Monness Crespi & Hardt Downgrades Skechers U.S.A. (NYSE:SKX) to Hold

Skechers U.S.A. (NYSE:SKX) was downgraded by research analysts at Monness Crespi & Hardt from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other research firms have also weighed in on SKX. Bank of America cut their price objective on shares of Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating on the stock in a research note on Monday, March 24th. UBS Group reaffirmed a “neutral” rating and set a $63.00 price target (down from $64.00) on shares of Skechers U.S.A. in a research report on Tuesday. Morgan Stanley reissued an “equal weight” rating and issued a $63.00 price objective (down previously from $73.00) on shares of Skechers U.S.A. in a report on Wednesday. Wells Fargo & Company boosted their price target on Skechers U.S.A. from $57.00 to $63.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Stifel Nicolaus decreased their target price on shares of Skechers U.S.A. from $80.00 to $62.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $70.00.

Skechers U.S.A. Stock Performance

Shares of SKX opened at $61.47 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.12 and a current ratio of 1.97. The stock has a 50-day moving average of $53.32 and a two-hundred day moving average of $62.07. The stock has a market cap of $9.18 billion, a P/E ratio of 14.81, a P/E/G ratio of 1.11 and a beta of 1.06. Skechers U.S.A. has a one year low of $44.50 and a one year high of $78.85.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, April 24th. The textile maker reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.17. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. The firm had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the previous year, the company posted $1.33 earnings per share. The company’s revenue was up 7.1% compared to the same quarter last year. As a group, research analysts predict that Skechers U.S.A. will post 4.47 EPS for the current year.

Insider Buying and Selling

In related news, COO David Weinberg sold 36,000 shares of the company’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total transaction of $2,257,920.00. Following the completion of the sale, the chief operating officer now owns 54,499 shares of the company’s stock, valued at approximately $3,418,177.28. This represents a 39.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert Greenberg sold 52,600 shares of the business’s stock in a transaction that occurred on Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total value of $3,299,072.00. Following the transaction, the chief executive officer now owns 61,367 shares in the company, valued at approximately $3,848,938.24. This represents a 46.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 218,245 shares of company stock worth $13,452,902. 24.78% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. NewEdge Advisors LLC grew its position in Skechers U.S.A. by 85.2% in the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker’s stock worth $28,000 after acquiring an additional 190 shares during the period. TD Private Client Wealth LLC lifted its stake in shares of Skechers U.S.A. by 534.3% in the 4th quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock valued at $29,000 after purchasing an additional 358 shares during the last quarter. Investment Management Corp VA ADV acquired a new position in shares of Skechers U.S.A. in the 4th quarter valued at $32,000. Parallel Advisors LLC increased its position in shares of Skechers U.S.A. by 183.0% during the 1st quarter. Parallel Advisors LLC now owns 617 shares of the textile maker’s stock worth $35,000 after purchasing an additional 399 shares during the last quarter. Finally, Golden State Wealth Management LLC acquired a new stake in shares of Skechers U.S.A. during the 1st quarter worth about $35,000. Hedge funds and other institutional investors own 79.96% of the company’s stock.

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.