Shares of Skechers U.S.A., Inc. (NYSE:SKX – Get Free Report) gapped down prior to trading on Friday after Wedbush lowered their price target on the stock from $75.00 to $68.00. The stock had previously closed at $63.60, but opened at $58.75. Wedbush currently has an outperform rating on the stock. Skechers U.S.A. shares last traded at $58.37, with a volume of 1,413,958 shares traded.
Several other research analysts have also commented on the company. StockNews.com assumed coverage on Skechers U.S.A. in a research report on Thursday, October 5th. They issued a “buy” rating for the company. Raymond James upped their target price on Skechers U.S.A. from $56.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday. Monness Crespi & Hardt upped their target price on Skechers U.S.A. from $60.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, January 18th. Finally, Stifel Nicolaus upped their target price on Skechers U.S.A. from $62.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, December 14th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Skechers U.S.A. currently has an average rating of “Moderate Buy” and a consensus target price of $64.70.
Insider Transactions at Skechers U.S.A.
In related news, Director Katherine J. Blair bought 4,900 shares of the stock in a transaction dated Friday, November 10th. The shares were purchased at an average price of $49.93 per share, for a total transaction of $244,657.00. Following the completion of the purchase, the director now directly owns 15,400 shares of the company’s stock, valued at $768,922. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Skechers U.S.A. news, CEO Robert Greenberg sold 12,605 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $62.21, for a total transaction of $784,157.05. Following the transaction, the chief executive officer now owns 196,050 shares in the company, valued at $12,196,270.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Katherine J. Blair purchased 4,900 shares of the stock in a transaction on Friday, November 10th. The shares were acquired at an average price of $49.93 per share, for a total transaction of $244,657.00. Following the transaction, the director now directly owns 15,400 shares of the company’s stock, valued at approximately $768,922. The disclosure for this purchase can be found here. Insiders have sold 216,186 shares of company stock worth $12,764,321 over the last quarter. 24.79% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Skechers U.S.A.
A number of hedge funds have recently bought and sold shares of SKX. American Century Companies Inc. boosted its position in Skechers U.S.A. by 10.8% during the first quarter. American Century Companies Inc. now owns 16,901 shares of the textile maker’s stock worth $689,000 after purchasing an additional 1,654 shares in the last quarter. US Bancorp DE boosted its position in Skechers U.S.A. by 71.1% during the first quarter. US Bancorp DE now owns 2,416 shares of the textile maker’s stock worth $98,000 after purchasing an additional 1,004 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Skechers U.S.A. by 11.5% during the first quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the textile maker’s stock worth $260,000 after purchasing an additional 663 shares in the last quarter. Bank of Montreal Can lifted its position in shares of Skechers U.S.A. by 8.6% in the first quarter. Bank of Montreal Can now owns 12,534 shares of the textile maker’s stock valued at $519,000 after acquiring an additional 990 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its position in shares of Skechers U.S.A. by 34.4% in the first quarter. MetLife Investment Management LLC now owns 87,839 shares of the textile maker’s stock valued at $3,580,000 after acquiring an additional 22,464 shares in the last quarter. Hedge funds and other institutional investors own 80.54% of the company’s stock.
Skechers U.S.A. Stock Performance
The firm has a market cap of $9.08 billion, a PE ratio of 17.11 and a beta of 1.36. The firm has a 50-day moving average price of $61.71 and a two-hundred day moving average price of $54.29. The company has a quick ratio of 1.60, a current ratio of 2.52 and a debt-to-equity ratio of 0.06.
Skechers U.S.A. (NYSE:SKX – Get Free Report) last released its earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.04. The business had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.03 billion. Skechers U.S.A. had a return on equity of 13.02% and a net margin of 6.75%. The business’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.48 earnings per share. Research analysts forecast that Skechers U.S.A., Inc. will post 3.45 EPS for the current fiscal year.
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 two segments, Wholesale and Direct-to-Consumer. It offers casual, casual athletic, sport athletic, trail, sandals, boots, and retro fashion footwear for men and women under the Skechers USA, Skechers Sport, Skechers Active, Modern Comfort, Skechers Street, Foamies, Mark Nason, and BOBS brands; sneakers, casuals, boots, and sandals for boys and girls under the S-Lights, Skech-Air, Foamies, Twinkle Toes, Skechers Stretch Fit, and Skechers Street brands; and technical footwear under the Skechers GOrun, Skechers GOwalk, Skechers GOtrain, Skechers GOtrail, and Skechers GO Golf brands, as well as Skechers Viper Court for pickleball.