Skechers U.S.A. (NYSE:SKX) Hits New 12-Month Low – What’s Next?

Skechers U.S.A., Inc. (NYSE:SKX) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $53.79 and last traded at $54.88, with a volume of 4688003 shares changing hands. The stock had previously closed at $58.99.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SKX. Stifel Nicolaus dropped their target price on Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, February 7th. Piper Sandler initiated coverage on Skechers U.S.A. in a research report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price objective for the company. TD Cowen raised their price objective 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. UBS Group lowered their price objective on Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, February 7th. Finally, Evercore ISI raised their price objective on Skechers U.S.A. from $72.00 to $85.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 28th. Three investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $81.25.

Skechers U.S.A. Trading Up 1.3 %

The stock has a 50-day simple moving average of $67.31 and a 200 day simple moving average of $66.11. The company has a market cap of $8.52 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 1.11 and a beta of 1.21. The company has a current ratio of 1.97, a quick ratio of 1.12 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data on Thursday, February 6th. The textile maker reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates 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%. As a group, equities research analysts predict that Skechers U.S.A., Inc. will post 4.47 EPS for the current fiscal year.

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

In related news, CEO Robert Greenberg sold 52,600 shares of Skechers U.S.A. stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of $62.72, for a total value of $3,299,072.00. Following the completion of the transaction, the chief executive officer now owns 61,367 shares in the company, valued at $3,848,938.24. The trade was a 46.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Michael Greenberg sold 10,274 shares of Skechers U.S.A. stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $693,289.52. Following the completion of the transaction, the president now owns 149,327 shares of the company’s stock, valued at approximately $10,076,585.96. This represents a 6.44 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 236,738 shares of company stock worth $14,700,809. Insiders own 24.75% of the company’s stock.

Institutional Investors Weigh In On Skechers U.S.A.

Large investors have recently bought and sold shares of the company. NewEdge Advisors LLC increased its stake in Skechers U.S.A. by 85.2% during the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker’s stock worth $28,000 after buying an additional 190 shares in the last quarter. TD Private Client Wealth LLC increased its stake in Skechers U.S.A. by 534.3% during the 4th quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock worth $29,000 after buying an additional 358 shares in the last quarter. Investment Management Corp VA ADV purchased a new stake in Skechers U.S.A. during the 4th quarter worth approximately $32,000. UMB Bank n.a. increased its stake in Skechers U.S.A. by 53.1% during the 4th quarter. UMB Bank n.a. now owns 689 shares of the textile maker’s stock worth $46,000 after buying an additional 239 shares in the last quarter. Finally, IFP Advisors Inc increased its stake in Skechers U.S.A. by 62.4% during the 4th quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock worth $55,000 after buying an additional 317 shares in the last quarter. 79.96% of the stock is currently owned by hedge funds and other institutional investors.

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.