Skechers U.S.A. (NYSE:SKX) Given “Equal Weight” Rating at Morgan Stanley

Morgan Stanley reiterated their equal weight rating on shares of Skechers U.S.A. (NYSE:SKX) in a research note released on Wednesday,Benzinga reports. The brokerage currently has a $63.00 price target on the textile maker’s stock, down from their prior price target of $73.00.

Several other brokerages have also issued reports on SKX. StockNews.com lowered Skechers U.S.A. from a “hold” rating to a “sell” rating in a research report on Tuesday. Wells Fargo & Company increased their price objective on shares of Skechers U.S.A. from $57.00 to $63.00 and gave the stock an “overweight” rating in a research report on Tuesday. Needham & Company LLC restated a “hold” rating on shares of Skechers U.S.A. in a report on Tuesday, April 22nd. Barclays reaffirmed an “equal weight” rating and issued a $63.00 target price (up from $53.00) on shares of Skechers U.S.A. in a research note on Tuesday. Finally, TD Cowen lifted their price target on Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Skechers U.S.A. has an average rating of “Moderate Buy” and a consensus price target of $70.00.

Skechers U.S.A. Stock Up 0.2 %

Shares of NYSE SKX opened at $61.51 on Wednesday. Skechers U.S.A. has a 52-week low of $44.50 and a 52-week high of $78.85. 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 market cap of $9.19 billion, a P/E ratio of 14.82, a P/E/G ratio of 1.11 and a beta of 1.06. The firm has a 50 day moving average price of $53.26 and a 200 day moving average price of $62.08.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, April 24th. The textile maker reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.17. The company had revenue of $2.41 billion during the quarter, compared to analyst estimates 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 was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.33 EPS. Analysts expect that Skechers U.S.A. will post 4.47 EPS for the current year.

Insider Activity

In other news, COO David Weinberg sold 36,000 shares of the company’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 $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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert Greenberg sold 52,600 shares of Skechers U.S.A. stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total value 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. The trade was a 46.15 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 218,245 shares of company stock valued at $13,452,902. 24.78% of the stock is owned by insiders.

Institutional Trading of Skechers U.S.A.

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised 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 acquiring an additional 82,143 shares during the period. Victory Capital Management Inc. increased 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 valued at $224,272,000 after purchasing an additional 3,924,962 shares during the last quarter. Anomaly Capital Management LP raised 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 purchasing an additional 1,011,815 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Skechers U.S.A. by 7.6% during the 1st quarter. Bank of New York Mellon Corp now owns 2,482,980 shares of the textile maker’s stock worth $140,984,000 after buying an additional 174,697 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of 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 buying an additional 78,071 shares during the period. Institutional investors own 79.96% of the company’s stock.

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.