Skechers U.S.A.’s (SKX) Equal Weight Rating Reiterated at Morgan Stanley

Morgan Stanley reaffirmed their equal weight rating on shares of Skechers U.S.A. (NYSE:SKX) in a report published on Wednesday,Benzinga reports. Morgan Stanley currently has a $63.00 price target on the textile maker’s stock, down from their prior price target of $73.00.

SKX has been the topic of a number of other research reports. TD Cowen increased their target price on Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Bank of America decreased their price objective on shares of Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating for the company in a report on Monday, March 24th. Raymond James dropped their target price on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday, February 7th. Wells Fargo & Company lifted their price target on shares of Skechers U.S.A. from $57.00 to $63.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Stifel Nicolaus dropped their price objective on Skechers U.S.A. from $80.00 to $62.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $70.00.

Skechers U.S.A. Trading Up 0.1 %

SKX stock opened at $61.50 on Wednesday. The firm’s fifty day simple moving average is $53.40 and its two-hundred day simple moving average is $62.06. The stock has a market capitalization of $9.19 billion, a price-to-earnings ratio of 14.82, a price-to-earnings-growth ratio of 1.11 and a beta of 1.06. The company has a quick ratio of 1.12, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. Skechers U.S.A. has a twelve month low of $44.50 and a twelve month high of $78.85.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings data on Thursday, April 24th. The textile maker reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.17. The business had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.43 billion. Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.33 earnings per share. As a group, analysts anticipate that Skechers U.S.A. will post 4.47 earnings per share for the current year.

Insider Transactions at Skechers U.S.A.

In related news, COO David Weinberg sold 36,000 shares of the business’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total transaction of $2,257,920.00. Following the transaction, the chief operating officer now directly owns 54,499 shares in the company, valued at approximately $3,418,177.28. The trade was a 39.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, General Counsel Phillip Paccione sold 10,994 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $56.63, for a total value of $622,590.22. Following the completion of the sale, the general counsel now owns 15,000 shares of the company’s stock, valued at $849,450. This trade represents a 42.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 218,245 shares of company stock valued at $13,452,902 in the last ninety days. 24.78% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. grew its stake in shares of Skechers U.S.A. by 15,774.3% in the 1st quarter. Victory Capital Management Inc. now owns 3,949,844 shares of the textile maker’s stock valued at $224,272,000 after buying an additional 3,924,962 shares during the period. Norges Bank purchased a new stake in Skechers U.S.A. in the fourth quarter valued at $105,741,000. Duquesne Family Office LLC acquired a new position in shares of Skechers U.S.A. in the 4th quarter valued at $72,272,000. Two Sigma Investments LP increased its position in shares of Skechers U.S.A. by 772.7% during the 4th quarter. Two Sigma Investments LP now owns 1,176,488 shares of the textile maker’s stock worth $79,107,000 after purchasing an additional 1,041,677 shares during the last quarter. Finally, Anomaly Capital Management LP raised its holdings in Skechers U.S.A. by 51.2% in the 4th quarter. Anomaly Capital Management LP now owns 2,989,015 shares of the textile maker’s stock valued at $200,981,000 after buying an additional 1,011,815 shares during the period. Institutional investors and hedge funds own 79.96% of the company’s stock.

About Skechers U.S.A.

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.