Skechers U.S.A., Inc. (NYSE:SKX) Sees Significant Decline in Short Interest

Skechers U.S.A., Inc. (NYSE:SKX - Get Free Report) was the target of a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 3,740,000 shares, a drop of 17.6% from the April 30th total of 4,540,000 shares. Currently, 3.3% of the shares of the stock are sold short. Based on an average daily volume of 6,170,000 shares, the days-to-cover ratio is presently 0.6 days.

Skechers U.S.A. Trading Up 0.2%

Shares of SKX stock traded up $0.14 on Wednesday, hitting $62.14. 4,611,543 shares of the company's stock traded hands, compared to its average volume of 3,280,788. The stock has a market capitalization of $9.30 billion, a price-to-earnings ratio of 14.97, a P/E/G ratio of 1.11 and a beta of 1.13. The company's fifty day simple moving average is $55.06 and its 200 day simple moving average is $62.12. Skechers U.S.A. has a one year low of $44.50 and a one year high of $78.85. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.12 and a current ratio of 1.97.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last released its earnings results on Thursday, April 24th. The textile maker reported $1.34 earnings per share for the quarter, beating analysts' consensus estimates of $1.17 by $0.17. The company had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.43 billion. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. Skechers U.S.A.'s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.33 EPS. Equities analysts forecast that Skechers U.S.A. will post 4.47 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC increased its position in shares of Skechers U.S.A. by 85.2% in the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock valued at $28,000 after acquiring an additional 190 shares during the period. TD Private Client Wealth LLC grew its stake in shares of Skechers U.S.A. by 534.3% in the fourth quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker's stock worth $29,000 after purchasing an additional 358 shares during the last quarter. Investment Management Corp VA ADV bought a new position in Skechers U.S.A. during the 4th quarter valued at approximately $32,000. Banque Transatlantique SA purchased a new stake in Skechers U.S.A. in the first quarter worth $26,000. Finally, Parallel Advisors LLC increased its position in Skechers U.S.A. by 183.0% during the 1st quarter. Parallel Advisors LLC now owns 617 shares of the textile maker's stock valued at $35,000 after purchasing an additional 399 shares during the period. 79.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on SKX shares. UBS Group restated a "neutral" rating and issued a $63.00 price objective (down from $64.00) on shares of Skechers U.S.A. in a research report on Tuesday, May 6th. Morgan Stanley reiterated 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 research report on Wednesday, May 7th. Bank of America reduced their target price on Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating for the company in a research report on Monday, March 24th. Needham & Company LLC restated a "hold" rating on shares of Skechers U.S.A. in a research note on Tuesday, April 22nd. Finally, Raymond James downgraded Skechers U.S.A. from a "moderate buy" rating to a "hold" rating in a research report on Monday, May 5th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $67.69.

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.