Wedbush Weighs in on Skechers USA Inc’s FY2017 Earnings (SKX)

Skechers USA Inc (NYSE:SKX) – Stock analysts at Wedbush boosted their FY2017 earnings estimates for Skechers USA in a research report issued on Wednesday. Wedbush analyst C. Svezia now forecasts that the textile maker will post earnings of $1.70 per share for the year, up from their prior forecast of $1.69. Wedbush has a “Buy” rating and a $45.00 price objective on the stock. Wedbush also issued estimates for Skechers USA’s Q4 2017 earnings at $0.13 EPS, Q1 2018 earnings at $0.81 EPS, Q2 2018 earnings at $0.55 EPS, Q3 2018 earnings at $0.66 EPS, Q4 2018 earnings at $0.18 EPS and FY2018 earnings at $2.20 EPS.

Skechers USA (NYSE:SKX) last issued its quarterly earnings data on Thursday, October 19th. The textile maker reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.16. Skechers USA had a net margin of 6.38% and a return on equity of 13.70%. The company had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period last year, the firm posted $0.42 EPS. Skechers USA’s revenue for the quarter was up 16.2% on a year-over-year basis.

Several other research analysts also recently issued reports on the stock. Vetr downgraded shares of Skechers USA from a “strong-buy” rating to a “hold” rating and set a $33.73 price objective on the stock. in a research report on Monday, October 23rd. Susquehanna Bancshares restated a “buy” rating and issued a $34.00 target price on shares of Skechers USA in a research note on Tuesday, October 10th. Wells Fargo & Co raised their target price on shares of Skechers USA from $33.00 to $36.00 and gave the stock a “market perform” rating in a research note on Friday, October 20th. Cowen reiterated a “buy” rating and issued a $38.00 price objective on shares of Skechers USA in a research note on Friday, November 3rd. Finally, Argus upgraded shares of Skechers USA from a “hold” rating to a “buy” rating in a research note on Friday, December 15th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $37.96.

Skechers USA (NYSE:SKX) opened at $38.73 on Thursday. Skechers USA has a 52-week low of $22.31 and a 52-week high of $39.71. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.30 and a current ratio of 3.46. The stock has a market cap of $6,140.00, a price-to-earnings ratio of 23.91, a price-to-earnings-growth ratio of 1.25 and a beta of 0.14.

A number of large investors have recently bought and sold shares of SKX. Schwab Charles Investment Management Inc. increased its holdings in Skechers USA by 11.8% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 711,659 shares of the textile maker’s stock valued at $20,994,000 after acquiring an additional 75,217 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Skechers USA by 2.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,529,037 shares of the textile maker’s stock valued at $45,108,000 after acquiring an additional 39,207 shares in the last quarter. Legal & General Group Plc increased its holdings in Skechers USA by 21.2% during the 2nd quarter. Legal & General Group Plc now owns 112,814 shares of the textile maker’s stock valued at $3,328,000 after acquiring an additional 19,768 shares in the last quarter. American Century Companies Inc. purchased a new position in Skechers USA during the 2nd quarter valued at about $313,000. Finally, Utah Retirement Systems increased its holdings in Skechers USA by 1.3% during the 2nd quarter. Utah Retirement Systems now owns 24,000 shares of the textile maker’s stock valued at $708,000 after acquiring an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 70.08% of the company’s stock.

In other Skechers USA news, CEO Robert Greenberg sold 500,000 shares of the firm’s stock in a transaction dated Wednesday, December 20th. The shares were sold at an average price of $37.66, for a total transaction of $18,830,000.00. Following the completion of the transaction, the chief executive officer now directly owns 267,713 shares in the company, valued at approximately $10,082,071.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard Rappaport sold 1,000 shares of the firm’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $38.24, for a total transaction of $38,240.00. Following the transaction, the director now owns 19,000 shares of the company’s stock, valued at $726,560. The disclosure for this sale can be found here. Insiders have sold a total of 962,250 shares of company stock valued at $33,823,248 over the last 90 days. 38.20% of the stock is currently owned by 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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