UBS Group Issues Pessimistic Forecast for Skechers U.S.A. (NYSE:SKX) Stock Price

Skechers U.S.A. (NYSE:SKX) had its price target reduced by analysts at UBS Group from $92.00 to $90.00 in a report released on Friday,Benzinga reports. The firm presently has a “buy” rating on the textile maker’s stock. UBS Group’s price objective would indicate a potential upside of 32.01% from the stock’s previous close.

Several other research analysts also recently issued reports on the stock. Bank of America lowered their price objective on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a report on Friday, October 25th. StockNews.com raised shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Thursday, January 23rd. Morgan Stanley lifted their target price on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, TD Cowen lifted their target price on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Skechers U.S.A. presently has a consensus rating of “Moderate Buy” and an average target price of $82.36.

Skechers U.S.A. Stock Down 9.8 %

NYSE:SKX traded down $7.44 during midday trading on Friday, hitting $68.18. 3,162,687 shares of the company were exchanged, compared to its average volume of 1,983,931. The company has a fifty day simple moving average of $70.51 and a 200 day simple moving average of $66.46. Skechers U.S.A. has a fifty-two week low of $55.67 and a fifty-two week high of $78.85. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $10.29 billion, a PE ratio of 16.77, a price-to-earnings-growth ratio of 0.92 and a beta of 1.19.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. As a group, equities analysts anticipate that Skechers U.S.A. will post 4.24 earnings per share for the current fiscal year.

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

In other Skechers U.S.A. news, COO David Weinberg sold 8,219 shares of the company’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $554,618.12. Following the sale, the chief operating officer now owns 122,211 shares of the company’s stock, valued at $8,246,798.28. This represents a 6.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Michael Greenberg sold 10,274 shares of the company’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 transaction of $693,289.52. Following the transaction, the president now directly owns 149,327 shares in the company, valued at $10,076,585.96. The trade was a 6.44 % decrease in their position. The disclosure for this sale can be found here. Insiders own 24.75% of the company’s stock.

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

Institutional investors and hedge funds have recently modified their holdings of the company. Creative Planning raised its stake in Skechers U.S.A. by 15.7% during the second quarter. Creative Planning now owns 9,504 shares of the textile maker’s stock worth $657,000 after purchasing an additional 1,292 shares during the period. Truist Financial Corp raised its stake in Skechers U.S.A. by 40.8% during the second quarter. Truist Financial Corp now owns 24,172 shares of the textile maker’s stock worth $1,671,000 after purchasing an additional 7,004 shares during the period. Cetera Investment Advisers raised its stake in Skechers U.S.A. by 32.9% during the second quarter. Cetera Investment Advisers now owns 25,016 shares of the textile maker’s stock worth $1,729,000 after purchasing an additional 6,193 shares during the period. Sanctuary Advisors LLC purchased a new position in Skechers U.S.A. during the second quarter worth approximately $1,027,000. Finally, GAMMA Investing LLC raised its stake in Skechers U.S.A. by 89.6% during the third quarter. GAMMA Investing LLC now owns 2,215 shares of the textile maker’s stock worth $148,000 after purchasing an additional 1,047 shares during the period. Hedge funds and other institutional investors own 79.96% of the company’s stock.

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.