Skechers U.S.A. (NYSE:SKX) Trading Down 3.8% on Insider Selling

Skechers U.S.A., Inc. (NYSE:SKX)’s stock price was down 3.8% on Tuesday following insider selling activity. The company traded as low as $56.10 and last traded at $56.26. Approximately 713,959 shares traded hands during trading, a decline of 64% from the average daily volume of 1,957,164 shares. The stock had previously closed at $58.49.

Specifically, CEO Robert Greenberg sold 40,924 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.76, for a total transaction of $2,486,542.24. Following the completion of the sale, the chief executive officer now owns 51,342 shares in the company, valued at approximately $3,119,539.92. This represents a 44.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Michael Greenberg sold 33,656 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.76, for a total value of $2,044,938.56. Following the transaction, the president now owns 137,530 shares in the company, valued at approximately $8,356,322.80. This trade represents a 19.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, COO David Weinberg sold 26,913 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $60.76, for a total value of $1,635,233.88. Following the completion of the transaction, the chief operating officer now directly owns 44,637 shares of the company’s stock, valued at $2,712,144.12. This trade represents a 37.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analyst Upgrades and Downgrades

SKX has been the subject of several research reports. StockNews.com downgraded shares of Skechers U.S.A. from a “buy” rating to a “hold” rating in a research note on Monday, February 10th. Raymond James cut their price objective on Skechers U.S.A. from $80.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, February 7th. Barclays decreased their target price on Skechers U.S.A. from $80.00 to $77.00 and set an “overweight” rating for the company in a report on Monday, February 10th. Evercore ISI increased their price target on shares of Skechers U.S.A. from $72.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. Finally, Stifel Nicolaus decreased their price objective on shares of Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating for the company 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.25.

Skechers U.S.A. Stock Performance

The firm has a market cap of $8.55 billion, a price-to-earnings ratio of 13.61, a P/E/G ratio of 1.11 and a beta of 1.19. The business’s 50-day simple moving average is $68.73 and its two-hundred day simple moving average is $66.57. The company has a quick ratio of 1.12, a current ratio of 1.97 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results 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, sell-side analysts expect that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

Institutional Trading of Skechers U.S.A.

Hedge funds have recently bought and sold shares of the business. Cim LLC grew its holdings in shares of Skechers U.S.A. by 1.7% in the fourth quarter. Cim LLC now owns 19,271 shares of the textile maker’s stock valued at $1,296,000 after purchasing an additional 316 shares during the period. Jefferies Financial Group Inc. acquired a new position in Skechers U.S.A. during the 4th quarter worth approximately $1,110,000. Integrated Advisors Network LLC increased its position in shares of Skechers U.S.A. by 335.4% in the 4th quarter. Integrated Advisors Network LLC now owns 14,900 shares of the textile maker’s stock valued at $1,002,000 after purchasing an additional 11,478 shares during the last quarter. Peak Retirement Planning Inc. acquired a new stake in shares of Skechers U.S.A. in the 4th quarter valued at $953,000. Finally, Formidable Asset Management LLC purchased a new stake in shares of Skechers U.S.A. during the 4th quarter worth $769,000. Institutional investors and hedge funds own 79.96% of the company’s stock.

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.