Skechers U.S.A. (NYSE:SKX) Sees Strong Trading Volume

Skechers U.S.A., Inc. (NYSE:SKX - Get Free Report) saw strong trading volume on Friday . 3,488,598 shares traded hands during trading, an increase of 118% from the previous session's volume of 1,600,747 shares.The stock last traded at $56.54 and had previously closed at $56.86.

Wall Street Analyst Weigh In

Several analysts have recently commented on SKX shares. TD Cowen raised their target price on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the stock a "buy" rating in a research note on Wednesday, March 6th. Wedbush restated an "outperform" rating and issued a $68.00 target price on shares of Skechers U.S.A. in a research note on Friday. Raymond James reduced their target price on shares of Skechers U.S.A. from $68.00 to $66.00 and set an "outperform" rating for the company in a research note on Monday, February 5th. Evercore ISI reduced their target price on shares of Skechers U.S.A. from $73.00 to $68.00 and set an "outperform" rating for the company in a research note on Wednesday. Finally, Monness Crespi & Hardt raised their target price on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the stock a "buy" rating in a research note on Thursday, January 18th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $66.17.

Skechers U.S.A. Trading Down 0.8 %

The company has a market cap of $8.65 billion, a price-to-earnings ratio of 16.26, a PEG ratio of 1.02 and a beta of 1.32. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 1.46. The business's 50-day simple moving average is $59.72 and its 200-day simple moving average is $57.57.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced its quarterly earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.04. Skechers U.S.A. had a net margin of 6.82% and a return on equity of 12.89%. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the prior year, the firm earned $0.48 earnings per share. The company's revenue for the quarter was up 4.4% compared to the same quarter last year. Research analysts predict that Skechers U.S.A., Inc. will post 3.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Skechers U.S.A.

In other Skechers U.S.A. news, COO David Weinberg sold 67,390 shares of the company's stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $3,899,859.30. Following the sale, the chief operating officer now owns 141,405 shares of the company's stock, valued at $8,183,107.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Mark A. Nason sold 6,432 shares of the business's stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $58.83, for a total value of $378,394.56. Following the completion of the transaction, the executive vice president now owns 34,023 shares of the company's stock, valued at $2,001,573.09. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO David Weinberg sold 67,390 shares of the business's stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the completion of the transaction, the chief operating officer now directly owns 141,405 shares of the company's stock, valued at approximately $8,183,107.35. The disclosure for this sale can be found here. Insiders have sold 254,875 shares of company stock valued at $15,021,192 over the last quarter. Corporate insiders own 24.79% of the company's stock.

Hedge Funds Weigh In On Skechers U.S.A.

A number of institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. increased its position in Skechers U.S.A. by 705.1% during the second quarter. Goldman Sachs Group Inc. now owns 2,135,092 shares of the textile maker's stock worth $112,434,000 after purchasing an additional 1,869,889 shares during the last quarter. Pacer Advisors Inc. increased its position in Skechers U.S.A. by 6,521.5% during the fourth quarter. Pacer Advisors Inc. now owns 1,456,599 shares of the textile maker's stock worth $90,804,000 after purchasing an additional 1,434,601 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Skechers U.S.A. by 757.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,543,936 shares of the textile maker's stock worth $73,368,000 after purchasing an additional 1,363,908 shares during the last quarter. Norges Bank acquired a new position in Skechers U.S.A. during the fourth quarter worth approximately $75,194,000. Finally, Schonfeld Strategic Advisors LLC increased its position in Skechers U.S.A. by 1,102.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 905,292 shares of the textile maker's stock worth $37,977,000 after purchasing an additional 829,982 shares during the last quarter. Institutional investors and hedge funds own 79.96% of the company's stock.

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.