Skechers U.S.A. (NYSE:SKX) Shares Gap Down After Earnings Miss

Skechers U.S.A., Inc. (NYSE:SKX)’s share price gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $75.62, but opened at $69.00. Skechers U.S.A. shares last traded at $69.14, with a volume of 2,840,144 shares traded.

The textile maker reported $0.65 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.08). Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%.

Wall Street Analyst Weigh In

SKX has been the subject of several recent research reports. 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 price target for the company. Evercore ISI lifted their price target on Skechers U.S.A. from $72.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. Needham & Company LLC reissued a “hold” rating on shares of Skechers U.S.A. in a report on Friday. TD Cowen lifted their target price on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Finally, Bank of America decreased their target price on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.60.

Insider Transactions at Skechers U.S.A.

In other news, President Michael Greenberg sold 10,274 shares of the company’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 sale, the president now owns 149,327 shares of the company’s stock, valued at approximately $10,076,585.96. This represents a 6.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO David Weinberg sold 8,219 shares of the stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $67.48, for a total value of $554,618.12. Following the completion of the sale, the chief operating officer now owns 122,211 shares in the company, valued at approximately $8,246,798.28. The trade was a 6.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 24.75% of the company’s stock.

Institutional Investors Weigh In On Skechers U.S.A.

Large investors have recently bought and sold shares of the stock. Pacer Advisors Inc. grew its position in shares of Skechers U.S.A. by 5,780.6% during the third quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock worth $176,628,000 after buying an additional 2,594,507 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Skechers U.S.A. by 70.4% in the fourth quarter. Bank of New York Mellon Corp now owns 2,308,283 shares of the textile maker’s stock worth $155,209,000 after acquiring an additional 953,528 shares during the last quarter. Commerce Bank grew its holdings in Skechers U.S.A. by 949.5% during the 3rd quarter. Commerce Bank now owns 467,774 shares of the textile maker’s stock worth $31,303,000 after acquiring an additional 423,204 shares in the last quarter. Coronation Fund Managers Ltd. increased its position in shares of Skechers U.S.A. by 378.6% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 498,837 shares of the textile maker’s stock valued at $33,382,000 after purchasing an additional 394,618 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Skechers U.S.A. by 39.0% in the 3rd quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock valued at $68,630,000 after purchasing an additional 287,939 shares in the last quarter. Hedge funds and other institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Trading Down 9.9 %

The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.25 and a current ratio of 1.96. The company’s 50-day moving average price is $70.51 and its 200-day moving average price is $66.46. The firm has a market capitalization of $10.29 billion, a PE ratio of 16.88, a PEG ratio of 0.92 and a beta of 1.19.

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.