Skechers USA Inc. (SKX) Shares Down 9.3%
Skechers USA Inc. (NYSE:SKX) shares were down 9.3% during mid-day trading on Wednesday . The company traded as low as $20.90 and last traded at $21.07, with a volume of 9,110,378 shares changing hands. The stock had previously closed at $23.23.
A number of research analysts have recently issued reports on SKX shares. Susquehanna started coverage on Skechers USA in a report on Friday, August 12th. They set a “neutral” rating and a $27.00 price target on the stock. Citigroup Inc. reaffirmed a “buy” rating and set a $38.00 price target on shares of Skechers USA in a report on Tuesday, August 23rd. Monness Crespi & Hardt downgraded 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. Argus downgraded Skechers USA from a “buy” rating to a “hold” rating in a report on Monday, August 1st. Finally, Morgan Stanley reaffirmed a “buy” rating on shares of Skechers USA in a report on Monday, June 6th. Eight equities research analysts have rated the stock with a hold rating and ten have given 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.
The stock has a 50 day moving average of $24.12 and a 200-day moving average of $28.65. The firm has a market capitalization of $3.35 billion, a PE ratio of 12.26 and a beta of 0.32.
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Skechers USA (NYSE:SKX) last issued its quarterly earnings results on Thursday, July 21st. The company reported $0.50 EPS for the quarter, missing the Zacks’ 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 firm had revenue of $877.80 million for the quarter, compared to analyst estimates of $892.06 million. During the same period in the prior year, the firm posted $0.52 EPS. On average, equities analysts forecast that Skechers USA Inc. will post $1.83 EPS for the current fiscal year.
In other Skechers USA news, Director Jeffrey Greenberg sold 10,000 shares of Skechers USA stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $30.15, for a total transaction of $301,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Phillip Paccione sold 1,389 shares of Skechers USA stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $24.12, for a total value of $33,502.68. Following the sale, 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. Company insiders own 21.73% of the company’s stock.
Hedge funds have recently modified their holdings of the company. FMR LLC boosted its stake in shares of Skechers USA by 1.7% in the second quarter. FMR LLC now owns 19,935,612 shares of the company’s stock worth $592,486,000 after buying an additional 334,320 shares in the last quarter. BlackRock Fund Advisors boosted its position in shares of Skechers USA by 7.6% in the second quarter. BlackRock Fund Advisors now owns 4,711,763 shares of the company’s stock valued at $140,034,000 after buying an additional 331,113 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in shares of Skechers USA by 4.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,998,590 shares of the company’s stock valued at $118,838,000 after buying an additional 165,648 shares during the period. State Street Corp boosted its position in shares of Skechers USA by 1.7% in the first quarter. State Street Corp now owns 3,551,897 shares of the company’s stock valued at $108,158,000 after buying an additional 59,148 shares during the period. Finally, Apex Capital Management boosted its position in shares of Skechers USA by 6.2% in the first quarter. Apex Capital Management now owns 2,437,463 shares of the company’s stock valued at $74,221,000 after buying an additional 141,323 shares during the period. 65.70% of the stock is owned by institutional investors.
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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