Skechers U.S.A. (NYSE:SKX) Trading Down 2.9%

Skechers U.S.A., Inc. (NYSE:SKX)’s stock price was down 2.9% during mid-day trading on Thursday . The company traded as low as $69.27 and last traded at $69.70. Approximately 222,186 shares were traded during trading, a decline of 87% from the average daily volume of 1,689,173 shares. The stock had previously closed at $71.75.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SKX shares. TD Cowen boosted their price target on Skechers U.S.A. from $70.00 to $74.00 and gave the company a “buy” rating in a report on Wednesday, March 6th. Bank of America raised Skechers U.S.A. from a “neutral” rating to a “buy” rating and increased their target price for the stock from $71.00 to $87.00 in a research report on Friday, June 7th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $82.00 target price on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Wedbush reissued an “outperform” rating and issued a $76.00 target price on shares of Skechers U.S.A. in a research report on Friday, May 17th. Finally, Evercore ISI decreased their target price on Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating for the company in a research report on Wednesday, April 17th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $72.00.

Skechers U.S.A. Trading Down 1.0 %

The stock has a market capitalization of $10.55 billion, a PE ratio of 18.19, a P/E/G ratio of 1.00 and a beta of 1.28. The company has a current ratio of 2.39, a quick ratio of 1.56 and a debt-to-equity ratio of 0.02. The stock has a 50 day moving average price of $68.94 and a 200-day moving average price of $63.58.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.23. The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.20 billion. Skechers U.S.A. had a return on equity of 13.56% and a net margin of 7.17%. Skechers U.S.A.’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.02 earnings per share. Sell-side analysts expect that Skechers U.S.A., Inc. will post 4.08 earnings per share for the current year.

Insider Buying and Selling at Skechers U.S.A.

In other news, General Counsel Phillip Paccione sold 423 shares of Skechers U.S.A. stock in a transaction dated Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total value of $29,377.35. Following the sale, the general counsel now directly owns 35,000 shares of the company’s stock, valued at $2,430,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SKX. PNC Financial Services Group Inc. grew its position in Skechers U.S.A. by 7.9% in the third quarter. PNC Financial Services Group Inc. now owns 5,225 shares of the textile maker’s stock worth $256,000 after acquiring an additional 381 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Skechers U.S.A. during the third quarter valued at approximately $219,000. Envestnet Asset Management Inc. boosted its position in shares of Skechers U.S.A. by 56.8% during the third quarter. Envestnet Asset Management Inc. now owns 96,433 shares of the textile maker’s stock valued at $4,720,000 after buying an additional 34,926 shares during the period. Natixis Advisors L.P. boosted its position in shares of Skechers U.S.A. by 34.6% during the third quarter. Natixis Advisors L.P. now owns 89,367 shares of the textile maker’s stock valued at $4,374,000 after buying an additional 22,948 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in shares of Skechers U.S.A. by 43.0% during the third quarter. Tower Research Capital LLC TRC now owns 18,729 shares of the textile maker’s stock valued at $917,000 after buying an additional 5,633 shares during the period. Hedge funds and other institutional investors 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.