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

Skechers U.S.A., Inc. (NYSE:SKX) – Investment analysts at Wedbush dropped their Q2 2024 earnings estimates for Skechers U.S.A. in a report released on Thursday, April 25th. Wedbush analyst T. Nikic now expects that the textile maker will post earnings per share of $0.89 for the quarter, down from their previous forecast of $0.98. Wedbush currently has a “Outperform” rating and a $76.00 price objective 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 earnings results on Thursday, April 25th. The textile maker reported $1.33 EPS for the quarter, topping the consensus estimate of $1.10 by $0.23. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.76%. The company had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.20 billion. During the same period last year, the company posted $1.02 earnings per share. The business’s revenue for the quarter was up 12.5% on a year-over-year basis.

Several other research analysts have also recently commented on the stock. Stifel Nicolaus decreased their target price on shares of 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. Evercore ISI decreased their price target on shares of 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. Barclays assumed coverage on shares of Skechers U.S.A. in a report on Monday, April 1st. They set an “overweight” rating and a $71.00 price target for the company. Bank of America assumed coverage on shares of Skechers U.S.A. in a report on Friday, March 8th. They set a “neutral” rating and a $67.00 price target for the company. Finally, Raymond James decreased their price target on shares of Skechers U.S.A. from $68.00 to $66.00 and set an “outperform” rating for the company in a report on Monday, February 5th. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Skechers U.S.A. currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.83.

Skechers U.S.A. Stock Performance

Shares of SKX opened at $65.41 on Monday. Skechers U.S.A. has a one year low of $45.58 and a one year high of $69.07. The company has a 50-day moving average of $59.73 and a two-hundred day moving average of $58.17. The stock has a market cap of $10.03 billion, a price-to-earnings ratio of 17.21, a PEG ratio of 1.19 and a beta of 1.32. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 1.46.

Insider Activity at Skechers U.S.A.

In related news, CEO Robert Greenberg sold 99,139 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total transaction of $5,737,173.93. Following the transaction, 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 legal filing with the SEC, which is available through this hyperlink. In other news, CEO Robert Greenberg sold 99,139 shares of Skechers U.S.A. stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $5,737,173.93. Following the transaction, the chief executive officer now owns 196,050 shares of the company’s stock, valued at $11,345,413.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO David Weinberg sold 67,390 shares of Skechers U.S.A. stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the completion of the transaction, the chief operating officer now directly owns 141,405 shares in the company, valued at approximately $8,183,107.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 254,875 shares of company stock valued at $15,021,192. 24.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Skechers U.S.A.

A number of institutional investors have recently modified their holdings of SKX. Mesirow Financial Investment Management Inc. bought a new position in Skechers U.S.A. during the first quarter worth $349,000. Cascade Investment Advisors Inc. increased its position in Skechers U.S.A. by 5.6% during the first quarter. Cascade Investment Advisors Inc. now owns 21,000 shares of the textile maker’s stock worth $1,286,000 after acquiring an additional 1,105 shares during the period. Assenagon Asset Management S.A. increased its position in Skechers U.S.A. by 406.3% during the first quarter. Assenagon Asset Management S.A. now owns 141,690 shares of the textile maker’s stock worth $8,680,000 after acquiring an additional 113,705 shares during the period. Louisiana State Employees Retirement System increased its position in Skechers U.S.A. by 2.4% during the first quarter. Louisiana State Employees Retirement System now owns 38,400 shares of the textile maker’s stock worth $2,352,000 after acquiring an additional 900 shares during the period. Finally, Fifth Third Bancorp increased its position in Skechers U.S.A. by 82.9% during the first quarter. Fifth Third Bancorp now owns 1,745 shares of the textile maker’s stock worth $107,000 after acquiring an additional 791 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.