Skechers U.S.A. (NYSE:SKX) Stock Price Down 9%

Skechers U.S.A., Inc. (NYSE:SKX) shares dropped 9% during trading on Thursday . The stock traded as low as $61.42 and last traded at $61.96. Approximately 2,737,416 shares were traded during mid-day trading, an increase of 57% from the average daily volume of 1,745,833 shares. The stock had previously closed at $68.11.

Wall Street Analysts Forecast Growth

SKX has been the topic of several recent analyst reports. Barclays lifted their target price on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $82.00 target price on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Wells Fargo & Company assumed coverage on shares of Skechers U.S.A. in a research report on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 price target on the stock. Morgan Stanley upgraded shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $60.00 to $80.00 in a research report on Tuesday, July 23rd. Finally, Bank of America upgraded shares of Skechers U.S.A. from a “neutral” rating to a “buy” rating and upped their target price for the stock from $71.00 to $87.00 in a research report on Friday, June 7th. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Skechers U.S.A. has an average rating of “Buy” and a consensus price target of $78.36.

Skechers U.S.A. Stock Performance

The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. The firm has a market capitalization of $9.38 billion, a P/E ratio of 16.14, a P/E/G ratio of 0.94 and a beta of 1.23. The stock’s 50 day moving average is $65.53 and its two-hundred day moving average is $65.34.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.24 billion. Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The company’s quarterly revenue was up 7.3% on a year-over-year basis. During the same period last year, the firm earned $0.98 earnings per share. As a group, equities analysts anticipate that Skechers U.S.A., Inc. will post 4.17 earnings per share for the current fiscal year.

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

Several large investors have recently bought and sold shares of SKX. Envestnet Portfolio Solutions Inc. increased its stake in Skechers U.S.A. by 17.5% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 5,260 shares of the textile maker’s stock valued at $328,000 after purchasing an additional 783 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in Skechers U.S.A. by 134.1% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 13,016 shares of the textile maker’s stock valued at $811,000 after purchasing an additional 7,457 shares in the last quarter. Quadrant Capital Group LLC increased its stake in Skechers U.S.A. by 29.0% in the fourth quarter. Quadrant Capital Group LLC now owns 2,683 shares of the textile maker’s stock valued at $167,000 after purchasing an additional 603 shares in the last quarter. Panagora Asset Management Inc. increased its stake in Skechers U.S.A. by 11.6% in the fourth quarter. Panagora Asset Management Inc. now owns 5,716 shares of the textile maker’s stock valued at $356,000 after purchasing an additional 594 shares in the last quarter. Finally, Norges Bank bought a new stake in Skechers U.S.A. in the fourth quarter valued at approximately $75,194,000. Institutional investors 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.