Skechers U.S.A. (NYSE:SKX) Shares Down 6.1% – Here’s Why

Skechers U.S.A., Inc. (NYSE:SKX) traded down 6.1% on Monday . The stock traded as low as $55.60 and last traded at $55.39. 734,911 shares changed hands during trading, a decline of 63% from the average session volume of 1,972,269 shares. The stock had previously closed at $58.99.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Stifel Nicolaus reduced their target price on Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, February 7th. Barclays reduced their price objective on Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating on the stock in a research note on Monday, February 10th. Evercore ISI raised their target price on Skechers U.S.A. from $72.00 to $85.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Raymond James decreased their price objective on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Finally, TD Cowen boosted their target price on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $81.25.

Skechers U.S.A. Trading Down 7.0 %

The business has a 50 day moving average of $68.01 and a 200 day moving average of $66.36. The firm has a market capitalization of $8.29 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 1.11 and a beta of 1.21. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12.

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 analysts’ consensus estimates of $0.73 by ($0.08). Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. As a group, research analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

Insider Activity

In other Skechers U.S.A. news, President Michael Greenberg sold 10,274 shares of the stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total value of $693,289.52. Following the completion of the sale, the president now directly owns 149,327 shares in the company, valued at $10,076,585.96. This represents a 6.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO David Weinberg sold 36,000 shares of the firm’s stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total value of $2,257,920.00. Following the sale, the chief operating officer now directly owns 54,499 shares in the company, valued at approximately $3,418,177.28. This represents a 39.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 236,738 shares of company stock valued at $14,700,809 in the last quarter. Company insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cim LLC boosted its stake in Skechers U.S.A. by 1.7% in the 4th quarter. Cim LLC now owns 19,271 shares of the textile maker’s stock worth $1,296,000 after purchasing an additional 316 shares during the period. Jefferies Financial Group Inc. bought a new stake in shares of Skechers U.S.A. in the fourth quarter valued at about $1,110,000. Integrated Advisors Network LLC boosted its position in shares of Skechers U.S.A. by 335.4% during the fourth quarter. Integrated Advisors Network LLC now owns 14,900 shares of the textile maker’s stock worth $1,002,000 after buying an additional 11,478 shares during the period. Peak Retirement Planning Inc. bought a new position in shares of Skechers U.S.A. during the fourth quarter worth about $953,000. Finally, Formidable Asset Management LLC acquired a new stake in Skechers U.S.A. in the 4th quarter valued at approximately $769,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

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.