Skechers USA Inc. (SKX) Sees Strong Trading Volume
Shares of Skechers USA Inc. (NYSE:SKX) saw unusually-strong trading volume on Tuesday . Approximately 2,776,729 shares were traded during trading, an increase of 22% from the previous session’s volume of 2,273,212 shares.The stock last traded at $32.51 and had previously closed at $31.12.
Several analysts have weighed in on SKX shares. Vetr raised Skechers USA from a “strong sell” rating to a “sell” rating and set a $30.20 price objective for the company in a report on Tuesday, March 15th. Dundee Securities boosted their price objective on Skechers USA from C$1.60 to C$1.75 in a report on Monday, April 4th. Macquarie started coverage on Skechers USA in a report on Thursday, April 7th. They set an “outperform” rating and a $45.00 price objective for the company. OTR Global cut Skechers USA to a “positive” rating in a report on Thursday, April 7th. Finally, B. Riley reissued a “buy” rating and set a $40.00 price objective on shares of Skechers USA in a report on Wednesday, April 20th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Skechers USA has an average rating of “Buy” and an average price target of $33.72.
The stock has a market capitalization of $5.13 billion and a PE ratio of 18.48. The firm has a 50-day moving average price of $29.95 and a 200-day moving average price of $30.18.
Skechers USA (NYSE:SKX) last issued its quarterly earnings results on Thursday, April 21st. The company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.54 by $0.09. The firm had revenue of $978.80 million for the quarter, compared to analysts’ expectations of $914.87 million. During the same period in the prior year, the company earned $1.10 EPS. The firm’s quarterly revenue was up 27.4% on a year-over-year basis. On average, analysts expect that Skechers USA Inc. will post $2.09 earnings per share for the current year.
In other news, Director Jeffrey Greenberg sold 10,000 shares of the company’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $30.15, for a total transaction of $301,500.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, General Counsel Phillip Paccione sold 5,000 shares of the company’s stock in a transaction on Tuesday, April 26th. The shares were sold at an average price of $34.00, for a total value of $170,000.00. Following the transaction, the general counsel now directly owns 94,055 shares in the company, valued at approximately $3,197,870. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have recently modified their holdings of the stock. State Treasurer State of Michigan boosted its position in shares of Skechers USA by 111.5% in the fourth quarter. State Treasurer State of Michigan now owns 51,400 shares of the company’s stock worth $1,553,000 after buying an additional 27,100 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Skechers USA by 200.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 40,200 shares of the company’s stock worth $1,214,000 after buying an additional 26,800 shares in the last quarter. California State Teachers Retirement System boosted its position in shares of Skechers USA by 204.8% in the fourth quarter. California State Teachers Retirement System now owns 227,478 shares of the company’s stock worth $6,872,000 after buying an additional 152,854 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its position in shares of Skechers USA by 195.7% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 163,343 shares of the company’s stock worth $4,935,000 after buying an additional 108,112 shares in the last quarter. Finally, Russell Frank Co boosted its position in shares of Skechers USA by 114.7% in the fourth quarter. Russell Frank Co now owns 456,917 shares of the company’s stock worth $14,188,000 after buying an additional 244,116 shares in the last quarter.
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.