Skechers USA Inc. (SKX) Sees Unusually-High Trading Volume
Skechers USA Inc. (NYSE:SKX) saw strong trading volume on Thursday . 4,432,784 shares changed hands during mid-day trading, an increase of 67% from the previous session’s volume of 2,659,776 shares.The stock last traded at $32.18 and had previously closed at $32.28.
A number of analysts have issued reports on the company. B. Riley reissued a “buy” rating and issued a $40.00 target price on shares of Skechers USA in a research report on Wednesday, April 20th. Zacks Investment Research raised Skechers USA from a “sell” rating to a “hold” rating in a research report on Monday. Vetr raised Skechers USA from a “hold” rating to a “buy” rating and set a $34.68 target price on the stock in a research report on Tuesday. Morgan Stanley reissued a “buy” rating on shares of Skechers USA in a research report on Monday, June 6th. Finally, Dundee Securities upped their price objective on Skechers USA from C$1.60 to C$1.75 in a research report on Monday, April 4th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $32.72.
The company has a market capitalization of $5.08 billion and a P/E ratio of 18.28. The stock’s 50-day moving average is $30.33 and its 200-day moving average is $30.27.
Skechers USA (NYSE:SKX) last announced its quarterly earnings results on Thursday, July 21st. The company reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.52 by $0.04. The business had revenue of $877.80 million for the quarter, compared to the consensus estimate of $892.06 million. During the same quarter in the previous year, the business posted $0.52 EPS. Analysts forecast that Skechers USA Inc. will post $2.07 EPS for the current fiscal year.
In related news, COO David Weinberg sold 50,000 shares of Skechers USA stock in a transaction on Tuesday, April 26th. The shares were sold at an average price of $34.07, for a total transaction of $1,703,500.00. Following the transaction, the chief operating officer now owns 265,000 shares in the company, valued at approximately $9,028,550. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Phillip Paccione sold 3,500 shares of Skechers USA stock in a transaction on Thursday, May 26th. The shares were sold at an average price of $30.23, for a total transaction of $105,805.00. Following the transaction, the general counsel now owns 91,000 shares in the company, valued at approximately $2,750,930. The disclosure for this sale can be found here.
A number of large investors have recently added to or reduced their stakes in SKX. Swiss National Bank increased its stake in Skechers USA by 200.0% in the fourth quarter. Swiss National Bank now owns 169,200 shares of the company’s stock valued at $5,112,000 after buying an additional 112,800 shares during the period. Rhumbline Advisers increased its stake in Skechers USA by 201.6% in the fourth quarter. Rhumbline Advisers now owns 243,609 shares of the company’s stock valued at $7,359,000 after buying an additional 162,830 shares during the period. California Public Employees Retirement System increased its stake in Skechers USA by 241.3% in the fourth quarter. California Public Employees Retirement System now owns 413,000 shares of the company’s stock valued at $12,477,000 after buying an additional 292,000 shares during the period. Commerzbank Aktiengesellschaft FI purchased a new stake in Skechers USA during the fourth quarter valued at about $1,140,000. Finally, Comerica Bank increased its stake in Skechers USA by 206.3% in the fourth quarter. Comerica Bank now owns 91,781 shares of the company’s stock valued at $2,457,000 after buying an additional 61,819 shares during the period.
Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.
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