Insider Selling: Skechers U.S.A., Inc. (NYSE:SKX) COO Sells $554,618.12 in Stock

Skechers U.S.A., Inc. (NYSE:SKX) COO David Weinberg sold 8,219 shares of the business’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $554,618.12. Following the completion of the transaction, the chief operating officer now owns 122,211 shares in the company, valued at $8,246,798.28. This trade represents a 6.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Skechers U.S.A. Trading Up 2.7 %

Shares of Skechers U.S.A. stock opened at $69.09 on Friday. Skechers U.S.A., Inc. has a 1 year low of $55.67 and a 1 year high of $75.09. The company’s fifty day simple moving average is $65.25 and its 200-day simple moving average is $65.78. The company has a market cap of $10.43 billion, a price-to-earnings ratio of 17.02, a PEG ratio of 0.98 and a beta of 1.22. The company has a current ratio of 1.96, a quick ratio of 1.25 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.11. The company had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.31 billion. Skechers U.S.A. had a net margin of 7.19% and a return on equity of 13.71%. The business’s revenue was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.93 EPS. As a group, sell-side analysts expect that Skechers U.S.A., Inc. will post 4.24 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on SKX. TD Cowen lowered their price target on Skechers U.S.A. from $78.00 to $76.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Bank of America dropped their price target on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, October 25th. Morgan Stanley upped their price objective on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Barclays raised their target price on Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Finally, Needham & Company LLC began coverage on Skechers U.S.A. in a research note on Friday, November 22nd. They set a “hold” rating for the company. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Skechers U.S.A. presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.00.

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

Several large investors have recently added to or reduced their stakes in the company. Seven Eight Capital LP grew its holdings in shares of Skechers U.S.A. by 126.1% during the 2nd quarter. Seven Eight Capital LP now owns 29,419 shares of the textile maker’s stock worth $2,033,000 after purchasing an additional 16,408 shares in the last quarter. Sanctuary Advisors LLC boosted its stake in Skechers U.S.A. by 88.1% during the third quarter. Sanctuary Advisors LLC now owns 29,538 shares of the textile maker’s stock worth $1,822,000 after buying an additional 13,836 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Skechers U.S.A. by 22.3% in the 3rd quarter. Victory Capital Management Inc. now owns 138,893 shares of the textile maker’s stock valued at $9,295,000 after buying an additional 25,289 shares during the period. Transform Wealth LLC bought a new position in shares of Skechers U.S.A. during the 3rd quarter worth about $7,186,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Skechers U.S.A. by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock valued at $88,126,000 after acquiring an additional 17,429 shares in the last quarter. Institutional investors and hedge funds 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.