Traders Buy Shares of Skechers USA Inc. (SKX) on Weakness
Traders purchased shares of Skechers USA Inc. (NYSE:SKX) on weakness during trading on Wednesday. $62.17 million flowed into the stock on the tick-up and $53.65 million flowed out of the stock on the tick-down, for a money net flow of $8.52 million into the stock. Of all companies tracked, Skechers USA had the 14th highest net in-flow for the day. Skechers USA traded down ($2.01) for the day and closed at $21.22
Several analysts have recently issued reports on the company. Morgan Stanley lowered Skechers USA from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $41.00 to $25.00 in a report on Wednesday. Citigroup Inc. reissued a “buy” rating and set a $38.00 target price on shares of Skechers USA in a report on Tuesday, August 23rd. Susquehanna assumed coverage on Skechers USA in a report on Friday, August 12th. They set a “neutral” rating and a $27.00 target price on the stock. Argus lowered Skechers USA from a “buy” rating to a “hold” rating in a report on Monday, August 1st. Finally, B. Riley reissued a “buy” rating and set a $32.00 target price on shares of Skechers USA in a report on Monday, July 25th. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $30.99.
The company has a market capitalization of $3.35 billion, a P/E ratio of 12.26 and a beta of 0.32. The stock has a 50-day moving average price of $24.08 and a 200 day moving average price of $28.60.
Skechers USA (NYSE:SKX) last released its quarterly earnings data on Thursday, July 21st. The company reported $0.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by $0.02. Skechers USA had a net margin of 7.79% and a return on equity of 20.20%. The company 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 firm posted $0.52 earnings per share. Analysts predict that Skechers USA Inc. will post $1.83 EPS for the current fiscal year.
In related news, General Counsel Phillip Paccione sold 1,389 shares of the business’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $24.12, for a total transaction of $33,502.68. Following the completion of the transaction, the general counsel now directly owns 90,445 shares in the company, valued at $2,181,533.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jeffrey Greenberg sold 10,000 shares of the business’s stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $30.15, for a total value of $301,500.00. The disclosure for this sale can be found here. Corporate insiders own 21.73% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the company. Glenmede Trust Co. NA acquired a new position in Skechers USA during the second quarter valued at approximately $117,000. US Bancorp DE boosted its position in Skechers USA by 45.7% in the second quarter. US Bancorp DE now owns 5,211 shares of the company’s stock valued at $155,000 after buying an additional 1,635 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Skechers USA by 20.1% in the second quarter. PNC Financial Services Group Inc. now owns 6,442 shares of the company’s stock valued at $192,000 after buying an additional 1,079 shares during the last quarter. Ancora Advisors LLC acquired a new position in Skechers USA during the second quarter valued at approximately $208,000. Finally, Ontario Teachers Pension Plan Board acquired a new position in Skechers USA during the second quarter valued at approximately $210,000. Institutional investors and hedge funds own 65.70% of the company’s stock.
Skechers USA Company Profile
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.
Receive News & Ratings for Skechers USA Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Skechers USA Inc. and related companies with MarketBeat.com's FREE daily email newsletter.