Skechers U.S.A. (NYSE:SKX) Rating Lowered to Hold at TD Cowen

Skechers U.S.A. (NYSE:SKX - Get Free Report) was downgraded by stock analysts at TD Cowen from a "buy" rating to a "hold" rating in a report released on Wednesday, Marketbeat reports. They presently have a $63.00 price target on the textile maker's stock. TD Cowen's price objective indicates a potential upside of 1.53% from the company's previous close.

Other research analysts have also recently issued research reports about the stock. Monness Crespi & Hardt cut shares of Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 7th. Wall Street Zen started coverage on Skechers U.S.A. in a research note on Thursday, May 22nd. They issued a "sell" rating on the stock. Bank of America reduced their target price 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. Needham & Company LLC reissued a "hold" rating on shares of Skechers U.S.A. in a research note on Tuesday, April 22nd. Finally, Wells Fargo & Company increased their target price on Skechers U.S.A. from $57.00 to $63.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $67.69.

Skechers U.S.A. Stock Performance

SKX stock traded up $0.02 during midday trading on Wednesday, reaching $62.05. 6,572,125 shares of the company's stock traded hands, compared to its average volume of 3,241,746. The firm has a market capitalization of $9.28 billion, a PE ratio of 14.95, a price-to-earnings-growth ratio of 1.11 and a beta of 1.06. Skechers U.S.A. has a 52 week low of $44.50 and a 52 week high of $78.85. The company has a 50-day moving average price of $54.79 and a two-hundred day moving average price of $62.09. 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 quarterly earnings results 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. The firm 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 business's quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.33 earnings per share. As a group, equities analysts anticipate that Skechers U.S.A. will post 4.47 EPS for the current year.

Insider Activity

In other news, CEO Robert Greenberg sold 40,924 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $60.76, for a total transaction of $2,486,542.24. Following the transaction, the chief executive officer now directly owns 51,342 shares of the company's stock, valued at approximately $3,119,539.92. This trade represents a 44.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Phillip Paccione sold 10,994 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $56.63, for a total value of $622,590.22. Following the transaction, the general counsel now directly owns 15,000 shares in the company, valued at $849,450. This trade represents a 42.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 117,599 shares of company stock valued at $7,099,910. 24.78% of the stock is currently owned by insiders.

Institutional Trading of Skechers U.S.A.

Several institutional investors and hedge funds have recently bought and sold shares of SKX. Janney Montgomery Scott LLC lifted its holdings in Skechers U.S.A. by 4.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 23,498 shares of the textile maker's stock worth $1,580,000 after buying an additional 1,103 shares during the period. PFG Investments LLC purchased a new stake in Skechers U.S.A. in the fourth quarter worth about $265,000. Blue Trust Inc. lifted its holdings in Skechers U.S.A. by 30.4% in the fourth quarter. Blue Trust Inc. now owns 1,305 shares of the textile maker's stock worth $87,000 after buying an additional 304 shares during the period. KBC Group NV lifted its holdings in Skechers U.S.A. by 11.3% in the fourth quarter. KBC Group NV now owns 195,503 shares of the textile maker's stock worth $13,146,000 after buying an additional 19,865 shares during the period. Finally, Foundations Investment Advisors LLC purchased a new stake in Skechers U.S.A. in the fourth quarter worth about $221,000. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

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.