Skechers USA Inc (SKX) Updates Q3 Earnings Guidance
Skechers USA Inc (NYSE:SKX) updated its third quarter earnings guidance on Thursday. The company provided earnings per share guidance of $0.42-0.47 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.56. The company issued revenue guidance of $1.050-1.075 billion, compared to the consensus revenue estimate of $1.06 billion.
Several analysts have commented on SKX shares. UBS AG raised shares of Skechers USA from a neutral rating to a positive rating in a research report on Monday, June 5th. B. Riley reaffirmed a buy rating and issued a $32.00 price objective on shares of Skechers USA in a research report on Wednesday, April 26th. BidaskClub lowered shares of Skechers USA from a buy rating to a hold rating in a research report on Thursday, July 13th. Vetr lowered shares of Skechers USA from a strong-buy rating to a buy rating and set a $32.12 price objective on the stock. in a research report on Monday. Finally, Morgan Stanley lifted their price objective on shares of Skechers USA from $25.00 to $26.00 and gave the stock an equal weight rating in a research report on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $29.93.
Skechers USA Inc (NYSE SKX) traded down 0.91% during mid-day trading on Thursday, hitting $28.31. 4,556,033 shares of the stock traded hands. Skechers USA Inc has a 1-year low of $18.81 and a 1-year high of $32.54. The stock has a market cap of $4.48 billion, a price-to-earnings ratio of 18.36 and a beta of 0.19. The company’s 50 day moving average price is $27.96 and its 200-day moving average price is $26.13.
Skechers USA (NYSE:SKX) last issued its quarterly earnings data on Thursday, April 20th. The textile maker reported $0.60 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.05. Skechers USA had a net margin of 9.94% and a return on equity of 22.77%. The firm had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the business earned $0.63 EPS. The business’s quarterly revenue was up 9.6% on a year-over-year basis. Analysts predict that Skechers USA Inc will post $1.77 earnings per share for the current year.
In other news, Director Richard Rappaport sold 1,500 shares of the stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $28.38, for a total value of $42,570.00. Following the transaction, the director now owns 20,000 shares in the company, valued at approximately $567,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO David Weinberg sold 23,502 shares of the stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $25.08, for a total transaction of $589,430.16. Following the completion of the transaction, the chief operating officer now owns 193,502 shares in the company, valued at approximately $4,853,030.16. The disclosure for this sale can be found here. 21.73% of the stock is owned by corporate insiders.
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Skechers USA Company Profile
Skechers U.SA, Inc is a designer and marketer of Skechers-branded lifestyle footwear for men, women and children, and performance footwear for men and women under the Skechers GO brand name. The Company operates through three segments: domestic wholesale sales, international wholesale sales, and retail sales, which includes e-commerce sales.
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