Skechers USA Inc. (SKX) Downgraded to “Hold” at Argus
Skechers USA Inc. (NYSE:SKX) was downgraded by stock analysts at Argus from a “buy” rating to a “hold” rating in a research report issued on Monday.
The analysts wrote, “We are concerned about the sharp slowdown in Skechers’ domestic revenue in 2016. In addition, we expect the company to be hurt by above-average inventories of athletic footwear and by increased price competition from Under Armour, Nike, and other specialty retailers,” analyst John Staszak wrote in a note.In addition, the footwear company is “facing continued, though diminishing, currency headwinds on the more than 40 percent of its sales that come from overseas.”
A number of other research firms have also weighed in on SKX. Zacks Investment Research raised Skechers USA from a “sell” rating to a “hold” rating in a research report on Monday, July 18th. B. Riley reiterated a “buy” rating and set a $42.00 target price on shares of Skechers USA in a research note on Tuesday, July 19th. Morgan Stanley reiterated a “buy” rating on shares of Skechers USA in a research note on Monday, June 6th. Dundee Securities increased their target price on Skechers USA from C$1.60 to C$1.75 in a research note on Monday, April 4th. Finally, Vetr upgraded Skechers USA from a “hold” rating to a “buy” rating and set a $34.68 target price on the stock in a research note on Tuesday, July 19th. Seven investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $31.39.
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Skechers USA (NYSE:SKX) traded down 2.61% during mid-day trading on Monday, hitting $23.48. The company had a trading volume of 1,904,737 shares. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of 13.56 and a beta of 0.32. Skechers USA has a 52 week low of $22.50 and a 52 week high of $49.58. The firm’s 50 day moving average is $24.35 and its 200 day moving average is $29.22.
Skechers USA (NYSE:SKX) last posted its quarterly earnings data on Thursday, July 21st. The company reported $0.50 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.52 by $0.02. Skechers USA had a net margin of 7.79% and a return on equity of 20.20%. The company had revenue of $877.80 million for the quarter, compared to the consensus estimate of $892.06 million. During the same period last year, the business earned $0.52 EPS. On average, equities research analysts predict that Skechers USA will post $1.83 EPS for the current year.
In related news, General Counsel Phillip Paccione sold 1,389 shares of Skechers USA stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $24.12, for a total transaction of $33,502.68. Following the transaction, the general counsel now directly owns 90,445 shares in the company, valued at $2,181,533.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey Greenberg sold 10,000 shares of Skechers USA stock in a transaction on Friday, July 1st. The shares were sold at an average price of $30.15, for a total value of $301,500.00. The disclosure for this sale can be found here. Corporate insiders own 21.73% of the company’s stock.
A number of institutional investors recently added to or reduced their stakes in SKX. Prudential PLC increased its position in Skechers USA by 2.3% in the first quarter. Prudential PLC now owns 252,600 shares of the company’s stock valued at $7,692,000 after buying an additional 5,700 shares during the period. Menta Capital LLC increased its position in Skechers USA by 291.2% in the first quarter. Menta Capital LLC now owns 34,392 shares of the company’s stock valued at $1,047,000 after buying an additional 25,600 shares during the period. BlackRock Institutional Trust Company N.A. increased its position in Skechers USA by 0.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,832,942 shares of the company’s stock valued at $116,713,000 after buying an additional 25,636 shares during the period. BlackRock Inc. increased its position in Skechers USA by 29.9% in the first quarter. BlackRock Inc. now owns 60,051 shares of the company’s stock valued at $1,829,000 after buying an additional 13,840 shares during the period. Finally, Legal & General Group Plc increased its position in Skechers USA by 29.8% in the first quarter. Legal & General Group Plc now owns 14,514 shares of the company’s stock valued at $442,000 after buying an additional 3,328 shares during the period. Institutional investors own 67.47% of the company’s stock.
Skechers USA Company Profile
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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