Skechers U.S.A. (NYSE:SKX) Rating Lowered to Hold at Monness Crespi & Hardt

Monness Crespi & Hardt lowered shares of Skechers U.S.A. (NYSE:SKX) from a strong-buy rating to a hold rating in a research report released on Wednesday morning,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Stifel Nicolaus lowered their price target on Skechers U.S.A. from $80.00 to $62.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Bank of America lowered their target price on Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Morgan Stanley reaffirmed an “equal weight” rating and set a $63.00 target price (down previously from $73.00) on shares of Skechers U.S.A. in a research report on Wednesday. StockNews.com lowered shares of Skechers U.S.A. from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Evercore ISI decreased their price target on shares of Skechers U.S.A. from $78.00 to $60.00 and set an “outperform” rating on the stock in a research note on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Skechers U.S.A. has an average rating of “Hold” and a consensus price target of $70.00.

Skechers U.S.A. Stock Performance

Shares of SKX stock opened at $61.47 on Wednesday. The firm has a market cap of $9.18 billion, a P/E ratio of 14.81, a PEG ratio of 1.11 and a beta of 1.06. 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. has a fifty-two week low of $44.50 and a fifty-two week high of $78.85. The stock’s 50-day moving average is $53.32 and its two-hundred day moving average is $62.07.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, April 24th. The textile maker reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.17. The business had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.43 billion. Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. Skechers U.S.A.’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.33 EPS. Analysts predict that Skechers U.S.A. will post 4.47 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO John M. Vandemore sold 5,112 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $60.76, for a total value of $310,605.12. Following the transaction, the chief financial officer now owns 83,328 shares in the company, valued at $5,063,009.28. The trade was a 5.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Phillip Paccione sold 10,994 shares of Skechers U.S.A. stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $56.63, for a total transaction of $622,590.22. Following the completion of the sale, the general counsel now owns 15,000 shares of the company’s stock, valued at $849,450. This represents a 42.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 218,245 shares of company stock worth $13,452,902 in the last ninety days. 24.78% of the stock is owned by insiders.

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

Several institutional investors and hedge funds have recently bought and sold shares of SKX. Nordea Investment Management AB bought a new stake in shares of Skechers U.S.A. during the 4th quarter valued at about $2,752,000. Fiduciary Financial Group LLC bought a new stake in shares of Skechers U.S.A. during the 4th quarter valued at about $298,000. Assenagon Asset Management S.A. boosted its holdings in shares of Skechers U.S.A. by 15.2% during the 4th quarter. Assenagon Asset Management S.A. now owns 120,007 shares of the textile maker’s stock valued at $8,069,000 after buying an additional 15,874 shares in the last quarter. Park Avenue Securities LLC grew its holdings in Skechers U.S.A. by 13.0% in the fourth quarter. Park Avenue Securities LLC now owns 16,830 shares of the textile maker’s stock worth $1,132,000 after purchasing an additional 1,933 shares during the period. Finally, Morton Capital Management LLC CA bought a new position in shares of Skechers U.S.A. during the fourth quarter valued at $2,305,000. 79.96% of the stock is owned by institutional investors.

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.