Skechers U.S.A. (NYSE:SKX) Hits New 52-Week High – What’s Next?

Skechers U.S.A., Inc. (NYSE:SKX)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $75.45 and last traded at $75.27, with a volume of 845407 shares changing hands. The stock had previously closed at $73.46.

Wall Street Analyst Weigh In

SKX has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft boosted their price target on Skechers U.S.A. from $83.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Morgan Stanley upped their target price on Skechers U.S.A. from $81.00 to $84.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Barclays lifted their price target on Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Piper Sandler initiated coverage on shares of Skechers U.S.A. in a research report on Tuesday, December 10th. They set a “neutral” rating and a $65.00 target price for the company. Finally, TD Cowen increased their price target on shares of Skechers U.S.A. from $88.00 to $93.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Skechers U.S.A. presently has a consensus rating of “Moderate Buy” and a consensus target price of $79.00.

Skechers U.S.A. Stock Up 3.1 %

The firm has a market cap of $11.43 billion, a price-to-earnings ratio of 18.65, a PEG ratio of 0.90 and a beta of 1.19. The company has a quick ratio of 1.25, a current ratio of 1.96 and a debt-to-equity ratio of 0.01. The firm has a fifty day moving average price of $67.50 and a 200-day moving average price of $65.76.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, October 24th. The textile maker reported $1.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.11. Skechers U.S.A. had a return on equity of 13.71% and a net margin of 7.19%. The firm had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.31 billion. During the same period last year, the company earned $0.93 EPS. The firm’s quarterly revenue was up 16.0% on a year-over-year basis. As a group, sell-side analysts forecast that Skechers U.S.A., Inc. will post 4.24 EPS for the current year.

Insider Activity at Skechers U.S.A.

In other news, COO David Weinberg sold 8,219 shares of the firm’s 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 transaction, the chief operating officer now owns 122,211 shares of the company’s stock, valued at approximately $8,246,798.28. This trade represents a 6.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 directly owns 149,327 shares of the company’s stock, valued at approximately $10,076,585.96. This trade represents a 6.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 24.75% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. grew its holdings in Skechers U.S.A. by 5,780.6% during the 3rd quarter. Pacer Advisors Inc. now owns 2,639,390 shares of the textile maker’s stock valued at $176,628,000 after purchasing an additional 2,594,507 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Skechers U.S.A. by 0.5% during the third quarter. Geode Capital Management LLC now owns 2,216,905 shares of the textile maker’s stock valued at $148,395,000 after acquiring an additional 11,026 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Skechers U.S.A. by 1.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,316,882 shares of the textile maker’s stock worth $88,126,000 after acquiring an additional 17,429 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Skechers U.S.A. by 39.0% in the third quarter. Wellington Management Group LLP now owns 1,025,556 shares of the textile maker’s stock worth $68,630,000 after acquiring an additional 287,939 shares in the last quarter. Finally, Loomis Sayles & Co. L P boosted its holdings in Skechers U.S.A. by 7.1% in the third quarter. Loomis Sayles & Co. L P now owns 752,067 shares of the textile maker’s stock valued at $50,328,000 after purchasing an additional 49,734 shares during the last quarter. Institutional investors and hedge funds 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.