Skechers U.S.A. (NYSE:SKX) Trading Down 3.8% on Insider Selling

Skechers U.S.A., Inc. (NYSE:SKX)’s share price dropped 3.8% during trading on Tuesday following insider selling activity. The stock traded as low as $56.10 and last traded at $56.26. Approximately 713,959 shares changed hands during trading, a decline of 64% from the average daily volume of 1,957,164 shares. The stock had previously closed at $58.49.

Specifically, General Counsel Phillip Paccione sold 10,994 shares of Skechers U.S.A. stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $56.63, for a total value of $622,590.22. Following the completion of the sale, the general counsel now owns 15,000 shares of the company’s stock, valued at approximately $849,450. This trade represents a 42.29 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert Greenberg sold 40,924 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $60.76, for a total transaction of $2,486,542.24. Following the transaction, the chief executive officer now owns 51,342 shares of the company’s stock, valued at $3,119,539.92. This represents a 44.35 % decrease in their position. The disclosure for this sale can be found here. In other news, President Michael Greenberg sold 33,656 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $60.76, for a total value of $2,044,938.56. Following the sale, the president now owns 137,530 shares of the company’s stock, valued at $8,356,322.80. The trade was a 19.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Stifel Nicolaus dropped their target price on Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. StockNews.com lowered Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Evercore ISI increased their price target on shares of Skechers U.S.A. from $72.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. TD Cowen boosted their price objective on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Finally, Piper Sandler initiated coverage on shares of Skechers U.S.A. in a report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $81.25.

Skechers U.S.A. Price Performance

The stock has a market capitalization of $8.72 billion, a PE ratio of 13.91, a P/E/G ratio of 1.11 and a beta of 1.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12. The firm’s 50 day simple moving average is $68.53 and its 200 day simple moving average is $66.52.

Skechers U.S.A. (NYSE:SKX) last issued its earnings results on Thursday, February 6th. The textile maker reported $0.65 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. As a group, equities analysts forecast that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Skechers U.S.A.

Institutional investors have recently bought and sold shares of the stock. Pacer Advisors Inc. lifted its position in Skechers U.S.A. by 5,780.6% in the third quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock valued at $176,628,000 after purchasing an additional 2,594,507 shares during the last quarter. Norges Bank purchased a new position in shares of Skechers U.S.A. in the fourth quarter worth $105,741,000. Duquesne Family Office LLC purchased a new position in shares of Skechers U.S.A. in the fourth quarter worth $72,272,000. Two Sigma Investments LP raised its holdings in Skechers U.S.A. by 772.7% during the 4th quarter. Two Sigma Investments LP now owns 1,176,488 shares of the textile maker’s stock valued at $79,107,000 after buying an additional 1,041,677 shares during the last quarter. Finally, Anomaly Capital Management LP boosted its position in Skechers U.S.A. by 51.2% during the 4th quarter. Anomaly Capital Management LP now owns 2,989,015 shares of the textile maker’s stock valued at $200,981,000 after buying an additional 1,011,815 shares during the period. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

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.