Skechers USA Inc (NYSE:SKX) shares dropped 6.1% on Thursday . The company traded as low as $35.41 and last traded at $35.63, approximately 4,162,762 shares traded hands during mid-day trading. An increase of 77% from the average daily volume of 2,353,913 shares. The stock had previously closed at $37.94.
SKX has been the topic of a number of analyst reports. Wedbush upgraded shares of Skechers USA from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $31.00 to $46.00 in a report on Friday, July 19th. ValuEngine lowered shares of Skechers USA from a “buy” rating to a “hold” rating in a report on Thursday. Monness Crespi & Hardt restated a “buy” rating and issued a $42.00 target price (up previously from $35.00) on shares of Skechers USA in a report on Friday, July 19th. They noted that the move was a valuation call. UBS Group upped their target price on shares of Skechers USA to $50.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Finally, B. Riley restated a “buy” rating on shares of Skechers USA in a report on Friday, April 26th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $38.50.
The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.65 and a current ratio of 2.51. The stock has a market cap of $5.97 billion, a PE ratio of 18.20, a PEG ratio of 1.15 and a beta of 0.78. The business’s 50 day moving average price is $34.18.
Skechers USA (NYSE:SKX) last posted its quarterly earnings data on Thursday, July 18th. The textile maker reported $0.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.16. The firm had revenue of $1.26 billion during the quarter, compared to analyst estimates of $1.23 billion. Skechers USA had a net margin of 6.72% and a return on equity of 14.59%. The company’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter last year, the business posted $0.29 EPS. Analysts forecast that Skechers USA Inc will post 2.21 earnings per share for the current year.
In other news, Director Richard Rappaport sold 3,000 shares of the stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $31.29, for a total transaction of $93,870.00. Following the completion of the transaction, the director now directly owns 23,000 shares of the company’s stock, valued at approximately $719,670. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey Greenberg sold 90,000 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $39.24, for a total transaction of $3,531,600.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 184,500 shares of company stock valued at $7,079,925. Company insiders own 28.08% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in SKX. FNY Investment Advisers LLC bought a new position in shares of Skechers USA during the 1st quarter valued at approximately $33,000. Hanseatic Management Services Inc. bought a new position in shares of Skechers USA during the 2nd quarter valued at approximately $43,000. Quantamental Technologies LLC bought a new position in shares of Skechers USA during the 1st quarter valued at approximately $49,000. Meeder Asset Management Inc. grew its position in shares of Skechers USA by 1,569.0% during the 1st quarter. Meeder Asset Management Inc. now owns 3,338 shares of the textile maker’s stock valued at $112,000 after acquiring an additional 3,138 shares during the period. Finally, Machina Capital S.A.S. bought a new position in shares of Skechers USA during the 2nd quarter valued at approximately $120,000. 76.34% of the stock is owned by hedge funds and other institutional investors.
Skechers USA Company Profile (NYSE:SKX)
Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.
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