Traders Buy Skechers USA Inc. (SKX) on Weakness
Investors purchased shares of Skechers USA Inc. (NYSE:SKX) on weakness during trading hours on Wednesday. $62.17 million flowed into the stock on the tick-up and $53.65 million flowed out of the stock on the tick-down, for a money net flow of $8.52 million into the stock. Of all equities tracked, Skechers USA had the 14th highest net in-flow for the day. Skechers USA traded down ($2.01) for the day and closed at $21.22
A number of equities analysts recently weighed in on the stock. B. Riley reaffirmed a “buy” rating and set a $42.00 price objective on shares of Skechers USA in a research report on Tuesday, July 19th. Monness Crespi & Hardt lowered 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 assumed coverage on shares of Skechers USA in a report on Friday, August 12th. They set a “neutral” rating and a $27.00 target price on the stock. Finally, Argus lowered shares of Skechers USA from a “buy” rating to a “hold” rating in a report on Monday, August 1st. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Skechers USA currently has an average rating of “Buy” and an average target price of $30.99.
The firm has a market cap of $3.35 billion, a P/E 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 data on Thursday, July 21st. The company reported $0.50 earnings per share (EPS) 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 analysts’ expectations of $892.06 million. During the same quarter in the prior year, the firm earned $0.52 earnings per share. On average, analysts anticipate that Skechers USA Inc. will post $1.83 earnings per share for the current fiscal year.
In other news, General Counsel Phillip Paccione sold 1,389 shares of the company’s stock in a transaction on Thursday, July 28th. The shares were 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 in the company, valued at $2,181,533.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey Greenberg sold 10,000 shares of the company’s stock in a transaction on Friday, July 1st. The shares were sold at an average price of $30.15, for a total transaction of $301,500.00. The disclosure for this sale can be found here. Company insiders own 21.73% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Glenmede Trust Co. NA purchased a new position in shares of Skechers USA during the second quarter valued at $117,000. US Bancorp DE increased its position in shares of Skechers USA by 45.7% in the second quarter. US Bancorp DE now owns 5,211 shares of the company’s stock valued at $155,000 after buying an additional 1,635 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Skechers USA by 20.1% in the second quarter. PNC Financial Services Group Inc. now owns 6,442 shares of the company’s stock valued at $192,000 after buying an additional 1,079 shares during the period. Ancora Advisors LLC purchased a new position in shares of Skechers USA during the second quarter valued at $208,000. Finally, Ontario Teachers Pension Plan Board purchased a new position in shares of Skechers USA during the second quarter valued at $210,000. Institutional investors and hedge funds own 65.70% of the company’s stock.
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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