Skechers USA Inc (NYSE:SKX) Director Morton D. Erlich sold 4,000 shares of the firm’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $33.66, for a total value of $134,640.00. Following the completion of the sale, the director now owns 12,000 shares of the company’s stock, valued at $403,920. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Skechers USA Inc (NYSE SKX) traded up $2.88 during trading hours on Friday, hitting $41.06. The stock had a trading volume of 8,150,000 shares, compared to its average volume of 1,960,000. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.30 and a current ratio of 3.46. The company has a market capitalization of $6,510.00, a P/E ratio of 35.70, a price-to-earnings-growth ratio of 1.34 and a beta of 0.20. Skechers USA Inc has a fifty-two week low of $22.64 and a fifty-two week high of $42.73.
Skechers USA (NYSE:SKX) last released its quarterly earnings data on Thursday, February 8th. The textile maker reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.08. The firm had revenue of $970.59 million during the quarter, compared to the consensus estimate of $881.39 million. Skechers USA had a return on equity of 14.73% and a net margin of 4.30%. The firm’s quarterly revenue was up 27.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.04 earnings per share. analysts forecast that Skechers USA Inc will post 2.27 EPS for the current fiscal year.
Skechers USA announced that its board has authorized a stock repurchase plan on Thursday, February 8th that permits the company to repurchase $150.00 million in shares. This repurchase authorization permits the textile maker to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Several hedge funds have recently added to or reduced their stakes in SKX. PNC Financial Services Group Inc. grew its stake in Skechers USA by 6.6% in the second quarter. PNC Financial Services Group Inc. now owns 5,428 shares of the textile maker’s stock valued at $161,000 after purchasing an additional 335 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Skechers USA by 12.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,594 shares of the textile maker’s stock valued at $136,000 after purchasing an additional 503 shares during the last quarter. Ameritas Investment Partners Inc. grew its stake in Skechers USA by 1.5% in the second quarter. Ameritas Investment Partners Inc. now owns 40,036 shares of the textile maker’s stock valued at $1,181,000 after purchasing an additional 602 shares during the last quarter. Advisor Group Inc. grew its stake in Skechers USA by 2.5% in the second quarter. Advisor Group Inc. now owns 25,950 shares of the textile maker’s stock valued at $765,000 after purchasing an additional 644 shares during the last quarter. Finally, Private Advisor Group LLC grew its stake in Skechers USA by 10.0% in the second quarter. Private Advisor Group LLC now owns 8,751 shares of the textile maker’s stock valued at $254,000 after purchasing an additional 798 shares during the last quarter. Hedge funds and other institutional investors own 69.68% of the company’s stock.
A number of analysts recently issued reports on the company. Vetr upgraded Skechers USA from a “sell” rating to a “hold” rating and set a $39.03 price target for the company in a research report on Monday. Citigroup raised their price target on Skechers USA from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday. Monness Crespi & Hardt lifted their target price on Skechers USA from $40.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday. ValuEngine upgraded Skechers USA from a “hold” rating to a “buy” rating in a research report on Friday, February 2nd. Finally, Zacks Investment Research downgraded Skechers USA from a “buy” rating to a “hold” rating in a research report on Monday, February 5th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $41.00.
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About Skechers USA
Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.
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