Skechers USA Inc. (SKX) Downgraded to Equal Weight at Morgan Stanley
Skechers USA Inc. (NYSE:SKX) was downgraded by equities research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a note issued to investors on Wednesday. They presently have a $25.00 price target on the stock, down from their prior price target of $41.00. Morgan Stanley’s price target suggests a potential upside of 17.81% from the company’s previous close.
Several other brokerages have also commented on SKX. B. Riley reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Skechers USA in a research report on Monday, July 25th. Zacks Investment Research downgraded shares of Skechers USA from a “hold” rating to a “sell” rating in a research note on Monday, June 27th. Vetr upgraded shares of Skechers USA from a “hold” rating to a “buy” rating and set a $34.68 target price for the company in a research note on Tuesday, July 19th. Argus downgraded shares of Skechers USA from a “buy” rating to a “hold” rating in a research note on Monday, August 1st. Finally, Monness Crespi & Hardt downgraded shares of 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. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Skechers USA currently has an average rating of “Buy” and an average price target of $30.99.
Skechers USA (NYSE:SKX) traded down 8.65% on Wednesday, hitting $21.22. 13,164,913 shares of the stock traded hands. Skechers USA has a 52 week low of $20.90 and a 52 week high of $49.28. The firm has a market capitalization of $3.35 billion, a PE 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 quarterly earnings results on Thursday, July 21st. The company reported $0.50 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by $0.02. Skechers USA had a net margin of 7.79% and a return on equity of 20.20%. The firm had revenue of $877.80 million for the quarter, compared to the consensus estimate of $892.06 million. During the same period in the previous year, the business earned $0.52 earnings per share. Equities research analysts anticipate that Skechers USA will post $1.83 earnings per share for the current year.
In other Skechers USA news, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, 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 transaction 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 approximately $2,181,533.40. The disclosure for this sale can be found here. 21.73% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Macquarie Group Ltd. bought 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 worth $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 worth $682,000 after buying an additional 399 shares during the last quarter. Mason Street Advisors LLC acquired a new stake in shares of Skechers USA during the second quarter worth $1,801,000. Finally, CI Investments Inc. acquired a new stake in shares of Skechers USA during the second quarter worth $16,174,000. 65.70% of the stock is owned by institutional investors and hedge funds.
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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