Skechers U.S.A. (NYSE:SKX) Rating Lowered to Hold at Monness Crespi & Hardt

Monness Crespi & Hardt lowered shares of Skechers U.S.A. (NYSE:SKX) from a strong-buy rating to a hold rating in a research report sent to investors on Wednesday,Zacks.com reports.

SKX has been the topic of several other research reports. UBS Group reaffirmed a “neutral” rating and set a $63.00 price objective (down previously from $64.00) on shares of Skechers U.S.A. in a report on Tuesday. Wells Fargo & Company raised their price target on Skechers U.S.A. from $57.00 to $63.00 and gave the stock an “overweight” rating in a research note on Tuesday. Stifel Nicolaus reduced their price objective on Skechers U.S.A. from $80.00 to $62.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $63.00 target price (down from $73.00) on shares of Skechers U.S.A. in a report on Wednesday. Finally, Evercore ISI lowered their price objective on shares of Skechers U.S.A. from $78.00 to $60.00 and set an “outperform” rating on the stock in a research report on Thursday, April 17th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Skechers U.S.A. currently has an average rating of “Hold” and a consensus price target of $70.00.

Skechers U.S.A. Stock Performance

Shares of SKX opened at $61.50 on Wednesday. Skechers U.S.A. has a 1 year low of $44.50 and a 1 year high of $78.85. The stock has a market capitalization of $9.19 billion, a PE ratio of 14.82, a PEG ratio of 1.11 and a beta of 1.06. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.12 and a current ratio of 1.97. The stock has a 50-day simple moving average of $53.40 and a 200-day simple moving average of $62.06.

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, beating analysts’ consensus estimates of $1.17 by $0.17. The company had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.43 billion. Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. The company’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.33 EPS. On average, analysts predict that Skechers U.S.A. will post 4.47 earnings per share for the current fiscal year.

Insider Activity at Skechers U.S.A.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Skechers U.S.A. by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 12,544,233 shares of the textile maker’s stock valued at $843,474,000 after buying an additional 82,143 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Skechers U.S.A. by 15,774.3% in the first quarter. Victory Capital Management Inc. now owns 3,949,844 shares of the textile maker’s stock worth $224,272,000 after acquiring an additional 3,924,962 shares during the last quarter. Anomaly Capital Management LP lifted its position in shares of Skechers U.S.A. by 51.2% in the fourth quarter. Anomaly Capital Management LP now owns 2,989,015 shares of the textile maker’s stock valued at $200,981,000 after acquiring an additional 1,011,815 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Skechers U.S.A. by 7.6% during the first quarter. Bank of New York Mellon Corp now owns 2,482,980 shares of the textile maker’s stock valued at $140,984,000 after acquiring an additional 174,697 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Skechers U.S.A. by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 2,294,976 shares of the textile maker’s stock worth $154,361,000 after purchasing an additional 78,071 shares in the last quarter. 79.96% of the stock is owned by hedge funds and other institutional investors.

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.