Skechers U.S.A., Inc. (NYSE:SKX) was the recipient of a significant decline in short interest in the month of October. As of October 30th, there was short interest totalling 5,620,000 shares, a decline of 17.1% from the October 15th total of 6,780,000 shares. Based on an average daily volume of 1,610,000 shares, the days-to-cover ratio is currently 3.5 days. Approximately 4.2% of the company's shares are short sold.
Institutional investors have recently made changes to their positions in the stock. FMR LLC boosted its holdings in Skechers U.S.A. by 1.2% during the 2nd quarter. FMR LLC now owns 20,426,064 shares of the textile maker's stock valued at $640,970,000 after acquiring an additional 251,390 shares during the period. BlackRock Inc. boosted its position in Skechers U.S.A. by 17.7% during the third quarter. BlackRock Inc. now owns 15,320,835 shares of the textile maker's stock worth $462,994,000 after purchasing an additional 2,299,419 shares in the last quarter. State Street Corp boosted its position in Skechers U.S.A. by 2.4% during the third quarter. State Street Corp now owns 5,026,007 shares of the textile maker's stock worth $151,886,000 after purchasing an additional 116,438 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in Skechers U.S.A. by 0.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 4,744,479 shares of the textile maker's stock worth $143,378,000 after purchasing an additional 25,929 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Skechers U.S.A. by 9.3% during the second quarter. Bank of New York Mellon Corp now owns 3,167,413 shares of the textile maker's stock worth $99,393,000 after purchasing an additional 269,917 shares in the last quarter. Institutional investors and hedge funds own 77.22% of the company's stock.
SKX traded down $0.22 during mid-day trading on Friday, reaching $33.01. 1,495,504 shares of the stock were exchanged, compared to its average volume of 1,965,849. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.96 and a current ratio of 2.91. The stock has a market capitalization of $5.19 billion, a PE ratio of 35.12 and a beta of 1.08. The company has a 50 day moving average price of $32.74 and a two-hundred day moving average price of $30.67. Skechers U.S.A. has a 1 year low of $17.06 and a 1 year high of $44.50.
Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, October 29th. The textile maker reported $0.53 earnings per share (EPS) for the quarter, topping the Zacks' consensus estimate of $0.35 by $0.18. The firm had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.21 billion. Skechers U.S.A. had a net margin of 3.08% and a return on equity of 6.24%. The business's revenue for the quarter was down 3.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.67 EPS. Sell-side analysts expect that Skechers U.S.A. will post 0.46 EPS for the current fiscal year.
Several research analysts recently commented on the stock. Berenberg Bank assumed coverage on shares of Skechers U.S.A. in a report on Tuesday, October 27th. They set a "buy" rating and a $52.00 target price for the company. Deutsche Bank Aktiengesellschaft increased their target price on shares of Skechers U.S.A. from $34.00 to $39.00 and gave the stock a "buy" rating in a report on Friday, July 24th. ValuEngine cut shares of Skechers U.S.A. from a "buy" rating to a "hold" rating in a report on Friday, November 6th. OTR Global upgraded shares of Skechers U.S.A. to a "positive" rating in a report on Thursday, October 1st. Finally, 140166 cut shares of Skechers U.S.A. from a "positive" rating to a "neutral" rating and reduced their target price for the stock from $41.00 to $35.00 in a report on Tuesday, November 3rd. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. The stock currently has a consensus rating of "Buy" and an average target price of $40.45.
About Skechers U.S.A.
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 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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