Skechers U.S.A. (NYSE:SKX) Stock Price Down 3.8% After Insider Selling

Skechers U.S.A., Inc. (NYSE:SKX)’s share price traded down 3.8% on Tuesday after an insider sold shares in the company. The stock traded as low as $56.10 and last traded at $56.26. 713,959 shares changed hands during trading, a decline of 64% from the average session volume of 1,957,164 shares. The stock had previously closed at $58.49.

Specifically, General Counsel Phillip Paccione sold 10,994 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $56.63, for a total value of $622,590.22. Following the sale, the general counsel now directly owns 15,000 shares of the company’s stock, valued at $849,450. This represents a 42.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert Greenberg sold 40,924 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.76, for a total transaction of $2,486,542.24. Following the sale, the chief executive officer now directly owns 51,342 shares in the company, valued at $3,119,539.92. This trade represents a 44.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Skechers U.S.A. news, President Michael Greenberg sold 33,656 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $60.76, for a total transaction of $2,044,938.56. Following the sale, the president now directly owns 137,530 shares of the company’s stock, valued at approximately $8,356,322.80. This represents a 19.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. UBS Group dropped their target price on shares of Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, February 7th. StockNews.com cut shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Evercore ISI increased their target price on shares of Skechers U.S.A. from $72.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. TD Cowen increased their target price on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Finally, Raymond James dropped their price objective on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on 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. Stock Up 2.7 %

The stock’s 50-day moving average is $68.36 and its 200-day moving average is $66.47. The stock has a market cap of $8.96 billion, a P/E ratio of 14.30, a price-to-earnings-growth ratio of 1.11 and a beta of 1.21. The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last announced its 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%. As a group, research analysts anticipate that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Skechers U.S.A.

Large investors have recently made changes to their positions in the business. Sanctuary Advisors LLC boosted its position in shares of Skechers U.S.A. by 88.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock valued at $1,822,000 after purchasing an additional 13,836 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Skechers U.S.A. by 22.3% during the 3rd quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker’s stock valued at $9,295,000 after purchasing an additional 25,289 shares in the last quarter. National Bank of Canada FI boosted its position in shares of Skechers U.S.A. by 2,340.0% during the 3rd quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker’s stock valued at $4,732,000 after purchasing an additional 67,812 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Skechers U.S.A. by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock valued at $88,126,000 after purchasing an additional 17,429 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of Skechers U.S.A. by 15.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 120,007 shares of the textile maker’s stock valued at $8,069,000 after purchasing an additional 15,874 shares in the last quarter. Institutional investors own 79.96% of the company’s stock.

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.