Skechers U.S.A. (NYSE:SKX) Trading Up 1.3% – Here’s Why

Skechers U.S.A., Inc. (NYSE:SKX) was up 1.3% during mid-day trading on Thursday . The company traded as high as $60.03 and last traded at $60.09. Approximately 414,532 shares were traded during trading, a decline of 79% from the average daily volume of 1,958,722 shares. The stock had previously closed at $59.34.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SKX shares. Stifel Nicolaus dropped their price objective on shares of Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Raymond James lowered their target price on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, February 7th. Barclays lowered their target price on shares of Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating for the company in a research note on Monday, February 10th. StockNews.com downgraded shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a research note on Monday, February 10th. Finally, TD Cowen raised their target price 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. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $81.25.

Skechers U.S.A. Trading Up 0.1 %

The company’s 50-day moving average is $68.01 and its 200 day moving average is $66.37. The company has a market cap of $8.92 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 1.11 and a beta of 1.21. The company has a quick ratio of 1.12, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results 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 net margin of 7.13% and a return on equity of 13.73%. Research analysts predict that Skechers U.S.A., Inc. will post 4.47 EPS for the current year.

Insider Activity

In related news, CEO Robert Greenberg sold 52,600 shares of the company’s stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total transaction of $3,299,072.00. Following the sale, the chief executive officer now directly owns 61,367 shares of the company’s stock, valued at $3,848,938.24. This represents a 46.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Phillip Paccione sold 10,994 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $56.63, for a total transaction of $622,590.22. Following the sale, the general counsel now directly owns 15,000 shares in the company, valued at approximately $849,450. The trade was a 42.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 236,738 shares of company stock valued at $14,700,809. Company insiders own 24.75% of the company’s stock.

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

Several large investors have recently added to or reduced their stakes in the business. Cim LLC increased its stake in Skechers U.S.A. by 1.7% during the 4th quarter. Cim LLC now owns 19,271 shares of the textile maker’s stock worth $1,296,000 after buying an additional 316 shares during the period. Jefferies Financial Group Inc. acquired a new position in Skechers U.S.A. during the 4th quarter worth approximately $1,110,000. Integrated Advisors Network LLC grew its holdings in Skechers U.S.A. by 335.4% during the 4th quarter. Integrated Advisors Network LLC now owns 14,900 shares of the textile maker’s stock worth $1,002,000 after acquiring an additional 11,478 shares in the last quarter. Peak Retirement Planning Inc. acquired a new position in Skechers U.S.A. during the 4th quarter worth approximately $953,000. Finally, Formidable Asset Management LLC acquired a new position in Skechers U.S.A. during the 4th quarter worth approximately $769,000. 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.