Skechers U.S.A. (NYSE:SKX) Stock Rating Lowered by TD Cowen

Skechers U.S.A. (NYSE:SKX) was downgraded by investment analysts at TD Cowen from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, Marketbeat reports. They presently have a $63.00 price objective on the textile maker’s stock. TD Cowen’s target price points to a potential upside of 1.56% from the company’s previous close.

Several other research analysts also recently commented on SKX. Monness Crespi & Hardt downgraded shares of Skechers U.S.A. from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 7th. Stifel Nicolaus dropped their target price on shares of Skechers U.S.A. from $80.00 to $62.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Wall Street Zen assumed coverage on shares of Skechers U.S.A. in a report on Thursday, May 22nd. They issued a “sell” rating on the stock. Bank of America dropped their target price on shares of Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Finally, UBS Group reiterated a “neutral” rating and issued a $63.00 target price (down previously from $64.00) on shares of Skechers U.S.A. in a report on Tuesday, May 6th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $67.69.

Skechers U.S.A. Stock Up 0.1%

Skechers U.S.A. stock opened at $62.04 on Wednesday. The company has a market capitalization of $9.28 billion, a P/E ratio of 14.95, a P/E/G ratio of 1.11 and a beta of 1.06. The firm’s fifty day simple moving average is $54.79 and its 200-day simple moving average is $62.09. The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.01. Skechers U.S.A. has a 1-year low of $44.50 and a 1-year high of $78.85.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, April 24th. The textile maker reported $1.34 EPS for the quarter, topping the consensus estimate of $1.17 by $0.17. The firm had revenue of $2.41 billion for 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 business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.33 EPS. Sell-side analysts forecast that Skechers U.S.A. will post 4.47 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO John M. Vandemore sold 5,112 shares of Skechers U.S.A. stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $60.76, for a total transaction of $310,605.12. Following the sale, the chief financial officer now directly owns 83,328 shares in the company, valued at approximately $5,063,009.28. The trade was a 5.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Phillip Paccione sold 10,994 shares of Skechers U.S.A. stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $56.63, for a total transaction of $622,590.22. Following the sale, the general counsel now owns 15,000 shares in the company, valued at approximately $849,450. This trade represents a 42.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 117,599 shares of company stock worth $7,099,910. Corporate insiders own 24.78% of the company’s stock.

Hedge Funds Weigh In On Skechers U.S.A.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. NewEdge Advisors LLC boosted its position in Skechers U.S.A. by 85.2% in the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker’s stock valued at $28,000 after buying an additional 190 shares in the last quarter. TD Private Client Wealth LLC boosted its position in Skechers U.S.A. by 534.3% in the fourth quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock valued at $29,000 after buying an additional 358 shares in the last quarter. Investment Management Corp VA ADV acquired a new position in Skechers U.S.A. in the fourth quarter valued at about $32,000. Banque Transatlantique SA acquired a new position in Skechers U.S.A. in the first quarter valued at about $26,000. Finally, Parallel Advisors LLC boosted its position in Skechers U.S.A. by 183.0% in the first quarter. Parallel Advisors LLC now owns 617 shares of the textile maker’s stock valued at $35,000 after buying an additional 399 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors and hedge funds.

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.