Skechers U.S.A. (SKX) Downgraded by ValuEngine

Skechers U.S.A. (NYSE:SKX) was downgraded by analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued on Wednesday, May 2nd.

A number of other analysts have also recently commented on the company. Zacks Investment Research upgraded Skechers U.S.A. from a “hold” rating to a “buy” rating and set a $46.00 price objective for the company in a research report on Monday, February 12th. Monness Crespi & Hardt lifted their price target on Skechers U.S.A. from $40.00 to $50.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Citigroup boosted their price objective on Skechers U.S.A. from $34.00 to $45.00 and gave the stock a “buy” rating in a research note on Wednesday, January 17th. Vetr lowered Skechers U.S.A. from a “hold” rating to a “sell” rating and set a $38.42 price target on the stock. in a research note on Tuesday, February 27th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $45.00 price target on shares of Skechers U.S.A. in a research note on Wednesday, January 31st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $42.40.

Shares of Skechers U.S.A. stock opened at $30.24 on Wednesday. Skechers U.S.A. has a 12 month low of $29.42 and a 12 month high of $30.10. The firm has a market cap of $4.82 billion, a PE ratio of 16.99, a PEG ratio of 0.81 and a beta of 0.36. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.21 and a current ratio of 3.40.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, April 19th. The textile maker reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.01. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.20 billion. Skechers U.S.A. had a return on equity of 15.30% and a net margin of 4.67%. The company’s quarterly revenue was up 16.5% on a year-over-year basis. During the same quarter last year, the company earned $0.60 earnings per share. sell-side analysts predict that Skechers U.S.A. will post 2.07 earnings per share for the current year.

Skechers U.S.A. declared that its board has authorized a stock repurchase plan on Thursday, February 8th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the textile maker to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

In other news, CEO Robert Greenberg sold 37,814 shares of the firm’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $40.34, for a total transaction of $1,525,416.76. Following the sale, the chief executive officer now owns 704,397 shares in the company, valued at $28,415,374.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Phillip Paccione sold 17,432 shares of Skechers U.S.A. stock in a transaction on Friday, March 23rd. The shares were sold at an average price of $38.04, for a total value of $663,113.28. Following the completion of the transaction, the general counsel now owns 47,432 shares in the company, valued at approximately $1,804,313.28. The disclosure for this sale can be found here. Insiders sold a total of 120,496 shares of company stock valued at $4,512,908 over the last ninety days. 27.88% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. increased its position in shares of Skechers U.S.A. by 3.7% during the first quarter. BlackRock Inc. now owns 12,863,073 shares of the textile maker’s stock worth $500,245,000 after acquiring an additional 458,613 shares during the last quarter. Amerigo Asset Management increased its holdings in Skechers U.S.A. by 33.8% in the first quarter. Amerigo Asset Management now owns 4,180,411 shares of the textile maker’s stock valued at $162,576,000 after buying an additional 1,056,177 shares during the last quarter. Artisan Partners Limited Partnership increased its holdings in Skechers U.S.A. by 130.3% in the first quarter. Artisan Partners Limited Partnership now owns 3,918,203 shares of the textile maker’s stock valued at $152,379,000 after buying an additional 2,216,530 shares during the last quarter. Teachers Advisors LLC increased its holdings in Skechers U.S.A. by 45.3% in the fourth quarter. Teachers Advisors LLC now owns 1,826,444 shares of the textile maker’s stock valued at $69,113,000 after buying an additional 569,715 shares during the last quarter. Finally, Capital Growth Management LP bought a new stake in Skechers U.S.A. in the fourth quarter valued at about $66,598,000. Institutional investors own 73.98% 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; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Skechers U.S.A. (NYSE:SKX)

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