Skechers USA Inc (NYSE:SKX) – Research analysts at Wedbush dropped their Q1 2018 earnings per share estimates for Skechers USA in a report issued on Friday. Wedbush analyst C. Svezia now anticipates that the textile maker will post earnings per share of $0.75 for the quarter, down from their prior estimate of $0.81. Wedbush has a “Outperform” rating and a $45.00 price target on the stock. Wedbush also issued estimates for Skechers USA’s Q2 2018 earnings at $0.54 EPS, Q3 2018 earnings at $0.70 EPS, Q4 2018 earnings at $0.26 EPS, FY2018 earnings at $2.25 EPS and FY2019 earnings at $2.60 EPS.
Skechers USA (NYSE:SKX) last posted its quarterly earnings data on Thursday, February 8th. The textile maker reported $0.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.08. The firm had revenue of $970.59 million during the quarter, compared to analyst estimates of $881.39 million. Skechers USA had a net margin of 4.30% and a return on equity of 14.73%. The company’s revenue for the quarter was up 27.0% on a year-over-year basis. During the same quarter last year, the business posted $0.04 EPS.
Shares of Skechers USA (SKX) opened at $41.06 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 3.46 and a quick ratio of 2.30. The company has a market cap of $6,510.00, a PE ratio of 35.70, a price-to-earnings-growth ratio of 1.34 and a beta of 0.20. Skechers USA has a one year low of $22.64 and a one year high of $42.73.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Aurora Investment Counsel bought a new position in Skechers USA in the 4th quarter worth approximately $2,383,000. State Street Corp boosted its holdings in Skechers USA by 47.2% in the 2nd quarter. State Street Corp now owns 5,031,124 shares of the textile maker’s stock worth $148,423,000 after buying an additional 1,613,977 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in Skechers USA by 108.4% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 134,227 shares of the textile maker’s stock worth $3,368,000 after buying an additional 69,813 shares during the period. Boothbay Fund Management LLC boosted its holdings in Skechers USA by 112.1% in the 3rd quarter. Boothbay Fund Management LLC now owns 19,298 shares of the textile maker’s stock worth $484,000 after buying an additional 10,198 shares during the period. Finally, Davidson Kempner Capital Management LP boosted its holdings in Skechers USA by 140.6% in the 3rd quarter. Davidson Kempner Capital Management LP now owns 962,500 shares of the textile maker’s stock worth $24,149,000 after buying an additional 562,500 shares during the period. 69.68% of the stock is owned by institutional investors.
In related news, CEO Robert Greenberg sold 500,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 20th. The shares were sold at an average price of $37.66, for a total value of $18,830,000.00. Following the completion of the transaction, the chief executive officer now directly owns 267,713 shares of the company’s stock, valued at approximately $10,082,071.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Richard Rappaport sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $38.24, for a total transaction of $38,240.00. Following the completion of the transaction, the director now directly 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 580,750 shares of company stock valued at $21,665,988 over the last three months. Insiders own 21.73% of the company’s stock.
Skechers USA declared that its board has approved a stock buyback program on Thursday, February 8th that allows the company to repurchase $150.00 million in shares. This repurchase authorization allows the textile maker to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
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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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