Wedbush Research Analysts Lower Earnings Estimates for Skechers U.S.A., Inc. (NYSE:SKX)

Skechers U.S.A., Inc. (NYSE:SKX) – Research analysts at Wedbush cut their Q2 2024 earnings per share (EPS) estimates for shares of Skechers U.S.A. in a research report issued to clients and investors on Friday, April 19th. Wedbush analyst T. Nikic now anticipates that the textile maker will post earnings per share of $0.98 for the quarter, down from their prior estimate of $1.06. Wedbush has a “Outperform” rating and a $68.00 price target on the stock. The consensus estimate for Skechers U.S.A.’s current full-year earnings is $3.82 per share. Wedbush also issued estimates for Skechers U.S.A.’s Q3 2024 earnings at $1.05 EPS and FY2024 earnings at $3.74 EPS.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the previous year, the business earned $0.48 earnings per share. The firm’s revenue was up 4.4% compared to the same quarter last year.

Other equities research analysts also recently issued reports about the company. Bank of America initiated coverage on Skechers U.S.A. in a research note on Friday, March 8th. They issued a “neutral” rating and a $67.00 price objective for the company. Monness Crespi & Hardt upped their price objective on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, January 18th. Stifel Nicolaus decreased their target price on shares of Skechers U.S.A. from $72.00 to $70.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. TD Cowen upped their price target on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Finally, Raymond James cut their price objective 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. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Skechers U.S.A. has a consensus rating of “Moderate Buy” and an average target price of $66.17.

Skechers U.S.A. Stock Performance

Shares of Skechers U.S.A. stock opened at $58.02 on Monday. Skechers U.S.A. has a 12 month low of $45.58 and a 12 month high of $65.17. The company has a quick ratio of 1.46, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. The stock has a market cap of $8.89 billion, a PE ratio of 16.62, a price-to-earnings-growth ratio of 1.02 and a beta of 1.32. The business has a fifty day simple moving average of $59.64 and a 200-day simple moving average of $57.82.

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

Hedge funds have recently bought and sold shares of the company. Redmont Wealth Advisors LLC acquired a new position in shares of Skechers U.S.A. during the 1st quarter worth about $25,000. GAMMA Investing LLC acquired a new position in shares of Skechers U.S.A. during the fourth quarter worth approximately $36,000. Huntington National Bank lifted its holdings in shares of Skechers U.S.A. by 861.7% during the third quarter. Huntington National Bank now owns 577 shares of the textile maker’s stock worth $28,000 after buying an additional 517 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of Skechers U.S.A. in the third quarter valued at approximately $31,000. Finally, Game Plan Financial Advisors LLC acquired a new stake in shares of Skechers U.S.A. in the first quarter worth $43,000. 79.96% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Mark A. Nason sold 6,067 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 $370,754.37. Following the completion of the sale, the executive vice president now owns 14,023 shares in the company, valued at approximately $856,945.53. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Mark A. Nason sold 6,067 shares of Skechers U.S.A. stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total value of $370,754.37. Following the transaction, 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 legal filing with the SEC, which is available at the SEC website. Also, COO David Weinberg sold 67,390 shares of the business’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the completion of the sale, the chief operating officer now owns 141,405 shares of the company’s stock, valued at $8,183,107.35. The disclosure for this sale can be found here. Insiders have sold 254,875 shares of company stock valued at $15,021,192 over the last three months. 24.75% of the stock is currently owned by insiders.

Skechers U.S.A. Company Profile

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.