Skechers U.S.A. (NYSE:SKX) Receives “Hold” Rating from Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Skechers U.S.A. (NYSE:SKX) in a research note issued to investors on Friday,Benzinga reports.

SKX has been the topic of several other research reports. Bank of America lowered their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Barclays raised their price target on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Morgan Stanley increased their target price on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. StockNews.com raised Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Thursday, January 23rd. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.50.

Skechers U.S.A. Price Performance

Shares of NYSE:SKX opened at $66.06 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $9.97 billion, a PE ratio of 15.92, a price-to-earnings-growth ratio of 0.95 and a beta of 1.19. The firm’s 50 day moving average price is $70.51 and its 200-day moving average price is $66.46. Skechers U.S.A. has a twelve month low of $55.67 and a twelve month high of $78.85.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.08). Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.81%. Equities research analysts expect that Skechers U.S.A. will post 4.79 EPS for the current year.

Insider Activity

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of the company’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $693,289.52. Following the transaction, the president now owns 149,327 shares of the company’s stock, valued at $10,076,585.96. This represents a 6.44 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO David Weinberg sold 8,219 shares of Skechers U.S.A. stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $554,618.12. Following the sale, the chief operating officer now owns 122,211 shares of the company’s stock, valued at approximately $8,246,798.28. This trade represents a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC lifted its stake in shares of Skechers U.S.A. by 88.1% during the third quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock worth $1,822,000 after buying an additional 13,836 shares during the period. Victory Capital Management Inc. boosted its stake in Skechers U.S.A. by 22.3% during the 3rd quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker’s stock worth $9,295,000 after purchasing an additional 25,289 shares during the last quarter. Transform Wealth LLC purchased a new stake in shares of Skechers U.S.A. during the third quarter worth $7,186,000. National Bank of Canada FI raised its holdings in Skechers U.S.A. by 2,340.0% in the 3rd quarter. National Bank of Canada FI now owns 70,710 shares of the textile maker’s stock valued at $4,732,000 after acquiring an additional 67,812 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Skechers U.S.A. by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock valued at $88,126,000 after purchasing an additional 17,429 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors.

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.