Skechers U.S.A. (NYSE:SKX) Sets New 1-Year Low After Analyst Downgrade

Shares of Skechers U.S.A., Inc. (NYSE:SKX) reached a new 52-week low on Wednesday after Wells Fargo & Company lowered their price target on the stock from $65.00 to $57.00. Wells Fargo & Company currently has an overweight rating on the stock. Skechers U.S.A. traded as low as $46.74 and last traded at $48.02, with a volume of 3619387 shares. The stock had previously closed at $48.68.

Several other analysts have also weighed in on the company. Monness Crespi & Hardt decreased their price objective on Skechers U.S.A. from $85.00 to $70.00 and set a “buy” rating on the stock in a report on Friday, April 25th. StockNews.com lowered shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Monday, February 10th. UBS Group dropped their price objective on shares of Skechers U.S.A. from $65.00 to $64.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Barclays decreased their target price on shares of Skechers U.S.A. from $77.00 to $53.00 and set an “overweight” rating on the stock in a research report on Friday, April 25th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Skechers U.S.A. in a research report on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Skechers U.S.A. currently has an average rating of “Moderate Buy” and an average target price of $69.62.

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

In other Skechers U.S.A. news, CEO Robert Greenberg sold 52,600 shares of the business’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total value of $3,299,072.00. Following the completion of the transaction, the chief executive officer now directly owns 61,367 shares of the company’s stock, valued at approximately $3,848,938.24. The trade was a 46.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO David Weinberg sold 36,000 shares of the 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 $2,257,920.00. Following the sale, the chief operating officer now directly owns 54,499 shares in the company, valued at $3,418,177.28. This trade represents a 39.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 218,245 shares of company stock worth $13,452,902. 24.78% of the stock is currently owned by insiders.

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

A number of institutional investors and hedge funds have recently made changes to their positions in SKX. NewEdge Advisors LLC increased its position in Skechers U.S.A. by 85.2% in the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker’s stock worth $28,000 after purchasing an additional 190 shares during the period. TD Private Client Wealth LLC boosted its stake in shares of Skechers U.S.A. by 534.3% in the 4th quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock valued at $29,000 after purchasing an additional 358 shares during the last quarter. Investment Management Corp VA ADV acquired a new stake in shares of Skechers U.S.A. during the 4th quarter worth approximately $32,000. Parallel Advisors LLC raised its stake in shares of Skechers U.S.A. by 183.0% during the first quarter. Parallel Advisors LLC now owns 617 shares of the textile maker’s stock worth $35,000 after buying an additional 399 shares during the last quarter. Finally, Golden State Wealth Management LLC acquired a new position in Skechers U.S.A. in the first quarter valued at approximately $35,000. Institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Trading Down 1.4 %

The business’s 50 day simple moving average is $53.81 and its 200-day simple moving average is $62.32. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12. The stock has a market capitalization of $7.17 billion, a P/E ratio of 11.57, a PEG ratio of 1.11 and a beta of 1.08.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings data on Thursday, April 24th. The textile maker reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.17. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. The business had revenue of $2.41 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the previous year, the firm earned $1.33 earnings per share. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. As a group, analysts forecast that Skechers U.S.A., Inc. will post 4.47 EPS for the current 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 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.