Skechers USA Inc. (SKX) Downgraded by Morgan Stanley to “Equal Weight”
Skechers USA Inc. (NYSE:SKX) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued on Wednesday. They currently have a $25.00 price objective on the stock, down from their previous price objective of $41.00. Morgan Stanley’s price objective indicates a potential upside of 17.81% from the company’s current price.
Several other equities analysts have also issued reports on the company. Susquehanna started coverage on Skechers USA in a research note on Friday, August 12th. They issued a “neutral” rating and a $27.00 target price on the stock. Citigroup Inc. reiterated a “buy” rating and issued a $38.00 target price on shares of Skechers USA in a research note on Tuesday, August 23rd. Monness Crespi & Hardt lowered Skechers USA from a “buy” rating to a “neutral” rating in a research note on Friday, July 22nd. They noted that the move was a valuation call. Argus lowered Skechers USA from a “buy” rating to a “hold” rating in a research note on Monday, August 1st. Finally, Vetr upgraded Skechers USA from a “sell” rating to a “strong-buy” rating and set a $49.62 target price on the stock in a research note on Tuesday, June 7th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $30.99.
Skechers USA (NYSE:SKX) traded down 8.65% during mid-day trading on Wednesday, hitting $21.22. 13,164,913 shares of the stock were exchanged. Skechers USA has a 52-week low of $20.90 and a 52-week high of $49.28. The stock has a market cap of $3.35 billion, a price-to-earnings ratio of 12.26 and a beta of 0.32. The stock has a 50 day moving average of $24.08 and a 200-day moving average of $28.60.
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Skechers USA (NYSE:SKX) last released its earnings results on Thursday, July 21st. The company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.52 by $0.02. Skechers USA had a return on equity of 20.20% and a net margin of 7.79%. The business had revenue of $877.80 million for the quarter, compared to the consensus estimate of $892.06 million. During the same quarter last year, the business posted $0.52 earnings per share. Equities analysts predict that Skechers USA will post $1.83 EPS for the current fiscal year.
In other Skechers USA news, General Counsel Phillip Paccione sold 1,389 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $24.12, for a total value of $33,502.68. Following the completion of the transaction, the general counsel now directly owns 90,445 shares of the company’s stock, valued at $2,181,533.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey Greenberg sold 10,000 shares of the business’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 disclosure for this sale can be found here. 21.73% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Macquarie Group Ltd. bought a new position in shares of Skechers USA during the second quarter worth about $282,000. Williams Jones & Associates LLC increased its position 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 worth $1,027,000 after buying an additional 3,560 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its position 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 worth $682,000 after buying an additional 399 shares during the last quarter. Mason Street Advisors LLC bought a new position in shares of Skechers USA during the second quarter worth about $1,801,000. Finally, CI Investments Inc. bought a new position in shares of Skechers USA during the second quarter worth about $16,174,000. 65.70% of the stock is 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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