Skechers U.S.A. (NYSE:SKX) Sees Strong Trading Volume

Skechers U.S.A., Inc. (NYSE:SKX) saw an uptick in trading volume on Friday . 3,488,598 shares were traded during trading, an increase of 118% from the previous session’s volume of 1,600,747 shares.The stock last traded at $56.54 and had previously closed at $56.86.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SKX. Stifel Nicolaus dropped their price target on Skechers U.S.A. from $72.00 to $70.00 and set a “buy” rating on the stock in a research note on Friday, February 2nd. Wedbush reiterated an “outperform” rating and issued a $68.00 target price on shares of Skechers U.S.A. in a research report on Friday. Monness Crespi & Hardt upped their target price on Skechers U.S.A. from $60.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, January 18th. Bank of America initiated coverage on Skechers U.S.A. in a research report on Friday, March 8th. They issued a “neutral” rating and a $67.00 target price on the stock. Finally, Barclays initiated coverage on Skechers U.S.A. in a research report on Monday, April 1st. They issued an “overweight” rating and a $71.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $66.17.

Skechers U.S.A. Price Performance

The company has a market capitalization of $8.67 billion, a price-to-earnings ratio of 16.26, a P/E/G ratio of 1.02 and a beta of 1.32. The stock has a fifty day simple moving average of $59.72 and a 200-day simple moving average of $57.57. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 1.46.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.04. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. The company had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the previous year, the company posted $0.48 earnings per share. Skechers U.S.A.’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, equities research analysts anticipate that Skechers U.S.A., Inc. will post 3.82 EPS for the current year.

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

In other news, COO David Weinberg sold 67,390 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the completion of the transaction, the chief operating officer now directly owns 141,405 shares of the company’s stock, valued at approximately $8,183,107.35. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Mark A. Nason sold 6,067 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $370,754.37. Following the completion of the transaction, the executive vice president now directly owns 14,023 shares of the company’s stock, valued at approximately $856,945.53. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO David Weinberg sold 67,390 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $3,899,859.30. Following the transaction, the chief operating officer now directly owns 141,405 shares of the company’s stock, valued at $8,183,107.35. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 254,875 shares of company stock valued at $15,021,192. 24.79% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Raymond James & Associates raised its stake in Skechers U.S.A. by 354.5% in the 4th quarter. Raymond James & Associates now owns 52,280 shares of the textile maker’s stock valued at $3,259,000 after purchasing an additional 40,778 shares during the last quarter. Lecap Asset Management Ltd. acquired a new position in Skechers U.S.A. in the 4th quarter valued at $1,798,000. Vaughan Nelson Investment Management L.P. raised its stake in Skechers U.S.A. by 371.8% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 758,469 shares of the textile maker’s stock valued at $47,282,000 after purchasing an additional 597,702 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in Skechers U.S.A. by 56.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 96,433 shares of the textile maker’s stock valued at $4,720,000 after purchasing an additional 34,926 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in Skechers U.S.A. by 117.4% in the 3rd quarter. Hsbc Holdings PLC now owns 99,916 shares of the textile maker’s stock valued at $4,915,000 after purchasing an additional 53,962 shares during the last quarter. 79.96% of the stock is owned by institutional investors and hedge funds.

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.