Wall Street Zen Initiates Coverage on Skechers U.S.A. (NYSE:SKX)

Analysts at Wall Street Zen began coverage on shares of Skechers U.S.A. (NYSE:SKX - Get Free Report) in a research note issued to investors on Thursday. The firm set a "sell" rating on the textile maker's stock.

SKX has been the topic of several other research reports. UBS Group restated a "neutral" rating and issued a $63.00 price objective (down previously from $64.00) on shares of Skechers U.S.A. in a research note on Tuesday, May 6th. Needham & Company LLC reissued a "hold" rating on shares of Skechers U.S.A. in a report on Tuesday, April 22nd. Bank of America dropped their price objective on shares of Skechers U.S.A. from $76.00 to $70.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Evercore ISI cut their price objective on shares of Skechers U.S.A. from $78.00 to $60.00 and set an "outperform" rating for the company in a research report on Thursday, April 17th. Finally, Monness Crespi & Hardt cut shares of Skechers U.S.A. from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Skechers U.S.A. currently has an average rating of "Hold" and an average target price of $70.00.

Skechers U.S.A. Stock Performance

SKX stock traded down $0.15 during mid-day trading on Thursday, reaching $61.91. 7,386,003 shares of the stock traded hands, compared to its average volume of 3,142,584. The firm has a market capitalization of $9.26 billion, a PE ratio of 14.92, a P/E/G ratio of 1.11 and a beta of 1.06. The business has a 50-day moving average of $54.30 and a two-hundred day moving average of $62.10. Skechers U.S.A. has a 52 week low of $44.50 and a 52 week high of $78.85. The company has a quick ratio of 1.12, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX - Get Free Report) last announced 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. The firm had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.43 billion. Skechers U.S.A. had a return on equity of 13.73% and a net margin of 7.13%. The firm's revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.33 EPS. As a group, equities analysts predict that Skechers U.S.A. will post 4.47 EPS for the current fiscal year.

Insider Transactions at Skechers U.S.A.

In other news, CEO Robert Greenberg sold 40,924 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $60.76, for a total value of $2,486,542.24. Following the sale, the chief executive officer now owns 51,342 shares in the company, valued at approximately $3,119,539.92. The trade was a 44.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Phillip Paccione sold 10,994 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $56.63, for a total transaction of $622,590.22. Following the completion of the sale, the general counsel now directly owns 15,000 shares in the company, valued at approximately $849,450. The trade was a 42.29% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 117,599 shares of company stock valued at $7,099,910. Corporate insiders own 24.78% of the company's stock.

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

Several institutional investors have recently added to or reduced their stakes in the company. Banque Transatlantique SA bought a new position in shares of Skechers U.S.A. in the first quarter valued at approximately $26,000. NewEdge Advisors LLC grew its position in 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 last quarter. TD Private Client Wealth LLC increased its holdings in 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 valued at $29,000 after purchasing an additional 358 shares in the last quarter. Investment Management Corp VA ADV bought a new position in Skechers U.S.A. in the 4th quarter valued at $32,000. Finally, Parallel Advisors LLC raised its position 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 valued at $35,000 after purchasing an additional 399 shares during the last quarter. 79.96% of the stock is 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.