Monness Crespi & Hardt Downgrades Skechers U.S.A. (NYSE:SKX) to Hold

Monness Crespi & Hardt cut shares of Skechers U.S.A. (NYSE:SKX - Free Report) from a strong-buy rating to a hold rating in a research note issued to investors on Wednesday morning,Zacks.com reports.

A number of other research firms have also commented on SKX. Morgan Stanley reaffirmed an "equal weight" rating and set a $63.00 price target (down previously from $73.00) on shares of Skechers U.S.A. in a research report on Wednesday. TD Cowen raised their price target on Skechers U.S.A. from $88.00 to $93.00 and gave the stock a "buy" rating in a research report on Wednesday, January 8th. Wells Fargo & Company raised their price target on Skechers U.S.A. from $57.00 to $63.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. Barclays reaffirmed an "equal weight" rating and set a $63.00 price target (up previously from $53.00) on shares of Skechers U.S.A. in a research report on Tuesday, May 6th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Skechers U.S.A. in a research report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $70.00.

Skechers U.S.A. Trading Up 0.1%

NYSE:SKX traded up $0.04 during mid-day trading on Wednesday, hitting $61.50. The company had a trading volume of 6,087,343 shares, compared to its average volume of 2,917,491. Skechers U.S.A. has a fifty-two week low of $44.50 and a fifty-two week high of $78.85. The business's fifty day moving average is $53.40 and its two-hundred day moving average is $62.07. 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 firm has a market cap of $9.19 billion, a P/E ratio of 14.82, a P/E/G ratio of 1.11 and a beta of 1.06.

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 the consensus estimate of $1.17 by $0.17. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. The firm had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the firm posted $1.33 earnings per share. The company's quarterly revenue was up 7.1% on a year-over-year basis. As a group, research analysts expect that Skechers U.S.A. will post 4.47 earnings per share for the current year.

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

In other Skechers U.S.A. news, CFO John M. Vandemore sold 5,112 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $60.76, for a total value of $310,605.12. Following the completion of the transaction, the chief financial officer now directly owns 83,328 shares in the company, valued at $5,063,009.28. This trade represents a 5.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Michael Greenberg sold 33,656 shares of Skechers U.S.A. stock in a transaction that occurred 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 transaction, the president now owns 137,530 shares of the company's stock, valued at $8,356,322.80. This represents a 19.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 218,245 shares of company stock worth $13,452,902 over the last ninety days. 24.78% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SKX. NewEdge Advisors LLC boosted its stake in shares of Skechers U.S.A. by 85.2% during the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker's stock worth $28,000 after acquiring an additional 190 shares during the period. TD Private Client Wealth LLC boosted its stake in shares of Skechers U.S.A. by 534.3% during the 4th quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker's stock worth $29,000 after acquiring an additional 358 shares during the period. Investment Management Corp VA ADV bought a new position in shares of Skechers U.S.A. during the 4th quarter worth approximately $32,000. Parallel Advisors LLC lifted its holdings 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 worth $35,000 after purchasing an additional 399 shares during the last quarter. Finally, Golden State Wealth Management LLC acquired a new stake in Skechers U.S.A. during the 1st quarter worth approximately $35,000. 79.96% of the stock is currently owned by institutional investors.

Skechers U.S.A. Company Profile

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.