Skechers USA Inc (SKX) Stock Rating Lowered by Vetr Inc.
Skechers USA Inc (NYSE:SKX) was downgraded by equities research analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report released on Tuesday. They currently have a $26.28 price objective on the textile maker’s stock. Vetr‘s price objective indicates a potential upside of 11.12% from the stock’s previous close.
Several other equities research analysts have also issued reports on the stock. Cowen and Company raised shares of Skechers USA from a “market perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a research note on Friday, March 24th. Zacks Investment Research lowered shares of Skechers USA from a “hold” rating to a “sell” rating in a research note on Thursday, January 26th. Standpoint Research lowered shares of Skechers USA from a “buy” rating to a “hold” rating in a research note on Thursday, March 16th. Citigroup Inc lowered their target price on shares of Skechers USA from $30.00 to $25.00 and set a “positive” rating on the stock in a research note on Wednesday, March 29th. Finally, Susquehanna Bancshares Inc reissued a “negative” rating and set a $25.00 target price (down from $30.00) on shares of Skechers USA in a research note on Wednesday, March 29th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. Skechers USA currently has an average rating of “Hold” and an average price target of $28.36.
Skechers USA (NYSE:SKX) traded up 2.12% during midday trading on Tuesday, reaching $23.65. The company’s stock had a trading volume of 3,232,739 shares. Skechers USA has a one year low of $18.81 and a one year high of $32.71. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of 15.34 and a beta of 0.30. The stock’s 50 day moving average price is $24.85 and its 200-day moving average price is $25.12.
Skechers USA (NYSE:SKX) last posted its quarterly earnings results on Thursday, April 20th. The textile maker reported $0.60 EPS for the quarter, beating the consensus estimate of $0.55 by $0.05. Skechers USA had a net margin of 6.83% and a return on equity of 15.10%. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the prior year, the company earned $0.63 earnings per share. The firm’s revenue was up 9.6% on a year-over-year basis. On average, analysts forecast that Skechers USA will post $1.77 EPS for the current fiscal year.
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In related news, General Counsel Phillip Paccione sold 18,794 shares of the firm’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $25.92, for a total value of $487,140.48. Following the transaction, the general counsel now directly owns 78,794 shares of the company’s stock, valued at approximately $2,042,340.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Mark A. Nason sold 18,376 shares of the firm’s stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $27.21, for a total transaction of $500,010.96. Following the completion of the transaction, the insider now directly owns 78,752 shares in the company, valued at $2,142,841.92. The disclosure for this sale can be found here. Insiders sold a total of 87,110 shares of company stock worth $2,267,802 over the last ninety days. 21.73% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Lucus Advisors LLC bought a new position in shares of Skechers USA during the third quarter worth $458,000. Provident Investment Management Inc. raised its position in shares of Skechers USA by 51.3% in the third quarter. Provident Investment Management Inc. now owns 698,094 shares of the textile maker’s stock worth $15,986,000 after buying an additional 236,565 shares in the last quarter. Teachers Advisors LLC raised its position in shares of Skechers USA by 13.0% in the third quarter. Teachers Advisors LLC now owns 120,441 shares of the textile maker’s stock worth $2,758,000 after buying an additional 13,813 shares in the last quarter. Pacer Advisors Inc. raised its position in shares of Skechers USA by 7.4% in the third quarter. Pacer Advisors Inc. now owns 12,497 shares of the textile maker’s stock worth $286,000 after buying an additional 864 shares in the last quarter. Finally, KCG Holdings Inc. raised its position in shares of Skechers USA by 311.8% in the third quarter. KCG Holdings Inc. now owns 38,752 shares of the textile maker’s stock worth $887,000 after buying an additional 29,341 shares in the last quarter. 61.40% of the stock is currently owned by hedge funds and other 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.
To view Vetr’s full report, visit Vetr’s official website.
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