 0.0%

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

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its quarterly earnings data on Friday, August 8th. The textile maker reported $1.13 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $2.35 billion. During the same quarter last year, the business posted $0.91 EPS. Skechers U.S.A.'s revenue for the quarter was up 13.1% on a year-over-year basis. Equities analysts predict that Skechers U.S.A. will post 4.47 EPS for the current fiscal year.

Institutional Trading of Skechers U.S.A.

A number of institutional investors have recently modified their holdings of the company. Mariner LLC grew its stake in shares of Skechers U.S.A. by 39.7% in the 4th quarter. Mariner LLC now owns 7,200 shares of the textile maker's stock worth $484,000 after buying an additional 2,045 shares during the last quarter. NewEdge Advisors LLC grew its position in Skechers U.S.A. by 85.2% in the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock worth $28,000 after purchasing an additional 190 shares during the period. Stifel Financial Corp grew its holdings in Skechers U.S.A. by 0.6% during the fourth quarter. Stifel Financial Corp now owns 73,257 shares of the textile maker's stock valued at $4,926,000 after purchasing an additional 449 shares during the period. Tudor Investment Corp ET AL raised its stake in Skechers U.S.A. by 604.2% during the 4th quarter. Tudor Investment Corp ET AL now owns 103,692 shares of the textile maker's stock worth $6,972,000 after acquiring an additional 88,968 shares during the period. Finally, Northern Trust Corp lifted its position in shares of Skechers U.S.A. by 29.6% in the fourth quarter. Northern Trust Corp now owns 1,171,106 shares of the textile maker's stock valued at $78,745,000 after acquiring an additional 267,778 shares in the last quarter. 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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