Skechers USA (SKX) Shares Down 7.9%
Skechers USA Inc (NYSE:SKX) traded down 7.9% during mid-day trading on Wednesday . The stock traded as low as $25.94 and last traded at $26.42. 8,146,875 shares traded hands during mid-day trading, an increase of 161% from the average session volume of 3,117,588 shares. The stock had previously closed at $28.70.
Several equities research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Skechers USA from a “sell” rating to a “hold” rating in a research note on Friday, July 20th. Standpoint Research upgraded shares of Skechers USA from a “hold” rating to a “buy” rating in a research note on Friday, July 20th. UBS Group downgraded shares of Skechers USA from a “positive” rating to a “neutral” rating and cut their target price for the company from $41.00 to $37.00 in a research note on Friday, July 20th. Wells Fargo & Co downgraded shares of Skechers USA from an “outperform” rating to a “market perform” rating and set a $36.00 target price for the company. in a research note on Friday, July 20th. Finally, Buckingham Research cut their target price on shares of Skechers USA from $42.00 to $31.00 and set a “buy” rating for the company in a research note on Friday, July 20th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. Skechers USA currently has an average rating of “Hold” and a consensus price target of $37.79.
The firm has a market cap of $4.21 billion, a price-to-earnings ratio of 14.97, a PEG ratio of 1.53 and a beta of 0.34. The company has a current ratio of 3.28, a quick ratio of 2.14 and a debt-to-equity ratio of 0.03.
Institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE raised its holdings in Skechers USA by 169.5% in the 2nd quarter. US Bancorp DE now owns 4,069 shares of the textile maker’s stock valued at $122,000 after acquiring an additional 2,559 shares during the period. NumerixS Investment Technologies Inc bought a new position in Skechers USA in the 2nd quarter valued at about $141,000. Strs Ohio bought a new position in Skechers USA in the 2nd quarter valued at about $184,000. Landscape Capital Management L.L.C. bought a new position in Skechers USA in the 1st quarter valued at about $205,000. Finally, Creative Planning bought a new position in Skechers USA in the 2nd quarter valued at about $211,000. 70.91% of the stock is currently owned by hedge funds and other institutional investors.
Skechers USA Company Profile (NYSE:SKX)
Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.
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