Skechers USA Inc. (NYSE:SKX) was downgraded by equities research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Wednesday. They currently have a $25.00 target price on the stock, down from their previous target price of $41.00. Morgan Stanley’s target price indicates a potential upside of 14.00% from the company’s previous close.
A number of other equities analysts have also weighed in on the stock. B. Riley reiterated a “buy” rating and set a $42.00 target price on shares of Skechers USA in a research report on Tuesday, July 19th. Monness Crespi & Hardt lowered shares of Skechers USA from a “buy” rating to a “neutral” rating in a research report on Friday, July 22nd. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Skechers USA from a “sell” rating to a “hold” rating in a research report on Monday, July 18th. Susquehanna initiated coverage on shares of Skechers USA in a research report on Friday, August 12th. They issued a “neutral” rating and a $27.00 price objective for the company. Finally, Argus lowered shares of Skechers USA from a “buy” rating to a “hold” rating in a research report on Monday, August 1st. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Skechers USA currently has a consensus rating of “Buy” and a consensus price target of $30.99.
Skechers USA (NYSE:SKX) opened at 21.93 on Wednesday. The firm has a market capitalization of $3.46 billion, a PE ratio of 12.67 and a beta of 0.32. The company’s 50-day moving average is $24.03 and its 200-day moving average is $28.55. Skechers USA has a 52-week low of $20.90 and a 52-week high of $49.28.
Skechers USA (NYSE:SKX) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.50 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by $0.02. The company had revenue of $877.80 million for the quarter, compared to the consensus estimate of $892.06 million. Skechers USA had a net margin of 7.79% and a return on equity of 20.20%. During the same quarter in the previous year, the company posted $0.52 EPS. Analysts forecast that Skechers USA will post $1.81 EPS for the current fiscal year.
In related news, Director Jeffrey Greenberg sold 10,000 shares of Skechers USA stock in a transaction on Friday, July 1st. The shares were sold at an average price of $30.15, for a total value of $301,500.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, General Counsel Phillip Paccione sold 1,389 shares of Skechers USA stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $24.12, for a total transaction of $33,502.68. Following the completion of the transaction, the general counsel now directly owns 90,445 shares in the company, valued at $2,181,533.40. The disclosure for this sale can be found here. Company insiders own 21.73% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of SKX. Glenmede Trust Co. NA purchased a new position in shares of Skechers USA during the second quarter valued at approximately $117,000. US Bancorp DE increased its position in shares of Skechers USA by 45.7% in the second quarter. US Bancorp DE now owns 5,211 shares of the company’s stock valued at $155,000 after buying an additional 1,635 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Skechers USA by 20.1% in the second quarter. PNC Financial Services Group Inc. now owns 6,442 shares of the company’s stock valued at $192,000 after buying an additional 1,079 shares during the last quarter. Ancora Advisors LLC purchased a new position in shares of Skechers USA during the second quarter valued at approximately $208,000. Finally, Ontario Teachers Pension Plan Board purchased a new position in shares of Skechers USA during the second quarter valued at approximately $210,000. 65.70% of the stock is currently owned by institutional investors.
Skechers USA Company Profile
Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.
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