Skechers U.S.A., Inc. (NYSE:SKX) Short Interest Up 28.5% in June

Skechers U.S.A., Inc. (NYSE:SKX) was the target of a large increase in short interest in June. As of June 15th, there was short interest totalling 3,430,000 shares, an increase of 28.5% from the May 31st total of 2,670,000 shares. Based on an average daily volume of 1,740,000 shares, the days-to-cover ratio is presently 2.0 days. Approximately 2.6% of the shares of the stock are sold short.

Skechers U.S.A. Trading Down 1.0 %

NYSE SKX opened at $69.12 on Friday. The stock has a market cap of $10.54 billion, a PE ratio of 18.19, a PEG ratio of 1.00 and a beta of 1.28. Skechers U.S.A. has a 12 month low of $45.58 and a 12 month high of $75.09. The company’s 50-day moving average price is $68.94 and its 200-day moving average price is $63.60. The company has a current ratio of 2.39, a quick ratio of 1.56 and a debt-to-equity ratio of 0.02.

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

Wall Street Analysts Forecast Growth

SKX has been the subject of several research reports. TD Cowen increased their price objective on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Evercore ISI lowered their price target on shares of Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. Bank of America raised Skechers U.S.A. from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $71.00 to $87.00 in a research note on Friday, June 7th. Wells Fargo & Company started coverage on Skechers U.S.A. in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 price objective for the company. Finally, Wedbush reissued an “outperform” rating and set a $76.00 target price on shares of Skechers U.S.A. in a research report on Friday, May 17th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Skechers U.S.A. has an average rating of “Moderate Buy” and a consensus target price of $72.00.

Insiders Place Their Bets

In related news, General Counsel Phillip Paccione sold 423 shares of the business’s 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 in the company, valued at $2,430,750. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. increased its stake in shares of Skechers U.S.A. by 7.9% during the third quarter. PNC Financial Services Group Inc. now owns 5,225 shares of the textile maker’s stock valued at $256,000 after buying an additional 381 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new position in Skechers U.S.A. during the 3rd quarter valued at about $219,000. Envestnet Asset Management Inc. raised its holdings in shares of Skechers U.S.A. by 56.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 96,433 shares of the textile maker’s stock valued at $4,720,000 after purchasing an additional 34,926 shares in the last quarter. Natixis Advisors L.P. lifted its position in shares of Skechers U.S.A. by 34.6% in the 3rd quarter. Natixis Advisors L.P. now owns 89,367 shares of the textile maker’s stock worth $4,374,000 after purchasing an additional 22,948 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake 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 purchasing an additional 5,633 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.