Monness Crespi Hardt Downgrades Skechers USA Inc to Neutral

Brokerage firm Monness Crespi Hardt Downgrades its rating on Skechers USA Inc(NYSE:SKX). The shares have been rated Neutral. Previously, the analysts had a Buy rating on the shares. The rating by Monness Crespi Hardt was issued on Jul 22, 2016.

Skechers USA Inc (SKX) shares turned negative on Thursdays trading session with the shares closing down -0.28 points or -1.15% at a volume of 29,99,671. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $24.59. The peak price level was also seen at $24.59 while the days lowest was $24.03. Finally the shares closed at $24.05. The 52-week high of the shares is $54.533333 while the 52-week low is $24.1. According to the latest information available, the market cap of the company is $3,794 M.

Skechers USA Inc(SKX) last announced its earnings results on Jul 21, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $877.81M. Analysts had an estimated revenue of $892.06M. Earnings per share were $0.48. Analysts had estimated an EPS of $0.52.

Several Insider Transactions has been reported to the SEC. On Jul 5, 2016, Jeffrey Greenberg (director) sold 10,000 shares at $30.15 per share price.Also, On May 31, 2016, Mark A Nason (Executive Vice President) sold 9,055 shares at $30.00 per share price.On May 31, 2016, Phillip Paccione (General Counsel & Secretary) sold 3,500 shares at $30.23 per share price, according to the Form-4 filing with the securities and exchange commission.

Skechers U.Skechers U.S.A. Inc. 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’s brands are sold through department and specialty stores athletic and independent retailers boutiques and internet retailers. In addition to wholesale distribution its footwear is available at its e-commerce site and its own retail stores. As of February 15 2015 the Company owned and operated 119 concept stores 146 factory outlet stores and 98 warehouse outlet stores in the United States and 51 concept stores 33 factory outlet stores and three warehouse outlet stores internationally.

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