Insider Selling: Skechers U.S.A., Inc. (NYSE:SKX) President Sells $693,289.52 in Stock

Skechers U.S.A., Inc. (NYSE:SKX) President Michael Greenberg sold 10,274 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $693,289.52. Following the sale, the president now owns 149,327 shares of the company’s stock, valued at approximately $10,076,585.96. This represents a 6.44 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Skechers U.S.A. Price Performance

Shares of NYSE:SKX opened at $69.09 on Friday. Skechers U.S.A., Inc. has a fifty-two week low of $55.67 and a fifty-two week high of $75.09. The company’s 50-day moving average is $65.25 and its 200 day moving average is $65.78. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The company has a market capitalization of $10.43 billion, a P/E ratio of 17.02, a price-to-earnings-growth ratio of 0.98 and a beta of 1.22.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.31 billion. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The company’s revenue was up 16.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.93 EPS. On average, equities research analysts forecast that Skechers U.S.A., Inc. will post 4.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

SKX has been the topic of a number of recent research reports. TD Cowen cut their target price on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Piper Sandler started coverage on shares of Skechers U.S.A. in a research report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 target price for the company. Barclays upped their target price on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Needham & Company LLC assumed coverage on Skechers U.S.A. in a report on Friday, November 22nd. They set a “hold” rating for the company. Finally, Bank of America dropped their target price on Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Two analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.00.

Institutional Trading of Skechers U.S.A.

Several hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. raised its stake in Skechers U.S.A. by 5,780.6% in the 3rd quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock valued at $176,628,000 after acquiring an additional 2,594,507 shares during the period. Commerce Bank lifted its stake in shares of Skechers U.S.A. by 949.5% during the 3rd quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock valued at $31,303,000 after buying an additional 423,204 shares in the last quarter. Coronation Fund Managers Ltd. boosted its holdings in Skechers U.S.A. by 378.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock worth $33,382,000 after buying an additional 394,618 shares during the period. Acadian Asset Management LLC purchased a new position in Skechers U.S.A. in the 2nd quarter valued at approximately $22,425,000. Finally, Wellington Management Group LLP raised its holdings in Skechers U.S.A. by 39.0% during the 3rd quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock valued at $68,630,000 after acquiring an additional 287,939 shares during the period. 79.96% of the stock is currently owned by 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.