Short Interest in Skechers USA Inc (NYSE:SKX) Increases By 29.0%

Skechers USA Inc (NYSE:SKX) saw a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 8,869,100 shares, a growth of 29.0% from the July 31st total of 6,875,200 shares. Based on an average trading volume of 2,180,000 shares, the days-to-cover ratio is currently 4.1 days. Approximately 6.8% of the shares of the company are sold short.

Several equities analysts recently commented on SKX shares. OTR Global upgraded Skechers USA from a “mixed” rating to a “positive” rating in a research report on Thursday, July 11th. Morgan Stanley raised their target price on Skechers USA from $29.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Friday, July 19th. ValuEngine upgraded Skechers USA from a “sell” rating to a “hold” rating in a research report on Thursday, September 5th. Monness Crespi & Hardt restated a “buy” rating and set a $42.00 target price (up previously from $35.00) on shares of Skechers USA in a research report on Friday, July 19th. They noted that the move was a valuation call. Finally, Stifel Nicolaus raised their target price on Skechers USA from $35.00 to $44.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company’s stock. Skechers USA has a consensus rating of “Hold” and a consensus target price of $38.50.

In other Skechers USA news, Director Thomas Walsh sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $39.77, for a total value of $59,655.00. Following the completion of the sale, the director now owns 15,500 shares in the company, valued at approximately $616,435. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jeffrey Greenberg sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $37.00, for a total value of $1,110,000.00. The disclosure for this sale can be found here. Insiders sold a total of 274,500 shares of company stock valued at $10,289,925 in the last quarter. Corporate insiders own 28.08% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in SKX. Geode Capital Management LLC increased its holdings in Skechers USA by 6.1% during the 4th quarter. Geode Capital Management LLC now owns 1,369,816 shares of the textile maker’s stock valued at $31,355,000 after purchasing an additional 79,002 shares in the last quarter. Quantamental Technologies LLC acquired a new stake in Skechers USA during the 1st quarter valued at $49,000. Alps Advisors Inc. acquired a new stake in Skechers USA during the 1st quarter valued at $413,000. Comerica Bank increased its holdings in Skechers USA by 26.4% during the 1st quarter. Comerica Bank now owns 110,188 shares of the textile maker’s stock valued at $3,796,000 after purchasing an additional 23,002 shares in the last quarter. Finally, Texas Permanent School Fund increased its holdings in Skechers USA by 3.4% during the 1st quarter. Texas Permanent School Fund now owns 90,617 shares of the textile maker’s stock valued at $3,046,000 after purchasing an additional 3,007 shares in the last quarter. 76.32% of the stock is owned by hedge funds and other institutional investors.

Shares of Skechers USA stock traded up $0.20 during midday trading on Friday, hitting $36.87. 1,473,360 shares of the company were exchanged, compared to its average volume of 2,334,728. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.51 and a quick ratio of 1.65. The firm has a market cap of $5.78 billion, a P/E ratio of 19.20, a PEG ratio of 1.06 and a beta of 0.81. Skechers USA has a 52 week low of $21.45 and a 52 week high of $40.50. The firm has a 50 day simple moving average of $33.53 and a 200-day simple moving average of $32.36.

Skechers USA (NYSE:SKX) last released its quarterly earnings results on Thursday, July 18th. The textile maker reported $0.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.16. Skechers USA had a return on equity of 14.59% and a net margin of 6.72%. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period last year, the firm posted $0.29 EPS. The business’s revenue was up 10.9% on a year-over-year basis. Equities research analysts expect that Skechers USA will post 2.25 earnings per share for the current year.

Skechers USA Company Profile

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.

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