Skechers U.S.A. (NYSE:SKX) Stock Rating Lowered by StockNews.com

Skechers U.S.A. (NYSE:SKX) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

A number of other analysts have also recently issued reports on SKX. Morgan Stanley lifted their target price on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Bank of America lowered 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 report on Friday, October 25th. Piper Sandler began coverage on Skechers U.S.A. in a research report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price target for the company. Finally, TD Cowen increased 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 equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.42.

Skechers U.S.A. Trading Down 0.3 %

Skechers U.S.A. stock opened at $69.38 on Wednesday. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01. Skechers U.S.A. has a 12 month low of $55.67 and a 12 month high of $75.09. The company’s fifty day simple moving average is $66.54 and its 200-day simple moving average is $65.61. The stock has a market cap of $10.47 billion, a P/E ratio of 17.09, a P/E/G ratio of 0.86 and a beta of 1.19.

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

Insider Buying and Selling

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $693,289.52. Following the completion of the sale, the president now owns 149,327 shares in the company, valued at approximately $10,076,585.96. This trade represents a 6.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO David Weinberg sold 8,219 shares of the business’s 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 owns 122,211 shares in the company, valued at approximately $8,246,798.28. This represents a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is currently owned by insiders.

Institutional Trading of Skechers U.S.A.

Several institutional investors have recently made changes to their positions in the business. Seven Eight Capital LP raised its position in Skechers U.S.A. by 126.1% in the second quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock worth $2,033,000 after purchasing an additional 16,408 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in shares of Skechers U.S.A. by 88.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock worth $1,822,000 after buying an additional 13,836 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Skechers U.S.A. by 22.3% during the 3rd quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker’s stock worth $9,295,000 after buying an additional 25,289 shares during the period. Transform Wealth LLC acquired a new stake in Skechers U.S.A. in the 3rd quarter valued at $7,186,000. Finally, National Bank of Canada FI boosted its stake in Skechers U.S.A. by 2,340.0% in the 3rd quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker’s stock valued at $4,732,000 after buying an additional 67,812 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors and hedge funds.

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.