Skechers USA Inc. (SKX) Downgraded to Buy at Vetr Inc.
Vetr lowered shares of Skechers USA Inc. (NYSE:SKX) from a strong-buy rating to a buy rating in a report issued on Wednesday. They currently have $25.17 price objective on the stock.
Other research analysts have also recently issued research reports about the company. B. Riley cut Skechers USA from a buy rating to a neutral rating and set a $24.00 price objective on the stock. in a research report on Thursday, November 3rd. Cowen and Company reissued a hold rating on shares of Skechers USA in a report on Friday, October 21st. Susquehanna began 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. Wedbush began coverage on Skechers USA in a report on Tuesday, November 1st. They set a neutral rating and a $23.00 target price on the stock. Finally, Standpoint Research began coverage on Skechers USA in a report on Monday, October 3rd. They set a buy rating and a $30.00 target price on the stock. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $27.08.
Skechers USA (NYSE:SKX) opened at 22.78 on Wednesday. Skechers USA has a 12-month low of $18.81 and a 12-month high of $34.27. The company has a market capitalization of $3.60 billion, a PE ratio of 13.24 and a beta of 0.27. The company has a 50 day moving average price of $21.56 and a 200-day moving average price of $25.47.
Skechers USA (NYSE:SKX) last posted its quarterly earnings data on Thursday, October 20th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.46 by $0.04. The firm had revenue of $942.40 million for the quarter, compared to the consensus estimate of $954.38 million. Skechers USA had a return on equity of 17.44% and a net margin of 7.56%. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 EPS. On average, analysts anticipate that Skechers USA will post $1.63 EPS for the current year.
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In other news, President Michael Greenberg sold 150,000 shares of the firm’s stock in a transaction dated Wednesday, November 2nd. The stock was sold at an average price of $20.58, for a total transaction of $3,087,000.00. Following the completion of the transaction, the president now directly owns 401,679 shares in the company, valued at $8,266,553.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Robert Greenberg acquired 250,000 shares of the stock in a transaction dated Monday, November 28th. The shares were bought at an average price of $22.18 per share, with a total value of $5,545,000.00. Following the completion of the transaction, the chief executive officer now directly owns 277,693 shares of the company’s stock, valued at $6,159,230.74. The disclosure for this purchase can be found here. Insiders own 21.73% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Glenmede Trust Co. NA bought a new position in shares of Skechers USA during the second quarter worth about $117,000. Van Hulzen Asset Management LLC bought a new position in shares of Skechers USA during the third quarter worth about $135,000. MSI Financial Services Inc increased its position in shares of Skechers USA by 36.6% in the third quarter. MSI Financial Services Inc now owns 6,210 shares of the company’s stock worth $143,000 after buying an additional 1,665 shares during the period. US Bancorp DE increased its position in shares of Skechers USA by 45.7% in the second quarter. US Bancorp DE now owns 5,211 shares of the company’s stock worth $155,000 after buying an additional 1,635 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in shares of Skechers USA by 16.9% in the third quarter. PNC Financial Services Group Inc. now owns 7,529 shares of the company’s stock worth $172,000 after buying an additional 1,087 shares during the period. Institutional investors own 61.06% of the company’s stock.
About Skechers USA
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.
To view Vetr’s full report, visit Vetr’s official website.
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