Skechers USA (SKX) Downgraded by ValuEngine

ValuEngine downgraded shares of Skechers USA (NYSE:SKX) from a hold rating to a sell rating in a research note released on Tuesday morning.

A number of other brokerages have also weighed in on SKX. B. Riley set a $45.00 price target on shares of Skechers USA and gave the company a buy rating in a research note on Friday, October 19th. Buckingham Research lowered their price objective on shares of Skechers USA from $35.00 to $30.00 and set a buy rating on the stock in a report on Wednesday, October 17th. Morgan Stanley began coverage on shares of Skechers USA in a report on Wednesday, August 1st. They issued an equal weight rating and a $28.00 price objective on the stock. Zacks Investment Research upgraded shares of Skechers USA from a strong sell rating to a hold rating in a report on Monday, October 22nd. Finally, Citigroup lowered their price objective on shares of Skechers USA from $44.00 to $35.00 and set a $27.32 rating on the stock in a report on Monday, July 23rd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $33.37.

Shares of SKX opened at $26.69 on Tuesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.29 and a current ratio of 3.43. Skechers USA has a twelve month low of $23.80 and a twelve month high of $43.08. The company has a market capitalization of $4.09 billion, a price-to-earnings ratio of 14.99, a P/E/G ratio of 2.00 and a beta of 0.39.

Skechers USA (NYSE:SKX) last announced its quarterly earnings results on Thursday, October 18th. The textile maker reported $0.58 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.07. Skechers USA had a net margin of 4.13% and a return on equity of 13.81%. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the firm posted $0.59 earnings per share. The business’s revenue was up 7.5% on a year-over-year basis. Analysts anticipate that Skechers USA will post 1.85 earnings per share for the current year.

In other news, President Michael Greenberg sold 75,630 shares of Skechers USA stock in a transaction that occurred on Friday, November 2nd. The shares were sold at an average price of $29.28, for a total value of $2,214,446.40. Following the sale, the president now directly owns 593,309 shares in the company, valued at $17,372,087.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 27.88% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Amalgamated Bank increased its holdings in Skechers USA by 6.3% during the second quarter. Amalgamated Bank now owns 29,351 shares of the textile maker’s stock worth $881,000 after buying an additional 1,738 shares during the last quarter. Intact Investment Management Inc. increased its holdings in Skechers USA by 34.5% during the second quarter. Intact Investment Management Inc. now owns 7,400 shares of the textile maker’s stock worth $222,000 after buying an additional 1,900 shares during the last quarter. Verity Asset Management Inc. increased its holdings in Skechers USA by 26.1% during the second quarter. Verity Asset Management Inc. now owns 11,278 shares of the textile maker’s stock worth $338,000 after buying an additional 2,334 shares during the last quarter. NuWave Investment Management LLC increased its holdings in Skechers USA by 92.2% during the third quarter. NuWave Investment Management LLC now owns 5,011 shares of the textile maker’s stock worth $140,000 after buying an additional 2,404 shares during the last quarter. Finally, Arizona State Retirement System increased its holdings in Skechers USA by 2.7% during the second quarter. Arizona State Retirement System now owns 94,283 shares of the textile maker’s stock worth $2,829,000 after buying an additional 2,486 shares during the last quarter. Institutional investors and hedge funds own 75.08% of the company’s stock.

About Skechers USA

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.

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Analyst Recommendations for Skechers USA (NYSE:SKX)

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