Skechers U.S.A. (NYSE:SKX) Stock Price Down 2.9%

Shares of Skechers U.S.A., Inc. (NYSE:SKX) dropped 2.9% during trading on Thursday . The company traded as low as $69.27 and last traded at $69.70. Approximately 222,186 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 1,689,173 shares. The stock had previously closed at $71.75.

Analyst Upgrades and Downgrades

SKX has been the subject of a number of research reports. Evercore ISI reduced their price objective on Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating for the company in a research report on Wednesday, April 17th. TD Cowen raised their price objective on Skechers U.S.A. from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Wedbush reiterated an “outperform” rating and issued a $76.00 price objective on shares of Skechers U.S.A. in a research report on Friday, May 17th. Wells Fargo & Company initiated coverage on Skechers U.S.A. in a research report on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 price objective for the company. Finally, Bank of America upgraded Skechers U.S.A. from a “neutral” rating to a “buy” rating and raised their target price for the stock from $71.00 to $87.00 in a research report on Friday, June 7th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $72.00.

Skechers U.S.A. Stock Down 2.4 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.56 and a current ratio of 2.39. The firm has a market cap of $10.68 billion, a price-to-earnings ratio of 18.45, a PEG ratio of 1.04 and a beta of 1.28. The business’s 50-day moving average is $68.13 and its 200-day moving average is $63.42.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.23. The firm had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.56%. The company’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.02 EPS. On average, equities analysts predict that Skechers U.S.A., Inc. will post 4.08 EPS for the current year.

Insider Buying and Selling at Skechers U.S.A.

In other Skechers U.S.A. news, General Counsel Phillip Paccione sold 423 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total value of $29,377.35. Following the completion of the sale, the general counsel now owns 35,000 shares in the company, valued at approximately $2,430,750. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 24.75% of the company’s stock.

Institutional Investors Weigh In On Skechers U.S.A.

Several institutional investors have recently modified their holdings of SKX. Pacer Advisors Inc. grew its position in shares of Skechers U.S.A. by 6,521.5% during the 4th quarter. Pacer Advisors Inc. now owns 1,456,599 shares of the textile maker’s stock worth $90,804,000 after buying an additional 1,434,601 shares during the period. Norges Bank acquired a new stake in shares of Skechers U.S.A. during the 4th quarter worth approximately $75,194,000. Vaughan Nelson Investment Management L.P. grew its position in shares of Skechers U.S.A. by 371.8% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 758,469 shares of the textile maker’s stock worth $47,282,000 after buying an additional 597,702 shares during the period. AQR Capital Management LLC grew its position in shares of Skechers U.S.A. by 72.8% during the 3rd quarter. AQR Capital Management LLC now owns 1,311,246 shares of the textile maker’s stock worth $64,185,000 after buying an additional 552,452 shares during the period. Finally, Invesco Ltd. grew its position in shares of Skechers U.S.A. by 138.2% during the 3rd quarter. Invesco Ltd. now owns 770,710 shares of the textile maker’s stock worth $37,726,000 after buying an additional 447,192 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.