Skechers U.S.A. (NYSE:SKX) Trading Down 6.1% – Here’s What Happened

Skechers U.S.A., Inc. (NYSE:SKX)’s share price was down 6.1% during mid-day trading on Monday . The stock traded as low as $55.60 and last traded at $55.39. Approximately 734,911 shares changed hands during trading, a decline of 63% from the average daily volume of 1,972,269 shares. The stock had previously closed at $58.99.

Analyst Ratings Changes

Several research firms have commented on SKX. Barclays decreased their price objective on shares of Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating on the stock in a report on Monday, February 10th. UBS Group reduced their target price on shares of Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating for the company in a report on Friday, February 7th. Stifel Nicolaus cut their price objective on shares of Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, February 7th. Piper Sandler assumed coverage on Skechers U.S.A. in a report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price objective for the company. Finally, Raymond James lowered their target price on 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. Three investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $81.25.

Skechers U.S.A. Stock Up 1.4 %

The company has a market cap of $8.42 billion, a P/E ratio of 13.43, a PEG ratio of 1.11 and a beta of 1.21. The stock has a 50-day moving average of $67.52 and a 200 day moving average of $66.17. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, February 6th. The textile maker reported $0.65 EPS 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 13.73%. Research analysts anticipate that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

Insider Activity

In other news, President Michael Greenberg sold 10,274 shares of Skechers U.S.A. stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $693,289.52. Following the completion of the transaction, the president now directly owns 149,327 shares of the company’s stock, valued at approximately $10,076,585.96. This trade represents a 6.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Phillip Paccione sold 10,994 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $56.63, for a total transaction of $622,590.22. Following the transaction, the general counsel now owns 15,000 shares in the company, valued at $849,450. The trade was a 42.29 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 236,738 shares of company stock worth $14,700,809. Insiders own 24.75% of the company’s stock.

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

Institutional investors have recently bought and sold shares of the stock. Covestor Ltd lifted its position in shares of Skechers U.S.A. by 18.8% during the 3rd quarter. Covestor Ltd now owns 1,678 shares of the textile maker’s stock valued at $112,000 after buying an additional 265 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of Skechers U.S.A. by 54.5% in the 3rd quarter. Los Angeles Capital Management LLC now owns 14,120 shares of the textile maker’s stock valued at $945,000 after acquiring an additional 4,981 shares in the last quarter. Venturi Wealth Management LLC lifted its position in Skechers U.S.A. by 52.9% during the third quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock valued at $58,000 after purchasing an additional 299 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its position in shares of Skechers U.S.A. by 120.6% during the 3rd quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 71,320 shares of the textile maker’s stock valued at $4,773,000 after buying an additional 38,983 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Skechers U.S.A. by 22.3% during the third quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker’s stock valued at $9,295,000 after purchasing an additional 25,289 shares in the last quarter. Institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Company Profile

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.