Skechers U.S.A. (NYSE:SKX) Earns “Outperform” Rating from Wedbush

Wedbush reissued their outperform rating on shares of Skechers U.S.A. (NYSE:SKX) in a research report report published on Friday, Benzinga reports. Wedbush currently has a $68.00 price objective on the textile maker’s stock. Wedbush also issued estimates for Skechers U.S.A.’s Q2 2024 earnings at $0.98 EPS, Q3 2024 earnings at $1.05 EPS and FY2024 earnings at $3.74 EPS.

Several other equities research analysts also recently issued reports on the company. Barclays assumed coverage on Skechers U.S.A. in a report on Monday, April 1st. They set an overweight rating and a $71.00 price target for the company. Monness Crespi & Hardt raised their price target on Skechers U.S.A. from $60.00 to $72.00 and gave the company a buy rating in a report on Thursday, January 18th. Bank of America assumed coverage on Skechers U.S.A. in a report on Friday, March 8th. They set a neutral rating and a $67.00 price target for the company. Raymond James cut their price target on Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating for the company in a report on Monday, February 5th. Finally, Stifel Nicolaus cut their price target on Skechers U.S.A. from $72.00 to $70.00 and set a buy rating for the company in a report on Friday, February 2nd. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $66.17.

Skechers U.S.A. Price Performance

NYSE:SKX opened at $58.02 on Friday. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $65.17. The company has a current ratio of 2.38, a quick ratio of 1.46 and a debt-to-equity ratio of 0.06. The firm has a fifty day simple moving average of $59.64 and a 200 day simple moving average of $57.82. The stock has a market capitalization of $8.89 billion, a PE ratio of 16.62, a P/E/G ratio of 1.02 and a beta of 1.32.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.04. Skechers U.S.A. had a net margin of 6.82% and a return on equity of 12.89%. The business had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period last year, the business earned $0.48 earnings per share. The firm’s revenue was up 4.4% on a year-over-year basis. On average, research analysts expect that Skechers U.S.A. will post 3.82 EPS for the current fiscal year.

Insider Activity at Skechers U.S.A.

In related news, EVP Mark A. Nason sold 6,067 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $370,754.37. Following the completion of the sale, the executive vice president now owns 14,023 shares of the company’s stock, valued at $856,945.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Mark A. Nason sold 6,067 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $370,754.37. Following the completion of the sale, the executive vice president now owns 14,023 shares of the company’s stock, valued at $856,945.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO David Weinberg sold 20,226 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $1,236,010.86. Following the sale, the chief operating officer now directly owns 99,655 shares of the company’s stock, valued at approximately $6,089,917.05. The disclosure for this sale can be found here. Insiders sold a total of 254,875 shares of company stock valued at $15,021,192 over the last quarter. 24.75% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Skechers U.S.A.

Several institutional investors and hedge funds have recently bought and sold shares of SKX. Bfsg LLC raised its stake in Skechers U.S.A. by 2.9% during the fourth quarter. Bfsg LLC now owns 6,545 shares of the textile maker’s stock worth $408,000 after acquiring an additional 186 shares in the last quarter. National Bank of Canada FI raised its stake in Skechers U.S.A. by 7.1% during the fourth quarter. National Bank of Canada FI now owns 3,035 shares of the textile maker’s stock worth $188,000 after acquiring an additional 200 shares in the last quarter. Janney Capital Management LLC raised its stake in Skechers U.S.A. by 2.8% during the third quarter. Janney Capital Management LLC now owns 8,646 shares of the textile maker’s stock worth $423,000 after acquiring an additional 233 shares in the last quarter. 1492 Capital Management LLC raised its stake in Skechers U.S.A. by 1.0% during the fourth quarter. 1492 Capital Management LLC now owns 26,270 shares of the textile maker’s stock worth $1,638,000 after acquiring an additional 259 shares in the last quarter. Finally, Inspire Investing LLC raised its stake in Skechers U.S.A. by 4.5% during the third quarter. Inspire Investing LLC now owns 6,230 shares of the textile maker’s stock worth $305,000 after acquiring an additional 268 shares in the last quarter. Institutional investors 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.