Skechers U.S.A. (NYSE:SKX) Downgraded to Hold Rating by StockNews.com

StockNews.com downgraded shares of Skechers U.S.A. (NYSE:SKX) from a buy rating to a hold rating in a research note published on Monday morning.

A number of other equities analysts have also weighed in on the stock. Stifel Nicolaus cut their target price on shares of Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating for the company in a research report on Friday. Piper Sandler assumed coverage on shares of Skechers U.S.A. in a research report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 target price for the company. TD Cowen raised 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 report on Wednesday, January 8th. Raymond James cut their price objective on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating for the company in a research report on Friday. Finally, Deutsche Bank Aktiengesellschaft raised 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 report on Friday, October 25th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Skechers U.S.A. has an average rating of “Moderate Buy” and a consensus price target of $81.25.

Skechers U.S.A. Stock Performance

Shares of SKX stock opened at $65.09 on Monday. The firm has a 50-day moving average of $70.55 and a 200-day moving average of $66.50. The company has a market cap of $9.83 billion, a P/E ratio of 15.68, a P/E/G ratio of 0.95 and a beta of 1.19. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.96 and a quick ratio of 1.25. Skechers U.S.A. has a one year low of $55.67 and a one year high of $78.85.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, February 6th. The textile maker reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.81% and a net margin of 7.13%. Equities research analysts forecast that Skechers U.S.A. will post 4.79 EPS for the current fiscal year.

Insider Activity at Skechers U.S.A.

In related news, President Michael Greenberg sold 10,274 shares of Skechers U.S.A. stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $693,289.52. Following the transaction, the president now directly owns 149,327 shares of the company’s stock, valued at $10,076,585.96. The trade was a 6.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $554,618.12. Following the completion of the transaction, the chief operating officer now directly owns 122,211 shares in the company, valued at approximately $8,246,798.28. The trade was 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 Inflows and Outflows

Several hedge funds have recently made changes to their positions in SKX. UMB Bank n.a. increased its stake in shares of Skechers U.S.A. by 423.3% in the third quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock worth $30,000 after buying an additional 364 shares during the period. IFP Advisors Inc increased its stake in shares of Skechers U.S.A. by 62.4% in the fourth quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock worth $55,000 after buying an additional 317 shares during the period. Venturi Wealth Management LLC increased its stake in shares of Skechers U.S.A. by 52.9% in the third quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock worth $58,000 after buying an additional 299 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Skechers U.S.A. in the fourth quarter worth $65,000. Finally, Brooklyn Investment Group purchased a new position in shares of Skechers U.S.A. in the third quarter worth $67,000. 79.96% of the stock is 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.