Skechers U.S.A. (NYSE:SKX) Trading 0.2% Higher – Time to Buy?

Skechers U.S.A., Inc. (NYSE:SKX) shares shot up 0.2% on Tuesday . The stock traded as high as $56.32 and last traded at $55.07. 539,683 shares were traded during trading, a decline of 73% from the average session volume of 1,981,888 shares. The stock had previously closed at $54.98.

Wall Street Analysts Forecast Growth

Several analysts have commented on SKX shares. UBS Group decreased their target price on shares of Skechers U.S.A. from $92.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, February 7th. Needham & Company LLC reissued a “hold” rating on shares of Skechers U.S.A. in a research report on Friday, February 7th. Stifel Nicolaus reduced their price target on Skechers U.S.A. from $83.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, February 7th. StockNews.com lowered Skechers U.S.A. from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Finally, Piper Sandler began coverage on Skechers U.S.A. in a report on Tuesday, December 10th. They issued a “neutral” rating and a $65.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Skechers U.S.A. currently has a consensus rating of “Moderate Buy” and an average price target of $81.25.

Skechers U.S.A. Stock Up 1.4 %

The company has a debt-to-equity ratio of 0.01, a current ratio of 1.97 and a quick ratio of 1.12. The company has a market capitalization of $8.42 billion, a price-to-earnings ratio of 13.43, a PEG ratio of 1.11 and a beta of 1.21. The firm has a 50-day moving average price of $67.75 and a two-hundred day moving average price of $66.27.

Skechers U.S.A. (NYSE:SKX) last released 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 return on equity of 13.73% and a net margin of 7.13%. As a group, sell-side analysts anticipate that Skechers U.S.A., Inc. will post 4.47 earnings per share for the current fiscal year.

Insider Activity at Skechers U.S.A.

In other news, General Counsel Phillip Paccione sold 10,994 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $56.63, for a total value of $622,590.22. Following the completion of the sale, the general counsel now owns 15,000 shares of the company’s stock, valued at approximately $849,450. This represents a 42.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Michael Greenberg sold 10,274 shares of the business’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $67.48, for a total transaction of $693,289.52. Following the transaction, the president now owns 149,327 shares in the company, valued at approximately $10,076,585.96. The trade was a 6.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 236,738 shares of company stock valued at $14,700,809. Corporate insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

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

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.