ValuEngine Downgrades Skechers USA (NYSE:SKX) to Hold

ValuEngine lowered shares of Skechers USA (NYSE:SKX) from a buy rating to a hold rating in a research note published on Thursday, ValuEngine reports.

SKX has been the subject of a number of other research reports. Wedbush raised shares of Skechers USA from a neutral rating to an outperform rating and boosted their target price for the stock from $31.00 to $46.00 in a research note on Friday, July 19th. Wells Fargo & Co set a $40.00 target price on shares of Skechers USA and gave the stock a hold rating in a research note on Friday, July 19th. Stifel Nicolaus boosted their target price on shares of Skechers USA from $35.00 to $44.00 and gave the stock a buy rating in a research note on Friday, July 19th. B. Riley reissued a buy rating on shares of Skechers USA in a research note on Friday, April 26th. Finally, Monness Crespi & Hardt reissued a buy rating and set a $42.00 target price (up previously from $35.00) on shares of Skechers USA in a research note on Friday, July 19th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $38.50.

SKX traded down $0.68 on Thursday, reaching $34.95. The stock had a trading volume of 2,133,441 shares, compared to its average volume of 3,177,791. Skechers USA has a 12-month low of $21.45 and a 12-month high of $40.50. The company has a current ratio of 2.51, a quick ratio of 1.65 and a debt-to-equity ratio of 0.43. The company has a 50-day moving average price of $34.18. The company has a market cap of $5.61 billion, a P/E ratio of 18.20, a P/E/G ratio of 1.08 and a beta of 0.78.

Skechers USA (NYSE:SKX) last released its quarterly earnings data on Thursday, July 18th. The textile maker reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.16. Skechers USA had a net margin of 6.72% and a return on equity of 14.59%. The company had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter in the previous year, the company earned $0.29 earnings per share. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. Analysts predict that Skechers USA will post 2.21 EPS for the current year.

In related news, Director Thomas Walsh sold 1,500 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $39.77, for a total transaction of $59,655.00. Following the transaction, the director now directly owns 15,500 shares in the company, valued at $616,435. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey Greenberg sold 90,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $37.72, for a total transaction of $3,394,800.00. The disclosure for this sale can be found here. Insiders have sold 184,500 shares of company stock worth $7,079,925 over the last 90 days. 28.08% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. boosted its holdings in Skechers USA by 1.1% in the 1st quarter. BlackRock Inc. now owns 11,671,591 shares of the textile maker’s stock valued at $392,282,000 after purchasing an additional 128,330 shares during the last quarter. Boston Partners boosted its holdings in Skechers USA by 5.1% in the 1st quarter. Boston Partners now owns 2,056,345 shares of the textile maker’s stock valued at $69,114,000 after purchasing an additional 100,685 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Skechers USA by 6.1% in the 4th quarter. Geode Capital Management LLC now owns 1,369,816 shares of the textile maker’s stock valued at $31,355,000 after purchasing an additional 79,002 shares during the last quarter. Norges Bank acquired a new position in Skechers USA in the 4th quarter valued at about $29,796,000. Finally, Intrepid Capital Management Inc. boosted its holdings in Skechers USA by 53.8% in the 1st quarter. Intrepid Capital Management Inc. now owns 294,110 shares of the textile maker’s stock valued at $9,885,000 after purchasing an additional 102,930 shares during the last quarter. Hedge funds and other institutional investors own 76.34% of the company’s stock.

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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Analyst Recommendations for Skechers USA (NYSE:SKX)

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