Skechers USA Inc. (SKX) Downgraded to “Equal Weight” at Morgan Stanley
Skechers USA Inc. (NYSE:SKX) was downgraded by 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 presently have a $25.00 price objective on the stock, down from their prior price objective of $41.00. Morgan Stanley’s price target points to a potential upside of 7.62% from the stock’s previous close.
Other analysts also recently issued research reports about the stock. B. Riley reiterated a “buy” rating and issued a $42.00 target price on shares of Skechers USA in a report on Tuesday, July 19th. Monness Crespi & Hardt downgraded shares of Skechers USA from a “buy” rating to a “neutral” rating in a 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 report on Monday, July 18th. Susquehanna began coverage on shares of Skechers USA in a report on Friday, August 12th. They issued a “neutral” rating and a $27.00 target price for the company. Finally, Argus downgraded shares of Skechers USA from a “buy” rating to a “hold” rating in a report on Monday, August 1st. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $30.99.
Shares of Skechers USA (NYSE:SKX) opened at 23.23 on Wednesday. The firm has a 50-day moving average of $24.12 and a 200-day moving average of $28.65. The company has a market cap of $3.67 billion, a P/E ratio of 13.42 and a beta of 0.32. Skechers USA has a 12-month low of $22.44 and a 12-month high of $49.28.
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Skechers USA (NYSE:SKX) last announced its earnings results on Thursday, July 21st. The company reported $0.50 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by $0.02. The firm earned $877.80 million during the quarter, compared to analysts’ expectations 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 prior year, the company earned $0.52 EPS. Analysts predict that Skechers USA will post $1.83 EPS for the current year.
In other news, Director Jeffrey Greenberg sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $30.15, for a total value of $301,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Phillip Paccione sold 1,389 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The shares were 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 owns 90,445 shares of the company’s stock, valued at $2,181,533.40. The disclosure for this sale can be found here. 21.73% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. purchased a new position in Skechers USA during the second quarter worth approximately $282,000. Williams Jones & Associates LLC raised its stake in shares of Skechers USA by 11.5% in the second quarter. Williams Jones & Associates LLC now owns 34,555 shares of the company’s stock valued at $1,027,000 after buying an additional 3,560 shares during the last quarter. Northwestern Mutual Investment Management Company LLC raised its stake in shares of Skechers USA by 1.8% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 22,944 shares of the company’s stock valued at $682,000 after buying an additional 399 shares during the last quarter. Mason Street Advisors LLC bought a new stake in shares of Skechers USA during the second quarter valued at about $1,801,000. Finally, CI Investments Inc. bought a new stake in shares of Skechers USA during the second quarter valued at about $16,174,000. Institutional investors own 65.70% of the company’s stock.
About Skechers USA
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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