Company shares last traded at $33.97 which is quite a bit above $25.74, the 50 day moving average and much higher than the 200 day moving average of $26.51. The 50 day moving average was up $8.23 or +31.95% and the 200 day average went up $7.46 or +28.12%. (NYSE:SKX) shares saw heavy trading volume with 35,081K shares changing hands on Tuesday. Volume was up 1,139.39% over the stocks average daily volume.
Investors are feeling more bullish on Skechers U.S.A., Inc. of late looking at the downtick in short interest. The company recorded a fall in short interest of -10.57% between September 15, 2017 and September 29, 2017. Short shares fell 775,194 over that period. Days to cover decreased from 4.0 to 3.0 and the percentage of shorted shares was 0.04% on September 29.
Skechers U.S.A., Inc. (NYSE:SKX) has been the object of insider selling activity recently. Phillip Paccione, General Counsel & Secretary disclosed the sale of 1,004 shares of (SKX). The shares were sold on August 24th for an average price of $27.24. The General Counsel & Secretary now owns $1,634,400 of the stock per the Form 4 SEC filing.
The following firms have recently changed their position in SKX. As of the end of the quarter Mutual Of America Capital Management LLC had sold 2,380 shares trimming its holdings by 2.1%. The value of the total investment in Skechers U.S.A., Inc. decreased from $3,304,000 to $2,750,000 decreasing 16.8% for the reporting period. As of quarter end Oakbrook Investments LLC had disposed of a total of 650 shares trimming its position 6.1%. The value of the investment in (SKX) went from $314,000 to $251,000 a change of $63,000 quarter over quarter.
As of the end of the quarter Shell Asset Management CO had sold 500 shares trimming its stake by 2.6%. The value of the company’s investment in Skechers U.S.A., Inc. went from $565,000 to $468,000 a change of 17.2% quarter to quarter. State Treasurer State Of Michigan reduced its stake by shedding 4,800 shares a decrease of 8.7%. State Treasurer State Of Michigan owns 50,400 shares valued at $1,265,000. The total value of its holdings decreased 22.3%.
Equity analyst Wedbush raised the price target and upgraded the stock on October 20 boosting the price target from $23.00 to $36.00 and setting the rating at “Market Perform” which had previously been “Neutral”. October 20 investment analysts at Morgan Stanley held the company rating at “Market Perform” and moved up the price target from $25.00 to $36.00.
On October 20 Buckingham kept the stock rating at “Buy” and raised the price expectation to $36.00 from $32.00. On October 20 the company was upgraded to “Market Perform” from “Neutral” with a current price target of $36.00 in a statement from Wedbush.
Skechers U.S.A., Inc. currently has a P/E ratio of 23.56 and market capitalization is 5.38B. In the latest earnings report the EPS was $1.44 and is projected to be $1.70 for the current year with 158,431,000 shares currently outstanding. Next quarter’s EPS is expected be $0.77 with next year’s EPS projected to be $2.09.
Skechers U.S.A., Inc., launched on May 28, 1998, 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. Its footwear is sold through a range of department stores and specialty retail stores, mid-tier retailers, boutiques, its own retail stores, distributor and licensee-owned international retail stores and its e-commerce Websites. As of February 1, 2017, the Company owned and operated 117 concept stores, 163 factory outlet stores and 134 warehouse outlet stores in the United States, and 101 concept stores, 51 factory outlet stores, and five warehouse outlet stores internationally. The Business’s lifestyle brands include Skechers USA, Skechers Sport, Skechers Active and Skechers Sport Active, Skechers Originals, BOBS from Skechers and Mark Nason. Its Performance Brands include Skechers Performance, Skechers Kids and Skechers Work..