Wall Street brokerages expect that Skechers USA Inc (NYSE:SKX) will announce $1.24 billion in sales for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Skechers USA’s earnings, with the highest sales estimate coming in at $1.25 billion and the lowest estimate coming in at $1.24 billion. Skechers USA posted sales of $1.08 billion in the same quarter last year, which indicates a positive year over year growth rate of 14.8%. The company is expected to report its next earnings report on Monday, January 1st.
According to Zacks, analysts expect that Skechers USA will report full-year sales of $5.13 billion for the current year, with estimates ranging from $5.09 billion to $5.15 billion. For the next year, analysts forecast that the company will post sales of $5.60 billion, with estimates ranging from $5.51 billion to $5.68 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Skechers USA.
Skechers USA (NYSE:SKX) last posted its quarterly earnings data on Tuesday, October 22nd. The textile maker reported $0.67 EPS for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.02). Skechers USA had a net margin of 6.73% and a return on equity of 14.85%. The company had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter last year, the company earned $0.58 earnings per share. The company’s revenue was up 15.1% compared to the same quarter last year.
A number of analysts have weighed in on the stock. Morgan Stanley increased their target price on shares of Skechers USA from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Susquehanna Bancshares increased their target price on shares of Skechers USA from $37.00 to $42.00 and gave the stock a “positive” rating in a report on Friday, July 19th. UBS Group increased their target price on shares of Skechers USA to $50.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Zacks Investment Research increased their target price on shares of Skechers USA to $42.50 in a report on Tuesday, October 15th. Finally, Wells Fargo & Co set a $40.00 target price on shares of Skechers USA and gave the stock a “hold” rating in a report on Friday, July 19th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $41.72.
In related news, Director Jeffrey Greenberg sold 60,000 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $35.00, for a total value of $2,100,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Richard Siskind sold 15,000 shares of the stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $36.25, for a total transaction of $543,750.00. Following the completion of the sale, the director now directly owns 172,499 shares in the company, valued at approximately $6,253,088.75. The disclosure for this sale can be found here. Insiders have sold 415,000 shares of company stock worth $15,080,850 over the last three months. 28.08% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in shares of Skechers USA by 0.9% in the 2nd quarter. BlackRock Inc. now owns 11,776,053 shares of the textile maker’s stock worth $370,827,000 after acquiring an additional 104,462 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Skechers USA by 33.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,986,576 shares of the textile maker’s stock worth $223,599,000 after acquiring an additional 1,500,268 shares during the period. AQR Capital Management LLC increased its holdings in shares of Skechers USA by 120.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,891,267 shares of the textile maker’s stock worth $121,213,000 after acquiring an additional 2,129,743 shares during the period. Tremblant Capital Group increased its holdings in shares of Skechers USA by 20.3% in the 2nd quarter. Tremblant Capital Group now owns 2,353,232 shares of the textile maker’s stock worth $74,103,000 after acquiring an additional 397,260 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Skechers USA by 2.3% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,195,293 shares of the textile maker’s stock worth $37,640,000 after acquiring an additional 26,494 shares during the period. 76.27% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:SKX opened at $39.53 on Friday. The stock has a market capitalization of $6.17 billion, a price-to-earnings ratio of 20.59, a price-to-earnings-growth ratio of 1.17 and a beta of 0.79. Skechers USA has a 1-year low of $21.45 and a 1-year high of $40.50. The company’s fifty day moving average is $37.06 and its two-hundred day moving average is $33.38. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.57 and a current ratio of 2.37.
About Skechers USA
Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.
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