Co-Founder of Skechers USA Inc. (SKX) Sells Shares after Stock Drops, Plus Other Noteworthy Insider Trading Activity

Co-Founder of Struggling Apparel Retailer Sells Shares After Earnings Disappointment

One member of Skechers USA Inc. (NYSE:SKX)’s executive team offloaded a sizeable block of shares this week. Michael Greenberg, a Co-Founder and President of Skechers, discarded 150,000 shares on Wednesday at a price of $20.58 per share. Following the recent sale, Mr. Greenberg currently holds a direct ownership stake of 401,679 shares.

Contrary to what one would normally expect, the recent insider selling comes shortly after the apparel company released top- and bottom-line figures that missed expectations. While some may have anticipated an uptick in insider buying at the company after the recent share price drop, the opposite is happening at Skechers USA Inc. (NYSE:SKX). The footwear maker also missed analysts’ expectations on guidance for the fourth quarter. Sketchers anticipates fourth-quarter net sales in the range of $710 million-to-$740 million, significantly lower than expectations of $800 million. “Impacting the Company’s domestic wholesale business was the sluggish retail environment in the United States, which resulted in several retailers either closing doors or ceasing operations, wide-spread discounting on other normally full-priced brands, as well as a shorter back-to-school period,” said the firm in a recent press release. The shares of Skechers are down 33% year-to-date. David Keidan’s Buckingham Capital Management cut its position in Skechers USA Inc. (NYSE:SKX) by 42% during the September quarter to around 477,000 shares.

CEO of Curtiss-Wright Offloads Shares

The man at the helm of Curtiss-Wright Corp. (NYSE:CW) also offloaded a great deal of shares earlier this week. President and CEO David C. Adams sold 27,475 shares on Wednesday at a price of $89.40 per share. Mr. Adams currently holds an aggregate of 60,031 shares following the recent sale. As mentioned on the first page of the article, insiders usually sell shares for a wide number of reasons. For instance, Mr. Adams sold to the shares mainly for the purchase of real estate, so the aforementioned sale should not spook investors.

Curtiss-Wright Corp. (NYSE:CW) operates as a diversified multinational provider of highly engineered, technologically advanced, value-added products and services to a broad range of industries. The company’s sales for the nine months that ended September 30 decreased by $74 million year-over-year to $1.54 billion. Curtiss-Wright’s third-quarter results came in ahead of management expectations, reflecting strong margin improvement in the company’s defense and power segments. The shares of Curtiss-Wright are 25% in the green this year. Jeffrey Smith’s Starboard Value LP was the owner of 323,600 shares of Curtiss-Wright Corp. (NYSE:CW) at the end of the June quarter.

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