Wedbush Brokers Decrease Earnings Estimates for Skechers U.S.A., Inc. (NYSE:SKX)

Skechers U.S.A., Inc. (NYSE:SKX) – Research analysts at Wedbush cut their Q2 2024 earnings per share (EPS) estimates for shares of Skechers U.S.A. in a report released on Thursday, April 25th. Wedbush analyst T. Nikic now forecasts that the textile maker will earn $0.89 per share for the quarter, down from their previous estimate of $0.98. Wedbush currently has a “Outperform” rating and a $76.00 target price on the stock. The consensus estimate for Skechers U.S.A.’s current full-year earnings is $4.06 per share. Wedbush also issued estimates for Skechers U.S.A.’s Q4 2024 earnings at $0.70 EPS.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings data on Thursday, April 25th. The textile maker reported $1.33 EPS for the quarter, beating the consensus estimate of $1.10 by $0.23. The firm had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.20 billion. Skechers U.S.A. had a return on equity of 13.76% and a net margin of 7.17%. The company’s revenue was up 12.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.02 EPS.

SKX has been the subject of several other reports. Bank of America assumed coverage on Skechers U.S.A. in a report on Friday, March 8th. They set a “neutral” rating and a $67.00 target price for the company. TD Cowen lifted their target price on Skechers U.S.A. from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Evercore ISI cut their price objective on Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. Stifel Nicolaus cut their price target on Skechers U.S.A. from $72.00 to $70.00 and set a “buy” rating for the company in a report on Friday, February 2nd. Finally, Barclays initiated coverage on Skechers U.S.A. in a research note on Monday, April 1st. They issued an “overweight” rating and a $71.00 price objective for the company. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.83.

Skechers U.S.A. Price Performance

Shares of Skechers U.S.A. stock opened at $65.41 on Monday. The firm has a market capitalization of $10.03 billion, a PE ratio of 17.21, a price-to-earnings-growth ratio of 1.19 and a beta of 1.32. Skechers U.S.A. has a 12 month low of $45.58 and a 12 month high of $69.07. The business’s 50-day moving average price is $59.73 and its 200-day moving average price is $58.17. The company has a current ratio of 2.38, a quick ratio of 1.46 and a debt-to-equity ratio of 0.06.

Insider Buying and Selling at Skechers U.S.A.

In other news, EVP Mark A. Nason sold 6,067 shares of the 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 $370,754.37. Following the sale, the executive vice president now directly owns 14,023 shares in the company, valued at $856,945.53. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP Mark A. Nason sold 6,067 shares of the 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 $370,754.37. Following the sale, the executive vice president now directly owns 14,023 shares in the company, valued at $856,945.53. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO David Weinberg sold 20,226 shares of the 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 $1,236,010.86. Following the completion of the sale, the chief operating officer now owns 99,655 shares in the company, valued at $6,089,917.05. The disclosure for this sale can be found here. Insiders have sold a total of 254,875 shares of company stock worth $15,021,192 over the last ninety days. Company insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SKX. Bfsg LLC boosted its position in Skechers U.S.A. by 2.9% during the 4th quarter. Bfsg LLC now owns 6,545 shares of the textile maker’s stock valued at $408,000 after acquiring an additional 186 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of Skechers U.S.A. by 7.1% during the 4th quarter. National Bank of Canada FI now owns 3,035 shares of the textile maker’s stock valued at $188,000 after purchasing an additional 200 shares during the last quarter. Janney Capital Management LLC lifted its holdings in shares of Skechers U.S.A. by 2.8% during the 3rd quarter. Janney Capital Management LLC now owns 8,646 shares of the textile maker’s stock valued at $423,000 after purchasing an additional 233 shares during the last quarter. 1492 Capital Management LLC lifted its holdings in shares of Skechers U.S.A. by 1.0% during the 4th quarter. 1492 Capital Management LLC now owns 26,270 shares of the textile maker’s stock valued at $1,638,000 after purchasing an additional 259 shares during the last quarter. Finally, Inspire Investing LLC lifted its holdings in shares of Skechers U.S.A. by 4.5% during the 3rd quarter. Inspire Investing LLC now owns 6,230 shares of the textile maker’s stock valued at $305,000 after purchasing an additional 268 shares during the last quarter. Institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Company Profile

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.