Skechers U.S.A. (NYSE:SKX – Get Free Report) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
SKX has been the topic of several other research reports. Needham & Company LLC initiated coverage on shares of Skechers U.S.A. in a report on Friday, November 22nd. They issued a “hold” rating on the stock. Barclays raised their price objective on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Morgan Stanley lifted their target price on Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Piper Sandler assumed coverage on Skechers U.S.A. in a research note on Tuesday, December 10th. They set a “neutral” rating and a $65.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a report on Friday, October 25th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Skechers U.S.A. has a consensus rating of “Moderate Buy” and a consensus price target of $78.42.
Read Our Latest Stock Report on Skechers U.S.A.
Skechers U.S.A. Stock Performance
Skechers U.S.A. (NYSE:SKX – Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 EPS for the quarter, topping the consensus estimate of $1.15 by $0.11. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The firm had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter last year, the company earned $0.93 earnings per share. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. On average, equities research analysts expect that Skechers U.S.A. will post 4.24 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, COO David Weinberg sold 8,219 shares of the stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $554,618.12. Following the sale, the chief operating officer now directly owns 122,211 shares of the company’s stock, valued at $8,246,798.28. This represents a 6.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Michael Greenberg sold 10,274 shares of the firm’s stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $693,289.52. Following the completion of the sale, the president now directly owns 149,327 shares of the company’s stock, valued at approximately $10,076,585.96. The trade was a 6.44 % decrease in their position. The disclosure for this sale can be found here. 24.75% of the stock is owned by insiders.
Institutional Investors Weigh In On Skechers U.S.A.
Hedge funds and other institutional investors have recently modified their holdings of the business. UMB Bank n.a. boosted its holdings in Skechers U.S.A. by 423.3% during the 3rd quarter. UMB Bank n.a. now owns 450 shares of the textile maker’s stock valued at $30,000 after acquiring an additional 364 shares during the period. Venturi Wealth Management LLC lifted its position in shares of Skechers U.S.A. by 52.9% during the third quarter. Venturi Wealth Management LLC now owns 864 shares of the textile maker’s stock worth $58,000 after purchasing an additional 299 shares during the last quarter. Brooklyn Investment Group purchased a new stake in shares of Skechers U.S.A. during the third quarter valued at $67,000. Blue Trust Inc. grew its holdings in shares of Skechers U.S.A. by 778.1% in the third quarter. Blue Trust Inc. now owns 1,001 shares of the textile maker’s stock worth $69,000 after purchasing an additional 887 shares during the last quarter. Finally, Quarry LP grew its holdings in shares of Skechers U.S.A. by 44.6% in the second quarter. Quarry LP now owns 1,187 shares of the textile maker’s stock worth $82,000 after purchasing an additional 366 shares during the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.
Skechers U.S.A. Company Profile
Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children worldwide. The company operates through Wholesale and Direct-to-Consumer segments. It offers footwear under Skechers Hands Free Slip-ins, Skechers Arch Fit, and Skechers Air-Cooled Memory Foam brands.
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