Skechers U.S.A. (NYSE:SKX) Lowered to Hold Rating 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 report issued on Wednesday.

Other analysts also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. TD Cowen raised their target price on Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Barclays raised their price target on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Morgan Stanley lifted their price objective on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Piper Sandler initiated coverage on shares of Skechers U.S.A. in a report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Skechers U.S.A. has an average rating of “Moderate Buy” and an average price target of $78.42.

Skechers U.S.A. Stock Performance

SKX traded down $1.66 during trading hours on Wednesday, hitting $69.64. The stock had a trading volume of 1,507,095 shares, compared to its average volume of 1,577,588. The company’s fifty day simple moving average is $66.38 and its 200 day simple moving average is $65.58. The stock has a market cap of $10.51 billion, a PE ratio of 17.15, a price-to-earnings-growth ratio of 0.98 and a beta of 1.19. Skechers U.S.A. has a 1 year low of $55.67 and a 1 year high of $75.09. 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. (NYSE:SKX) last posted its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. During the same period in the prior year, the company posted $0.93 EPS. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. Equities analysts anticipate that Skechers U.S.A. will post 4.24 earnings per share for the current year.

Insider Buying and Selling at Skechers U.S.A.

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of the business’s stock in a transaction dated 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 transaction, the president now owns 149,327 shares of the company’s stock, valued at approximately $10,076,585.96. The trade was a 6.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO David Weinberg sold 8,219 shares of the firm’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total transaction of $554,618.12. Following the sale, 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 position. The disclosure for this sale can be found here. Company insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SKX. Pacer Advisors Inc. grew its position in Skechers U.S.A. by 5,780.6% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock worth $176,628,000 after purchasing an additional 2,594,507 shares during the period. Commerce Bank boosted its stake in shares of Skechers U.S.A. by 949.5% in the 3rd quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock worth $31,303,000 after buying an additional 423,204 shares during the last quarter. Coronation Fund Managers Ltd. grew its holdings in shares of Skechers U.S.A. by 378.6% in the third quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock worth $33,382,000 after acquiring an additional 394,618 shares during the period. Wellington Management Group LLP increased its position in Skechers U.S.A. by 39.0% during the third quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock valued at $68,630,000 after acquiring an additional 287,939 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its holdings in Skechers U.S.A. by 646.3% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 323,321 shares of the textile maker’s stock valued at $22,348,000 after acquiring an additional 280,000 shares during the period. 79.96% of the stock is owned by hedge funds and other institutional investors.

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.