Skechers U.S.A. (NYSE:SKX) Cut to Hold at StockNews.com

StockNews.com downgraded shares of Skechers U.S.A. (NYSE:SKX) from a buy rating to a hold rating in a research report released on Wednesday morning.

A number of other research analysts have also weighed in on the stock. Bank of America decreased their target price on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, October 25th. Needham & Company LLC started coverage on Skechers U.S.A. in a report on Friday, November 22nd. They set a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Barclays increased their price target on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Finally, TD Cowen upped their price objective on Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $78.42.

Skechers U.S.A. Trading Up 1.1 %

Shares of Skechers U.S.A. stock opened at $70.09 on Wednesday. Skechers U.S.A. has a twelve month low of $55.67 and a twelve month high of $75.09. The firm’s 50-day moving average price is $66.81 and its 200 day moving average price is $65.66. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $10.58 billion, a PE ratio of 17.26, a P/E/G ratio of 0.86 and a beta of 1.19.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.15 by $0.11. The firm had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.93 earnings per share. On average, sell-side analysts predict that Skechers U.S.A. will post 4.24 EPS for the current fiscal year.

Insider Transactions at Skechers U.S.A.

In other Skechers U.S.A. news, COO David Weinberg sold 8,219 shares of the stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $554,618.12. Following the sale, the chief operating officer now directly owns 122,211 shares of the company’s stock, valued at approximately $8,246,798.28. This represents a 6.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, President Michael Greenberg sold 10,274 shares of the business’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $693,289.52. Following the transaction, the president now owns 149,327 shares of the company’s stock, valued at approximately $10,076,585.96. The trade was a 6.44 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 24.75% of the company’s stock.

Institutional Trading of Skechers U.S.A.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Seven Eight Capital LP raised its stake in Skechers U.S.A. by 126.1% during the 2nd quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock worth $2,033,000 after acquiring an additional 16,408 shares in the last quarter. Sanctuary Advisors LLC increased its position in shares of Skechers U.S.A. by 88.1% during the third quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock worth $1,822,000 after purchasing an additional 13,836 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Skechers U.S.A. by 22.3% in the 3rd quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker’s stock valued at $9,295,000 after purchasing an additional 25,289 shares during the last quarter. Transform Wealth LLC purchased a new position in Skechers U.S.A. during the 3rd quarter worth approximately $7,186,000. Finally, National Bank of Canada FI increased its position in Skechers U.S.A. by 2,340.0% during the third quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker’s stock worth $4,732,000 after buying an additional 67,812 shares during the period. Institutional investors and hedge funds own 79.96% of the company’s stock.

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.