Skechers USA Inc (NYSE:SKX) Short Interest Update

Skechers USA Inc (NYSE:SKX) was the target of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totalling 6,040,000 shares, a decrease of 11.8% from the June 30th total of 6,850,000 shares. Based on an average daily volume of 2,060,000 shares, the days-to-cover ratio is currently 2.9 days. Approximately 4.5% of the company’s shares are short sold.

Several equities research analysts have issued reports on SKX shares. Wells Fargo & Co restated a “buy” rating on shares of Skechers USA in a report on Thursday, May 14th. Susquehanna Bancshares increased their price target on Skechers USA from $32.00 to $39.00 in a report on Friday, July 10th. UBS Group lowered their price target on Skechers USA from $50.00 to $32.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. Monness Crespi & Hardt restated a “buy” rating and issued a $40.00 price target on shares of Skechers USA in a report on Monday, July 20th. Finally, Wedbush increased their price target on Skechers USA from $28.00 to $34.00 and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Two analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Skechers USA has a consensus rating of “Buy” and an average target price of $38.68.

In related news, EVP Mark A. Nason sold 11,922 shares of the company’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $31.79, for a total value of $379,000.38. Following the completion of the sale, the executive vice president now owns 73,752 shares in the company, valued at $2,344,576.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert Greenberg sold 50,000 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $26.19, for a total value of $1,309,500.00. Following the completion of the sale, the chief executive officer now owns 600,000 shares of the company’s stock, valued at approximately $15,714,000. The disclosure for this sale can be found here. Insiders sold 115,052 shares of company stock valued at $3,086,092 in the last quarter. 28.08% of the stock is currently owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Cerebellum GP LLC acquired a new position in Skechers USA during the 2nd quarter worth about $63,000. Fifth Third Bancorp increased its holdings in Skechers USA by 16.1% during the 1st quarter. Fifth Third Bancorp now owns 2,901 shares of the textile maker’s stock worth $69,000 after purchasing an additional 403 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in Skechers USA during the 1st quarter worth approximately $139,000. World Asset Management Inc bought a new stake in Skechers USA during the 2nd quarter worth approximately $235,000. Finally, Engineers Gate Manager LP bought a new stake in Skechers USA during the 1st quarter worth approximately $241,000. 76.18% of the stock is currently owned by hedge funds and other institutional investors.

Shares of SKX traded down $0.25 during mid-day trading on Friday, reaching $29.28. The company’s stock had a trading volume of 1,225,869 shares, compared to its average volume of 1,962,789. Skechers USA has a 1-year low of $17.06 and a 1-year high of $44.50. The stock has a market cap of $4.62 billion, a P/E ratio of 28.99 and a beta of 1.22. The business has a 50-day simple moving average of $30.16 and a two-hundred day simple moving average of $30.84. The company has a current ratio of 2.91, a quick ratio of 1.96 and a debt-to-equity ratio of 0.73.

Skechers USA (NYSE:SKX) last announced its earnings results on Thursday, July 23rd. The textile maker reported ($0.44) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.67) by $0.23. Skechers USA had a return on equity of 6.24% and a net margin of 3.08%. The company had revenue of $729.47 million for the quarter, compared to analyst estimates of $676.69 million. Research analysts anticipate that Skechers USA will post 0.47 EPS for the current year.

Skechers USA Company Profile

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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