Skechers U.S.A. (NYSE:SKX) Reaches New 52-Week Low – Here’s Why

Skechers U.S.A., Inc. (NYSE:SKX) shares reached a new 52-week low during trading on Friday . The company traded as low as $45.69 and last traded at $46.93, with a volume of 714418 shares traded. The stock had previously closed at $48.96.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. StockNews.com cut shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a research report on Monday, February 10th. Piper Sandler started coverage on Skechers U.S.A. in a research note on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 target price on the stock. TD Cowen boosted their target price on Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Bank of America cut their price target on shares of Skechers U.S.A. from $76.00 to $70.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Finally, Raymond James decreased their price objective on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $80.42.

Skechers U.S.A. Trading Up 2.7 %

The firm has a market capitalization of $7.51 billion, a price-to-earnings ratio of 12.12, a price-to-earnings-growth ratio of 1.11 and a beta of 1.08. 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 business’s fifty day moving average is $62.35 and its 200 day moving average is $64.77.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, February 6th. The textile maker reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.08). Skechers U.S.A. had a net margin of 7.13% and a return on equity of 13.73%. Equities analysts predict that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current year.

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

In other news, General Counsel Phillip Paccione sold 10,994 shares of Skechers U.S.A. stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $56.63, for a total value of $622,590.22. Following the sale, the general counsel now directly owns 15,000 shares in the company, valued at $849,450. This trade represents a 42.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John M. Vandemore sold 5,112 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.76, for a total transaction of $310,605.12. Following the transaction, the chief financial officer now owns 83,328 shares of the company’s stock, valued at $5,063,009.28. The trade was a 5.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 218,245 shares of company stock worth $13,452,902. Corporate insiders own 24.75% of the company’s stock.

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

Several hedge funds have recently modified their holdings of SKX. Quantinno Capital Management LP grew its stake in Skechers U.S.A. by 42.1% in the third quarter. Quantinno Capital Management LP now owns 86,920 shares of the textile maker’s stock valued at $5,817,000 after purchasing an additional 25,741 shares in the last quarter. SageView Advisory Group LLC lifted its stake in Skechers U.S.A. by 58.0% in the third quarter. SageView Advisory Group LLC now owns 8,272 shares of the textile maker’s stock valued at $554,000 after acquiring an additional 3,035 shares during the last quarter. Stifel Financial Corp grew its position in shares of Skechers U.S.A. by 120.7% in the 3rd quarter. Stifel Financial Corp now owns 72,808 shares of the textile maker’s stock valued at $4,872,000 after acquiring an additional 39,819 shares during the period. Wellington Management Group LLP raised its holdings in shares of Skechers U.S.A. by 39.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock valued at $68,630,000 after purchasing an additional 287,939 shares during the period. Finally, iA Global Asset Management Inc. bought a new stake in shares of Skechers U.S.A. in the 3rd quarter valued at about $4,588,000. Institutional investors 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.