Skechers USA (NYSE:SKX) was downgraded by analysts at Vetr from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday. They currently have a $38.42 price objective on the textile maker’s stock. Vetr‘s target price would suggest a potential downside of 6.11% from the company’s previous close.
Several other equities analysts also recently commented on SKX. Cowen reiterated a “buy” rating and issued a $38.00 price objective on shares of Skechers USA in a report on Friday, November 3rd. Monness Crespi & Hardt upped their price objective on shares of Skechers USA from $34.00 to $40.00 and gave the company a “buy” rating in a report on Friday, December 1st. Susquehanna Bancshares reiterated a “buy” rating and issued a $46.00 price objective on shares of Skechers USA in a report on Monday, December 4th. Argus upgraded shares of Skechers USA from a “hold” rating to a “buy” rating in a report on Friday, December 15th. Finally, Zacks Investment Research upgraded shares of Skechers USA from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a research note on Tuesday, December 26th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $41.29.
Skechers USA (SKX) opened at $40.92 on Tuesday. Skechers USA has a fifty-two week low of $22.64 and a fifty-two week high of $42.73. The company has a market cap of $6,480.00, a price-to-earnings ratio of 22.86, a price-to-earnings-growth ratio of 1.18 and a beta of 0.20. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.52 and a quick ratio of 2.06.
Skechers USA declared that its board has approved a stock buyback plan on Thursday, February 8th that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the textile maker to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
In related news, Director Jeffrey Greenberg sold 75,000 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $35.16, for a total transaction of $2,637,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard Rappaport sold 1,000 shares of the company’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $38.24, for a total transaction of $38,240.00. Following the sale, the director now directly owns 19,000 shares of the company’s stock, valued at approximately $726,560. The disclosure for this sale can be found here. Insiders sold 576,000 shares of company stock worth $21,505,240 over the last 90 days. 38.20% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Aurora Investment Counsel bought a new stake in Skechers USA during the fourth quarter worth about $2,383,000. Bank of Montreal Can lifted its position in Skechers USA by 3,831.3% during the fourth quarter. Bank of Montreal Can now owns 255,967 shares of the textile maker’s stock worth $9,685,000 after purchasing an additional 249,456 shares during the period. Public Employees Retirement System of Ohio lifted its position in Skechers USA by 108.4% during the third quarter. Public Employees Retirement System of Ohio now owns 134,227 shares of the textile maker’s stock worth $3,368,000 after purchasing an additional 69,813 shares during the period. Boothbay Fund Management LLC lifted its position in Skechers USA by 112.1% during the third quarter. Boothbay Fund Management LLC now owns 19,298 shares of the textile maker’s stock worth $484,000 after purchasing an additional 10,198 shares during the period. Finally, Davidson Kempner Capital Management LP lifted its position in Skechers USA by 140.6% during the third quarter. Davidson Kempner Capital Management LP now owns 962,500 shares of the textile maker’s stock worth $24,149,000 after purchasing an additional 562,500 shares during the period. 74.01% of the stock is owned by institutional investors and hedge funds.
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.
To view Vetr’s full report, visit Vetr’s official website.
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