Skechers U.S.A. (NYSE:SKX) Shares Gap Down to $69.84

Skechers U.S.A., Inc. (NYSE:SKX) gapped down before the market opened on Friday . The stock had previously closed at $69.84, but opened at $67.00. Skechers U.S.A. shares last traded at $69.71, with a volume of 224,140 shares changing hands.

Analyst Ratings Changes

SKX has been the subject of several research reports. 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 research report on Wednesday, April 17th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $82.00 price target on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Wells Fargo & Company started coverage on Skechers U.S.A. in a research report on Wednesday, June 12th. They set an “overweight” rating and a $83.00 price objective on the stock. TD Cowen boosted their target price on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Finally, Barclays assumed coverage on shares of Skechers U.S.A. in a report on Monday, April 1st. They issued an “overweight” rating and a $71.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $72.00.

Skechers U.S.A. Stock Down 1.0 %

The firm has a market capitalization of $10.54 billion, a price-to-earnings ratio of 18.19, a P/E/G ratio of 1.00 and a beta of 1.28. The company has a quick ratio of 1.56, a current ratio of 2.39 and a debt-to-equity ratio of 0.02. The company’s 50 day moving average price is $68.94 and its 200 day moving average price is $63.60.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly 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. The company had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Skechers U.S.A. had a return on equity of 13.56% and a net margin of 7.17%. The firm’s revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.02 EPS. As a group, research analysts forecast that Skechers U.S.A., Inc. will post 4.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, General Counsel Phillip Paccione sold 423 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total transaction of $29,377.35. Following the completion of the transaction, the general counsel now directly owns 35,000 shares in the company, valued at $2,430,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 24.75% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Skechers U.S.A.

Large investors have recently bought and sold shares of the business. PNC Financial Services Group Inc. increased its position 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 worth $256,000 after purchasing an additional 381 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Skechers U.S.A. during the third quarter worth $219,000. Envestnet Asset Management Inc. raised its position in shares of Skechers U.S.A. by 56.8% in 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 last quarter. Natixis Advisors L.P. lifted its stake in shares of Skechers U.S.A. by 34.6% in the third quarter. Natixis Advisors L.P. now owns 89,367 shares of the textile maker’s stock worth $4,374,000 after buying an additional 22,948 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in 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 worth $917,000 after acquiring an additional 5,633 shares during the last quarter. 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.