Phillip Paccione Sells 10,994 Shares of Skechers U.S.A., Inc. (NYSE:SKX) Stock

Skechers U.S.A., Inc. (NYSE:SKX) General Counsel Phillip Paccione sold 10,994 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $56.63, for a total value of $622,590.22. Following the completion of the transaction, the general counsel now owns 15,000 shares in the company, valued at approximately $849,450. This trade represents a 42.29 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Skechers U.S.A. Trading Up 0.3 %

Shares of SKX stock traded up $0.19 during trading on Tuesday, hitting $58.68. 1,715,171 shares of the stock traded hands, compared to its average volume of 1,960,888. Skechers U.S.A., Inc. has a 52-week low of $55.67 and a 52-week high of $78.85. The firm has a market capitalization of $8.86 billion, a P/E ratio of 14.12, a price-to-earnings-growth ratio of 1.11 and a beta of 1.19. The firm’s fifty day moving average price is $68.73 and its 200-day moving average price is $66.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12.

Skechers U.S.A. (NYSE:SKX) last posted its earnings results on Thursday, February 6th. The textile maker reported $0.65 EPS 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, research analysts forecast that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SKX. NewEdge Advisors LLC raised its stake in shares of Skechers U.S.A. by 85.2% in the 4th quarter. NewEdge Advisors LLC now owns 413 shares of the textile maker’s stock valued at $28,000 after acquiring an additional 190 shares during the period. TD Private Client Wealth LLC increased its holdings in Skechers U.S.A. by 534.3% in the 4th quarter. TD Private Client Wealth LLC now owns 425 shares of the textile maker’s stock valued at $29,000 after purchasing an additional 358 shares during the last quarter. Investment Management Corp VA ADV purchased a new stake in Skechers U.S.A. in the fourth quarter valued at approximately $32,000. UMB Bank n.a. lifted its stake in Skechers U.S.A. by 53.1% during the fourth quarter. UMB Bank n.a. now owns 689 shares of the textile maker’s stock worth $46,000 after purchasing an additional 239 shares in the last quarter. Finally, IFP Advisors Inc boosted its position in shares of Skechers U.S.A. by 62.4% during the fourth quarter. IFP Advisors Inc now owns 825 shares of the textile maker’s stock worth $55,000 after buying an additional 317 shares during the period. Institutional investors and hedge funds own 79.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Piper Sandler began coverage on Skechers U.S.A. in a research note on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 price objective for the company. Barclays reduced their target price on shares of Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating for the company in a research report on Monday, February 10th. Raymond James lowered their price target on shares of Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating on the stock in a research report on Friday, February 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Skechers U.S.A. in a research note on Friday, February 7th. Finally, Stifel Nicolaus decreased their target price on shares of Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating on the stock in a research note on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $81.25.

About Skechers U.S.A.

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.