Skechers U.S.A. (NYSE:SKX) Rating Lowered to Hold at StockNews.com

Skechers U.S.A. (NYSE:SKX - Get Free Report) was downgraded by analysts at StockNews.com from a "buy" rating to a "hold" rating in a research note issued on Monday.

Several other equities analysts also recently commented on the stock. Evercore ISI boosted 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 research note on Tuesday, January 28th. Piper Sandler started coverage on shares of Skechers U.S.A. in a research note on Tuesday, December 10th. They issued a "neutral" rating and a $65.00 price target for the company. Stifel Nicolaus decreased their price objective 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. Barclays cut their price target on Skechers U.S.A. from $80.00 to $77.00 and set an "overweight" rating on the stock in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Skechers U.S.A. from $83.00 to $84.00 and gave the stock 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 issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $81.25.

Skechers U.S.A. Stock Performance

Shares of SKX traded down $0.95 during trading hours on Monday, hitting $65.09. The stock had a trading volume of 6,089,443 shares, compared to its average volume of 2,440,509. The firm has a 50-day moving average price of $70.55 and a 200 day moving average price of $66.50. Skechers U.S.A. has a fifty-two week low of $55.67 and a fifty-two week high of $78.85. The firm has a market capitalization of $9.83 billion, a price-to-earnings ratio of 15.68, a PEG ratio of 0.95 and a beta of 1.19. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last issued its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share 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 13.81%. As a group, research analysts anticipate that Skechers U.S.A. will post 4.79 EPS for the current year.

Insider Activity

In other news, President Michael Greenberg sold 10,274 shares of the company'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 directly owns 149,327 shares in the company, valued at approximately $10,076,585.96. This represents a 6.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $554,618.12. Following the completion of the transaction, the chief operating officer now directly owns 122,211 shares of the company's stock, valued at approximately $8,246,798.28. This represents a 6.30 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 24.75% of the company's stock.

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

A number of institutional investors have recently modified their holdings of SKX. Pacer Advisors Inc. grew its stake in Skechers U.S.A. by 5,780.6% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker's stock worth $176,628,000 after buying an additional 2,594,507 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Skechers U.S.A. by 70.4% during the fourth quarter. Bank of New York Mellon Corp now owns 2,308,283 shares of the textile maker's stock worth $155,209,000 after purchasing an additional 953,528 shares during the period. Geode Capital Management LLC grew its position in Skechers U.S.A. by 0.5% during the third quarter. Geode Capital Management LLC now owns 2,216,905 shares of the textile maker's stock valued at $148,395,000 after acquiring an additional 11,026 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Skechers U.S.A. by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker's stock valued at $88,126,000 after buying an additional 17,429 shares during the period. Finally, Wellington Management Group LLP increased its holdings in Skechers U.S.A. by 39.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker's stock valued at $68,630,000 after purchasing an additional 287,939 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors and hedge funds.

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.

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