Wedbush Comments on Skechers U.S.A., Inc.’s Q2 2024 Earnings (NYSE:SKX)

Skechers U.S.A., Inc. (NYSE:SKX) – Research analysts at Wedbush lowered their Q2 2024 EPS estimates for shares of Skechers U.S.A. in a report released on Friday, April 19th. Wedbush analyst T. Nikic now expects that the textile maker will post earnings of $0.98 per share for the quarter, down from their prior forecast of $1.06. Wedbush has a “Outperform” rating and a $68.00 price objective 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.

SKX has been the topic of a number of other reports. Barclays began coverage on Skechers U.S.A. in a report on Monday, April 1st. They set an “overweight” rating and a $71.00 price objective on the stock. Monness Crespi & Hardt increased their price objective on 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 dropped their price objective 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. Evercore ISI reduced their price objective on shares of Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Finally, TD Cowen lifted their target price on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Two 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, Skechers U.S.A. currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.17.

Skechers U.S.A. Stock Performance

NYSE:SKX opened at $59.64 on Monday. The business’s fifty day moving average is $59.65 and its 200 day moving average is $57.90. The firm has a market cap of $9.14 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 1.02 and a beta of 1.32. Skechers U.S.A. has a 52-week low of $45.58 and a 52-week high of $65.17. 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. (NYSE:SKX) last released its earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share 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 firm had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the previous year, the company earned $0.48 earnings per share. The company’s quarterly revenue was up 4.4% on a year-over-year basis.

Insiders Place Their Bets

In other Skechers U.S.A. news, COO David Weinberg sold 67,390 shares of the firm’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 transaction, the chief operating officer now directly owns 141,405 shares in the company, valued at approximately $8,183,107.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Mark A. Nason sold 6,067 shares of Skechers U.S.A. stock in a transaction on Friday, March 15th. The stock was sold at an average price of $61.11, for a total value of $370,754.37. Following the transaction, the executive vice president now directly owns 14,023 shares in the company, valued at approximately $856,945.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO David Weinberg sold 67,390 shares of Skechers U.S.A. stock in a transaction dated Thursday, February 8th. The shares were 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 owns 141,405 shares in the company, valued at approximately $8,183,107.35. The disclosure for this sale can be found here. Insiders have sold 254,875 shares of company stock worth $15,021,192 in the last three months. Corporate insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Raymond James & Associates increased its position in shares of Skechers U.S.A. by 354.5% during the fourth quarter. Raymond James & Associates now owns 52,280 shares of the textile maker’s stock worth $3,259,000 after purchasing an additional 40,778 shares in the last quarter. Lecap Asset Management Ltd. purchased a new stake in shares of Skechers U.S.A. during the fourth quarter worth about $1,798,000. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Skechers U.S.A. by 371.8% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 758,469 shares of the textile maker’s stock valued at $47,282,000 after acquiring an additional 597,702 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of 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 during the last quarter. Finally, Hsbc Holdings PLC boosted its stake 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 worth $4,915,000 after purchasing an additional 53,962 shares in the last quarter. Hedge funds and other 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.