Skechers U.S.A. (NYSE:SKX) Cut to Hold at Raymond James

Skechers U.S.A. (NYSE:SKX - Get Free Report) was downgraded by equities researchers at Raymond James from a "moderate buy" rating to a "hold" rating in a note issued to investors on Monday,Zacks.com reports.

Other research analysts also recently issued reports about the company. TD Cowen boosted 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. Wells Fargo & Company lifted their target price on shares of Skechers U.S.A. from $57.00 to $63.00 and gave the company an "overweight" rating in a research note on Tuesday. Morgan Stanley reissued an "equal weight" rating and set a $63.00 price target (down from $73.00) on shares of Skechers U.S.A. in a report on Wednesday. Needham & Company LLC reiterated a "hold" rating on shares of Skechers U.S.A. in a research report on Tuesday, April 22nd. Finally, UBS Group restated a "neutral" rating and issued a $63.00 price target (down from $64.00) on shares of Skechers U.S.A. in a research note on Tuesday. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $70.00.

Skechers U.S.A. Stock Performance

Shares of SKX stock opened at $61.51 on Monday. The company has a market capitalization of $9.19 billion, a price-to-earnings ratio of 14.82, a price-to-earnings-growth ratio of 1.11 and a beta of 1.06. 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 company's 50-day moving average is $53.26 and its 200 day moving average is $62.08. 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 - Get Free Report) last issued its earnings results on Thursday, April 24th. The textile maker reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.17. The company had revenue of $2.41 billion for the quarter, compared to analysts' expectations of $2.43 billion. Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. The firm's quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the company posted $1.33 earnings per share. Sell-side analysts expect that Skechers U.S.A. will post 4.47 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Robert Greenberg sold 52,600 shares of the business's stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $62.72, for a total transaction of $3,299,072.00. Following the completion of the transaction, the chief executive officer now owns 61,367 shares in the company, valued at $3,848,938.24. The trade was a 46.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Michael Greenberg sold 33,656 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.76, for a total value of $2,044,938.56. Following the completion of the sale, the president now directly owns 137,530 shares of the company's stock, valued at $8,356,322.80. The trade was a 19.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 218,245 shares of company stock valued at $13,452,902 over the last three months. 24.78% of the stock is owned by company insiders.

Institutional Trading of Skechers U.S.A.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. NewEdge Advisors LLC boosted its holdings in Skechers U.S.A. by 85.2% during the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock worth $28,000 after buying an additional 190 shares in the last quarter. TD Private Client Wealth LLC lifted its holdings in Skechers U.S.A. by 534.3% during the fourth 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 in the last quarter. Investment Management Corp VA ADV acquired a new position in shares of Skechers U.S.A. during the 4th quarter worth about $32,000. Parallel Advisors LLC boosted its holdings in Skechers U.S.A. by 183.0% in the 1st quarter. Parallel Advisors LLC now owns 617 shares of the textile maker's stock worth $35,000 after buying an additional 399 shares during the last quarter. Finally, Golden State Wealth Management LLC purchased a new position in shares of Skechers U.S.A. in the first quarter valued at approximately $35,000. 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.

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