Skechers U.S.A. (NYSE:SKX) Earns “Outperform” Rating from Wedbush

Wedbush reissued their outperform rating on shares of Skechers U.S.A. (NYSE:SKX) in a report published on Friday morning, Benzinga reports. Wedbush currently has a $68.00 target price on the textile maker’s stock. Wedbush also issued estimates for Skechers U.S.A.’s Q2 2024 earnings at $0.98 EPS, Q3 2024 earnings at $1.05 EPS and FY2024 earnings at $3.74 EPS.

Other analysts also recently issued research reports about the company. Bank of America began coverage on Skechers U.S.A. in a research report on Friday, March 8th. They issued a neutral rating and a $67.00 target price for the company. Monness Crespi & Hardt boosted their target price on Skechers U.S.A. from $60.00 to $72.00 and gave the stock a buy rating in a research report on Thursday, January 18th. Stifel Nicolaus decreased their price target on Skechers U.S.A. from $72.00 to $70.00 and set a buy rating on the stock in a research note on Friday, February 2nd. 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 research note on Wednesday, April 17th. Finally, Barclays started coverage on Skechers U.S.A. in a research note on Monday, April 1st. They issued an overweight rating and a $71.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Skechers U.S.A. 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 $58.02 on Friday. The business has a 50 day moving average of $59.64 and a 200 day moving average of $57.82. The company has a market capitalization of $8.89 billion, a price-to-earnings ratio of 16.62, a PEG ratio of 1.02 and a beta of 1.32. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $65.17. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 1.46.

Skechers U.S.A. (NYSE:SKX) last released its earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.04. The company had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.03 billion. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. Skechers U.S.A.’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.48 EPS. On average, sell-side analysts predict that Skechers U.S.A. will post 3.82 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Mark A. Nason sold 6,067 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $370,754.37. Following the transaction, the executive vice president now directly owns 14,023 shares of the company’s stock, valued at $856,945.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Mark A. Nason sold 6,067 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $370,754.37. Following the transaction, the executive vice president now directly owns 14,023 shares of the company’s stock, valued at $856,945.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO David Weinberg sold 67,390 shares of the business’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 value of $3,899,859.30. Following the transaction, the chief operating officer now directly owns 141,405 shares in the company, valued at $8,183,107.35. The disclosure for this sale can be found here. Over the last three months, insiders have sold 254,875 shares of company stock valued at $15,021,192. Company insiders own 24.75% of the company’s stock.

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

Several hedge funds have recently made changes to their positions in the business. Redmont Wealth Advisors LLC purchased a new stake in Skechers U.S.A. in the first quarter worth $25,000. GAMMA Investing LLC purchased a new stake in Skechers U.S.A. in the fourth quarter worth $36,000. Huntington National Bank grew its stake in Skechers U.S.A. by 861.7% in the third quarter. Huntington National Bank now owns 577 shares of the textile maker’s stock worth $28,000 after purchasing an additional 517 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in Skechers U.S.A. in the third quarter worth $31,000. Finally, Game Plan Financial Advisors LLC purchased a new stake in Skechers U.S.A. in the first quarter worth $43,000. 79.96% of the stock is owned by hedge funds and other institutional investors.

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.