Barclays Has Lowered Expectations for Skechers U.S.A. (NYSE:SKX) Stock Price

Skechers U.S.A. (NYSE:SKX - Get Free Report) had its price objective decreased by Barclays from $77.00 to $53.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the textile maker's stock. Barclays's price target indicates a potential upside of 12.19% from the company's previous close.

A number of other brokerages also recently weighed in on SKX. TD Cowen upped their price objective on Skechers U.S.A. from $88.00 to $93.00 and gave the company a "buy" rating in a research note on Wednesday, January 8th. Raymond James dropped their target price on Skechers U.S.A. from $80.00 to $75.00 and set an "outperform" rating on the stock in a research report on Friday, February 7th. UBS Group dropped their target price on Skechers U.S.A. from $65.00 to $64.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. StockNews.com cut shares of Skechers U.S.A. from a "buy" rating to a "hold" rating in a report on Monday, February 10th. Finally, Bank of America reduced their price objective on 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. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Skechers U.S.A. presently has an average rating of "Moderate Buy" and a consensus target price of $69.62.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock traded down $1.44 during mid-day trading on Friday, hitting $47.24. 1,264,740 shares of the company's stock traded hands, compared to its average volume of 2,289,296. The firm has a 50 day simple moving average of $54.11 and a two-hundred day simple moving average of $62.42. Skechers U.S.A. has a fifty-two week low of $44.50 and a fifty-two week high of $78.85. The stock has a market cap of $7.06 billion, a price-to-earnings ratio of 11.38, a P/E/G ratio of 1.11 and a beta of 1.08. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The textile maker reported $1.34 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $2.43 billion. During the same quarter last year, the business earned $1.33 EPS. The company's quarterly revenue was up 7.1% compared to the same quarter last year. On average, research analysts expect that Skechers U.S.A. will post 4.47 EPS for the current fiscal year.

Insider Activity

In related news, CEO Robert Greenberg sold 52,600 shares of the stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total value of $3,299,072.00. Following the sale, the chief executive officer now directly owns 61,367 shares of the company's stock, valued at approximately $3,848,938.24. This represents a 46.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO David Weinberg sold 36,000 shares of the 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 directly owns 54,499 shares in the company, valued at approximately $3,418,177.28. The trade was a 39.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 218,245 shares of company stock valued at $13,452,902 in the last three months. 24.78% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Skechers U.S.A.

Several hedge funds have recently modified their holdings of SKX. Te Ahumairangi Investment Management Ltd boosted its stake in shares of Skechers U.S.A. by 31.0% during the 3rd quarter. Te Ahumairangi Investment Management Ltd now owns 89,950 shares of the textile maker's stock worth $5,985,000 after purchasing an additional 21,275 shares during the last quarter. World Investment Advisors LLC purchased a new position in shares of Skechers U.S.A. during the 3rd quarter worth about $1,182,000. Tidal Investments LLC lifted its holdings in shares of Skechers U.S.A. by 24.3% during the 3rd quarter. Tidal Investments LLC now owns 51,827 shares of the textile maker's stock worth $3,468,000 after acquiring an additional 10,122 shares during the period. Nordea Investment Management AB purchased a new position in shares of Skechers U.S.A. during the 4th quarter worth about $2,752,000. Finally, Fiduciary Financial Group LLC purchased a new position in shares of Skechers U.S.A. during the 4th quarter worth about $298,000. 79.96% of the stock is owned by institutional investors and hedge funds.

About Skechers U.S.A.

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.