Skechers U.S.A. (NYSE:SKX) Rating Lowered to “Hold” at TD Cowen

Skechers U.S.A. (NYSE:SKX) was downgraded by equities research analysts at TD Cowen from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday,Finviz reports. They currently have a $63.00 target price on the textile maker’s stock. TD Cowen’s target price would suggest a potential upside of 1.55% from the company’s current price.

SKX has been the topic of several other research reports. Morgan Stanley reissued an “equal weight” rating and set a $63.00 price objective (down previously from $73.00) on shares of Skechers U.S.A. in a research note on Wednesday, May 7th. Wells Fargo & Company increased their price objective on shares of Skechers U.S.A. from $57.00 to $63.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. Stifel Nicolaus dropped their price objective on shares of Skechers U.S.A. from $80.00 to $62.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Monness Crespi & Hardt downgraded shares of Skechers U.S.A. from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 7th. Finally, Wall Street Zen began coverage on Skechers U.S.A. in a research note on Thursday, May 22nd. They issued a “sell” rating for the company. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $67.69.

Skechers U.S.A. Stock Up 0.3%

Shares of NYSE SKX opened at $62.04 on Wednesday. Skechers U.S.A. has a 52 week low of $44.50 and a 52 week high of $78.85. The firm’s fifty day moving average is $54.60 and its 200 day moving average is $62.08. The company has a quick ratio of 1.12, a current ratio of 1.97 and a debt-to-equity ratio of 0.01. The company has a market cap of $9.28 billion, a price-to-earnings ratio of 14.95, a PEG ratio of 1.11 and a beta of 1.06.

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

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

In related news, CFO John M. Vandemore sold 5,112 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $60.76, for a total transaction of $310,605.12. Following the completion of the transaction, the chief financial officer now directly owns 83,328 shares of the company’s stock, valued at approximately $5,063,009.28. This trade represents a 5.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Michael Greenberg sold 33,656 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.76, for a total transaction of $2,044,938.56. Following the completion of the sale, the president now owns 137,530 shares in the company, valued at approximately $8,356,322.80. The trade was a 19.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 117,599 shares of company stock valued at $7,099,910 in the last three months. 24.78% of the stock is currently owned by corporate insiders.

Institutional Trading of Skechers U.S.A.

Hedge funds have recently modified their holdings of the company. NewEdge Advisors LLC grew its holdings in shares of Skechers U.S.A. by 85.2% in the fourth quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker’s stock valued at $28,000 after purchasing an additional 190 shares in the last quarter. TD Private Client Wealth LLC lifted its position in Skechers U.S.A. by 534.3% during the fourth quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock valued at $29,000 after purchasing an additional 358 shares during the last quarter. Investment Management Corp VA ADV purchased a new position in shares of Skechers U.S.A. in the 4th quarter worth $32,000. Banque Transatlantique SA bought a new stake in shares of Skechers U.S.A. in the 1st quarter worth about $26,000. Finally, Parallel Advisors LLC raised its position in shares of Skechers U.S.A. by 183.0% during the 1st quarter. Parallel Advisors LLC now owns 617 shares of the textile maker’s stock valued at $35,000 after buying an additional 399 shares in the last quarter. 79.96% of the stock is owned by hedge funds and other 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.