Skechers USA Inc (NYSE:SKX) gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $40.92, but opened at $35.28. Skechers USA shares last traded at $31.60, with a volume of 10439937 shares.

The textile maker reported $0.71 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.72 by ($0.01). The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.30 billion. Skechers USA had a net margin of 6.49% and a return on equity of 14.08%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.75 earnings per share.

SKX has been the subject of a number of recent research reports. TheStreet upgraded Skechers USA from a “c+” rating to a “b” rating in a research note on Thursday, February 14th. Zacks Investment Research downgraded Skechers USA from a “hold” rating to a “sell” rating in a research note on Tuesday, January 15th. Wells Fargo & Co cut their price target on Skechers USA from $30.00 to $26.00 and set a “market perform” rating for the company in a research note on Wednesday, January 2nd. Cowen restated a “hold” rating and set a $34.00 price target on shares of Skechers USA in a research note on Tuesday, February 12th. Finally, Susquehanna Bancshares upgraded Skechers USA from a “neutral” rating to a “positive” rating and boosted their price target for the company from $32.00 to $37.00 in a research note on Wednesday, March 27th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. Skechers USA presently has an average rating of “Hold” and a consensus target price of $32.33.

In related news, CEO Robert Greenberg sold 50,420 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $34.09, for a total transaction of $1,718,817.80. Following the completion of the transaction, the chief executive officer now directly owns 700,420 shares in the company, valued at approximately $23,877,317.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, President Michael Greenberg sold 220,336 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $34.07, for a total value of $7,506,847.52. Following the transaction, the president now owns 552,679 shares of the company’s stock, valued at $18,829,773.53. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 524,877 shares of company stock valued at $17,733,801. 27.88% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in SKX. Bank of New York Mellon Corp boosted its stake in Skechers USA by 335.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,604,345 shares of the textile maker’s stock worth $184,459,000 after purchasing an additional 5,087,296 shares during the period. Deutsche Bank AG boosted its stake in Skechers USA by 27.8% in the 3rd quarter. Deutsche Bank AG now owns 426,993 shares of the textile maker’s stock worth $11,922,000 after purchasing an additional 92,843 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Skechers USA by 3.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 224,377 shares of the textile maker’s stock worth $6,267,000 after purchasing an additional 7,812 shares during the period. Pacer Advisors Inc. boosted its stake in Skechers USA by 18.3% in the 3rd quarter. Pacer Advisors Inc. now owns 49,748 shares of the textile maker’s stock worth $1,389,000 after purchasing an additional 7,681 shares during the period. Finally, Man Group plc boosted its stake in Skechers USA by 144.3% in the 3rd quarter. Man Group plc now owns 63,898 shares of the textile maker’s stock worth $1,784,000 after purchasing an additional 37,747 shares during the period. Institutional investors own 76.86% of the company’s stock.

The company has a debt-to-equity ratio of 0.04, a current ratio of 2.91 and a quick ratio of 1.89. The company has a market capitalization of $4.98 billion, a price-to-earnings ratio of 16.46, a P/E/G ratio of 2.44 and a beta of 0.62.

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About Skechers USA (NYSE:SKX)

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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