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

Wedbush restated their outperform rating on shares of Skechers U.S.A. (NYSE:SKX) in a research note issued to investors on Friday morning, Benzinga reports. They currently have 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.

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

Skechers U.S.A. Stock Down 0.8 %

SKX opened at $56.41 on Friday. The business’s 50-day simple moving average is $59.67 and its 200-day simple moving average is $57.75. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.46 and a current ratio of 2.38. Skechers U.S.A. has a one year low of $45.58 and a one year high of $65.17. The stock has a market capitalization of $8.65 billion, a P/E ratio of 16.16, a price-to-earnings-growth ratio of 1.02 and a beta of 1.32.

Skechers U.S.A. (NYSE:SKX) last posted its earnings results on Thursday, February 1st. The textile maker reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.04. The business had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.03 billion. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. The business’s revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.48 earnings per share. Analysts anticipate that Skechers U.S.A. will post 3.82 EPS for the current year.

Insider Buying and Selling at Skechers U.S.A.

In other Skechers U.S.A. news, 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 value of $3,899,859.30. Following the completion of the transaction, the chief operating officer now directly owns 141,405 shares in the company, valued at approximately $8,183,107.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Skechers U.S.A. news, CEO Robert Greenberg sold 99,139 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 value of $5,737,173.93. Following the completion of the transaction, the chief executive officer now directly owns 196,050 shares in the company, valued at approximately $11,345,413.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO David Weinberg sold 67,390 shares of the company’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $3,899,859.30. Following 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. In the last three months, insiders sold 254,875 shares of company stock worth $15,021,192. Insiders own 24.79% of the company’s stock.

Institutional Trading of Skechers U.S.A.

Institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James & Associates increased its holdings in shares of Skechers U.S.A. by 354.5% during the 4th quarter. Raymond James & Associates now owns 52,280 shares of the textile maker’s stock worth $3,259,000 after buying an additional 40,778 shares during the last quarter. Lecap Asset Management Ltd. acquired a new stake in Skechers U.S.A. in the 4th quarter valued at $1,798,000. Vaughan Nelson Investment Management L.P. increased its holdings in Skechers U.S.A. by 371.8% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 758,469 shares of the textile maker’s stock valued at $47,282,000 after purchasing an additional 597,702 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in Skechers U.S.A. by 56.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 96,433 shares of the textile maker’s stock valued at $4,720,000 after purchasing an additional 34,926 shares in the last quarter. Finally, Hsbc Holdings PLC increased its holdings in Skechers U.S.A. by 117.4% in the 3rd quarter. Hsbc Holdings PLC now owns 99,916 shares of the textile maker’s stock valued at $4,915,000 after purchasing an additional 53,962 shares in the last quarter. 79.96% of the stock is currently owned by institutional investors and hedge funds.

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.