Skechers U.S.A. (NYSE:SKX) Sets New 1-Year High on Better-Than-Expected Earnings

Skechers U.S.A., Inc. (NYSE:SKX)’s share price reached a new 52-week high during trading on Friday following a stronger than expected earnings report. The stock traded as high as $68.94 and last traded at $68.93, with a volume of 2110730 shares traded. The stock had previously closed at $58.82.

The textile maker reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.23. Skechers U.S.A. had a return on equity of 13.76% and a net margin of 7.17%. The company had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the previous year, the company earned $1.02 EPS. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year.

Analyst Ratings Changes

Several equities research analysts have recently commented on SKX shares. Barclays started 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. Bank of America started 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. Wedbush boosted their price target on Skechers U.S.A. from $68.00 to $76.00 and gave the stock an “outperform” rating in a research note on Friday. Evercore ISI decreased their price target on Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. 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 analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Skechers U.S.A. presently has an average rating of “Moderate Buy” and an average price target of $66.83.

Insider Activity at Skechers U.S.A.

In related news, CEO Robert Greenberg sold 30,339 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $61.11, for a total value of $1,854,016.29. Following the sale, the chief executive officer now owns 132,783 shares of the company’s stock, valued at approximately $8,114,369.13. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Skechers U.S.A. news, CEO Robert Greenberg sold 30,339 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $61.11, for a total value of $1,854,016.29. Following the completion of the transaction, the chief executive officer now directly owns 132,783 shares in the company, valued at approximately $8,114,369.13. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark A. Nason sold 6,067 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now owns 14,023 shares of the company’s stock, valued at $856,945.53. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 254,875 shares of company stock valued at $15,021,192. 24.75% of the stock is owned by corporate insiders.

Institutional Trading of Skechers U.S.A.

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Skechers U.S.A. by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 12,626,633 shares of the textile maker’s stock worth $787,144,000 after buying an additional 40,138 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Skechers U.S.A. by 2.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,770,584 shares of the textile maker’s stock valued at $233,520,000 after purchasing an additional 112,517 shares in the last quarter. Fiduciary Management Inc. WI increased its holdings in Skechers U.S.A. by 3.5% in the 4th quarter. Fiduciary Management Inc. WI now owns 2,893,529 shares of the textile maker’s stock valued at $180,383,000 after purchasing an additional 98,068 shares in the last quarter. Pacer Advisors Inc. boosted its position in Skechers U.S.A. by 6,521.5% in the 4th quarter. Pacer Advisors Inc. now owns 1,456,599 shares of the textile maker’s stock valued at $90,804,000 after buying an additional 1,434,601 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in Skechers U.S.A. by 72.8% in the 3rd quarter. AQR Capital Management LLC now owns 1,311,246 shares of the textile maker’s stock valued at $64,185,000 after buying an additional 552,452 shares during the last quarter. 79.96% of the stock is currently owned by institutional investors and hedge funds.

Skechers U.S.A. Trading Up 11.2 %

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 business’s 50-day simple moving average is $59.73 and its two-hundred day simple moving average is $58.10. The company has a market capitalization of $10.03 billion, a PE ratio of 17.21, a PEG ratio of 1.07 and a beta of 1.32.

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.