Skechers U.S.A. (NYSE:SKX) Shares Gap Down to $69.84

Skechers U.S.A., Inc. (NYSE:SKX) shares gapped down before the market opened on Friday . The stock had previously closed at $69.84, but opened at $67.00. Skechers U.S.A. shares last traded at $69.71, with a volume of 224,140 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SKX. TD Cowen boosted their price objective on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $82.00 price target on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Evercore ISI cut their price objective on Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Wedbush restated an “outperform” rating and set a $76.00 target price on shares of Skechers U.S.A. in a report on Friday, May 17th. Finally, Barclays assumed coverage on Skechers U.S.A. in a research note on Monday, April 1st. They issued an “overweight” rating and a $71.00 price target for the company. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $72.00.

Skechers U.S.A. Stock Down 1.0 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.56 and a current ratio of 2.39. The stock’s 50-day moving average price is $68.94 and its two-hundred day moving average price is $63.60. The stock has a market capitalization of $10.54 billion, a PE ratio of 18.19, a P/E/G ratio of 1.00 and a beta of 1.28.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings data on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.23. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.56%. The business had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same quarter in the prior year, the company earned $1.02 earnings per share. The business’s revenue was up 12.5% compared to the same quarter last year. As a group, analysts expect that Skechers U.S.A., Inc. will post 4.08 EPS for the current fiscal year.

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

In related news, General Counsel Phillip Paccione sold 423 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total transaction of $29,377.35. Following the sale, the general counsel now directly owns 35,000 shares of the company’s stock, valued at approximately $2,430,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 24.75% of the stock is owned by company insiders.

Institutional Investors Weigh In On Skechers U.S.A.

Institutional investors have recently made changes to their positions in the company. Verity Asset Management Inc. raised its holdings in Skechers U.S.A. by 2.3% in the 1st quarter. Verity Asset Management Inc. now owns 15,398 shares of the textile maker’s stock worth $943,000 after acquiring an additional 339 shares during the last quarter. Cetera Advisors LLC bought a new stake in shares of Skechers U.S.A. in the 1st quarter worth $600,000. LRI Investments LLC purchased a new position in shares of Skechers U.S.A. in the first quarter worth $102,000. Virtu Financial LLC bought a new position in shares of Skechers U.S.A. during the first quarter valued at $203,000. Finally, Tidal Investments LLC boosted its position in shares of Skechers U.S.A. by 8.7% during the first quarter. Tidal Investments LLC now owns 49,386 shares of the textile maker’s stock valued at $3,025,000 after buying an additional 3,960 shares during the last quarter. 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.