Skechers U.S.A. (NYSE:SKX) Lowered to Hold Rating by Barclays

Barclays downgraded shares of Skechers U.S.A. (NYSE:SKX) from a strong-buy rating to a hold rating in a research note published on Monday morning,Zacks.com reports.

Other research analysts also recently issued research reports about the company. UBS Group reiterated a “neutral” rating and set a $63.00 price target (down previously from $64.00) on shares of Skechers U.S.A. in a research note on Tuesday. Monness Crespi & Hardt lowered their price target 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. Morgan Stanley reduced their target price on Skechers U.S.A. from $80.00 to $73.00 and set an “overweight” rating on the stock in a research note on Friday, April 25th. Needham & Company LLC restated a “hold” rating on shares of Skechers U.S.A. in a report on Tuesday, April 22nd. Finally, StockNews.com downgraded Skechers U.S.A. from a “hold” rating to a “sell” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $70.77.

Skechers U.S.A. Trading Down 0.0 %

SKX opened at $61.38 on Monday. The firm has a market capitalization of $9.17 billion, a PE ratio of 14.79, a P/E/G ratio of 1.11 and a beta of 1.06. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12. Skechers U.S.A. has a fifty-two week low of $44.50 and a fifty-two week high of $78.85. The company’s 50-day moving average is $53.25 and its 200 day moving average is $62.08.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, April 24th. The textile maker reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.17. The business had revenue of $2.41 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.33 earnings per share. As a group, research 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, General Counsel Phillip Paccione sold 10,994 shares of Skechers U.S.A. 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 transaction, the general counsel now directly owns 15,000 shares in the company, valued at $849,450. This trade represents a 42.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert Greenberg sold 52,600 shares of the business’s stock in a transaction dated Wednesday, February 12th. The stock was 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 in the company, valued at approximately $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 sold a total of 218,245 shares of company stock worth $13,452,902 in the last 90 days. 24.78% of the stock is owned by insiders.

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

Large investors have recently made changes to their positions in the stock. Spire Wealth Management increased its holdings in Skechers U.S.A. by 11.6% during the 4th quarter. Spire Wealth Management now owns 1,486 shares of the textile maker’s stock valued at $100,000 after acquiring an additional 155 shares in the last quarter. Calamos Wealth Management LLC boosted its holdings in shares of Skechers U.S.A. by 0.9% during the fourth quarter. Calamos Wealth Management LLC now owns 18,257 shares of the textile maker’s stock worth $1,228,000 after purchasing an additional 157 shares during the last quarter. Cerity Partners LLC grew its holdings in Skechers U.S.A. by 1.2% in the 4th quarter. Cerity Partners LLC now owns 14,090 shares of the textile maker’s stock valued at $947,000 after buying an additional 172 shares during the period. NewEdge Advisors LLC grew its holdings 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 valued at $28,000 after purchasing an additional 190 shares during the period. Finally, Independent Advisor Alliance increased its holdings in shares of Skechers U.S.A. by 4.7% during the 4th quarter. Independent Advisor Alliance now owns 4,486 shares of the textile maker’s stock worth $302,000 after buying an additional 200 shares during the last quarter. Hedge funds and other 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.