Skechers U.S.A., Inc. (NYSE:SKX – Get Rating) was the target of a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 3,780,000 shares, a drop of 22.5% from the November 15th total of 4,880,000 shares. Based on an average daily volume of 1,750,000 shares, the days-to-cover ratio is currently 2.2 days. Approximately 2.9% of the company’s stock are short sold.
Insiders Place Their Bets
In other Skechers U.S.A. news, Director Katherine J. Blair sold 1,500 shares of the firm’s stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $35.16, for a total value of $52,740.00. Following the completion of the sale, the director now directly owns 10,500 shares in the company, valued at $369,180. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 24.44% of the company’s stock.
Institutional Trading of Skechers U.S.A.
Several hedge funds have recently added to or reduced their stakes in SKX. Theleme Partners LLP bought a new stake in Skechers U.S.A. in the first quarter worth about $94,654,000. Pzena Investment Management LLC raised its position in Skechers U.S.A. by 16.4% in the second quarter. Pzena Investment Management LLC now owns 8,033,986 shares of the textile maker’s stock worth $285,849,000 after acquiring an additional 1,129,142 shares during the period. Samlyn Capital LLC purchased a new position in shares of Skechers U.S.A. in the second quarter worth about $27,160,000. Massachusetts Financial Services Co. MA increased its stake in shares of Skechers U.S.A. by 9.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 7,467,603 shares of the textile maker’s stock worth $304,379,000 after purchasing an additional 621,640 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Skechers U.S.A. by 19.4% in the third quarter. Dimensional Fund Advisors LP now owns 2,949,350 shares of the textile maker’s stock worth $93,568,000 after purchasing an additional 478,224 shares in the last quarter. Institutional investors own 81.64% of the company’s stock.
Skechers U.S.A. Stock Up 0.1 %
Shares of SKX traded up $0.05 during trading hours on Wednesday, reaching $42.39. 750,216 shares of the stock traded hands, compared to its average volume of 1,519,980. The company has a current ratio of 2.27, a quick ratio of 1.14 and a debt-to-equity ratio of 0.06. The stock has a fifty day simple moving average of $37.72 and a 200 day simple moving average of $37.64. Skechers U.S.A. has a 52 week low of $31.28 and a 52 week high of $49.89. The company has a market cap of $6.57 billion, a price-to-earnings ratio of 9.49 and a beta of 1.32.
Skechers U.S.A. (NYSE:SKX – Get Rating) last released its quarterly earnings results on Tuesday, October 25th. The textile maker reported $0.55 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.19). Skechers U.S.A. had a net margin of 9.70% and a return on equity of 10.03%. The firm had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.84 billion. On average, equities analysts forecast that Skechers U.S.A. will post 2.26 EPS for the current year.
Analyst Ratings Changes
A number of research firms have commented on SKX. Morgan Stanley reduced their price target on shares of Skechers U.S.A. from $59.00 to $54.00 and set an “overweight” rating for the company in a report on Wednesday, October 26th. Cowen raised their price objective on shares of Skechers U.S.A. from $31.00 to $48.00 in a research note on Tuesday, December 6th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Skechers U.S.A. from $51.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, October 24th. Raymond James raised their price objective on shares of Skechers U.S.A. from $40.00 to $48.00 in a research note on Thursday, December 1st. Finally, Cowen raised their price objective on shares of Skechers U.S.A. from $31.00 to $48.00 in a research note on Tuesday, December 6th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.09.
About Skechers U.S.A.
Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women worldwide. The company operates through three segments: Domestic Wholesale, International Wholesale, and Direct-to-Consumer. It offers casual, casual athletic, sport athletic, trail, sandals, boots, and retro fashion footwear for men and women under the Skechers USA, Skechers Sport, Skechers Active, Modern Comfort, Skechers Street, Mark Nason, and BOBS brands; sneakers, casuals, boots, and sandals for boys and girls under the Skechers Mega-Craft, S-Lights, SKECH-AIR, Foamies, Twinkle Toes, Z-Strap, Skechers Stretch Fit, and Skechers Street brands; and technical footwear under the Skechers GOrun, Skechers GOwalk, Skechers GOtrain, Skechers GOtrail, and Skechers GO Golf brands.
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