Q2 2024 Earnings Estimate for Skechers U.S.A., Inc. Issued By Wedbush (NYSE:SKX)

Skechers U.S.A., Inc. (NYSE:SKX) – Equities research analysts at Wedbush lowered their Q2 2024 earnings per share (EPS) estimates for shares of Skechers U.S.A. in a research note issued to investors on Friday, April 19th. Wedbush analyst T. Nikic now expects that the textile maker will earn $0.98 per share for the quarter, down from their previous forecast of $1.06. Wedbush currently has a “Outperform” rating and a $68.00 target price on the stock. The consensus estimate for Skechers U.S.A.’s current full-year earnings is $3.82 per share. Wedbush also issued estimates for Skechers U.S.A.’s Q3 2024 earnings at $1.05 EPS and FY2024 earnings at $3.74 EPS.

Other analysts have also issued research reports about the company. Evercore ISI decreased their price target on Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a report on Wednesday, April 17th. Stifel Nicolaus cut their price objective on Skechers U.S.A. from $72.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Barclays initiated coverage on Skechers U.S.A. in a research report on Monday, April 1st. They issued an “overweight” rating and a $71.00 price objective on the stock. Monness Crespi & Hardt upped their price objective on Skechers U.S.A. from $60.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, January 18th. Finally, Bank of America initiated coverage on Skechers U.S.A. in a research report on Friday, March 8th. They issued a “neutral” rating and a $67.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.17.

Skechers U.S.A. Stock Performance

NYSE:SKX opened at $56.41 on Monday. The stock’s fifty day moving average is $59.67 and its 200 day moving average is $57.75. Skechers U.S.A. has a fifty-two week low of $45.58 and a fifty-two week high of $65.17. The firm has a market capitalization of $8.65 billion, a PE ratio of 16.16, a PEG ratio of 1.02 and a beta of 1.32. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.46 and a current ratio of 2.38.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.04. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. The company had revenue of $1.96 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the prior year, the firm posted $0.48 EPS. Skechers U.S.A.’s quarterly revenue was up 4.4% compared to the same quarter last year.

Insider Transactions at Skechers U.S.A.

In related news, EVP Mark A. Nason sold 6,067 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $370,754.37. Following the sale, the executive vice president now owns 14,023 shares of the company’s stock, valued at $856,945.53. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Robert Greenberg sold 99,139 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $57.87, for a total transaction of $5,737,173.93. Following the sale, the chief executive officer now owns 196,050 shares of the company’s stock, valued at $11,345,413.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Mark A. Nason sold 6,067 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were 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 approximately $856,945.53. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 254,875 shares of company stock valued at $15,021,192. 24.79% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Skechers U.S.A.

A number of institutional investors have recently added to or reduced their stakes in SKX. Raymond James & Associates raised its stake in Skechers U.S.A. by 354.5% in the fourth quarter. Raymond James & Associates now owns 52,280 shares of the textile maker’s stock valued at $3,259,000 after buying an additional 40,778 shares during the last quarter. Lecap Asset Management Ltd. acquired a new stake in Skechers U.S.A. during the fourth quarter worth about $1,798,000. Vaughan Nelson Investment Management L.P. grew its holdings in Skechers U.S.A. by 371.8% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 758,469 shares of the textile maker’s stock worth $47,282,000 after acquiring an additional 597,702 shares during the period. Envestnet Asset Management Inc. grew its holdings in Skechers U.S.A. by 56.8% during the third quarter. Envestnet Asset Management Inc. now owns 96,433 shares of the textile maker’s stock worth $4,720,000 after acquiring an additional 34,926 shares during the period. Finally, Hsbc Holdings PLC grew its holdings in Skechers U.S.A. by 117.4% during the third quarter. Hsbc Holdings PLC now owns 99,916 shares of the textile maker’s stock worth $4,915,000 after acquiring an additional 53,962 shares during the period. Institutional investors own 79.96% of the company’s stock.

About Skechers U.S.A.

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.