Skechers U.S.A. (NYSE:SKX) Reaches New 12-Month High on Better-Than-Expected Earnings

Skechers U.S.A., Inc. (NYSE:SKX)’s share price reached a new 52-week high on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $68.94 and last traded at $68.93, with a volume of 2110730 shares changing hands. The stock had previously closed at $58.82.

The textile maker reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.23. The business had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.20 billion. Skechers U.S.A. had a net margin of 6.82% and a return on equity of 12.89%. The firm’s revenue for the quarter was up 12.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.02 EPS.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Monness Crespi & Hardt increased their price target on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, January 18th. Bank of America assumed coverage on shares of Skechers U.S.A. in a research note on Friday, March 8th. They set a “neutral” rating and a $67.00 price objective for the company. Barclays initiated coverage on shares of Skechers U.S.A. in a research note on Monday, April 1st. They set an “overweight” rating and a $71.00 price objective for the company. Evercore ISI reduced 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 research note on Wednesday, April 17th. Finally, Raymond James reduced 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 research note on Monday, February 5th. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $66.17.

Insider Activity

In related news, President Michael Greenberg sold 25,282 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total value of $1,544,983.02. Following the transaction, the president now owns 123,441 shares in the company, valued at approximately $7,543,479.51. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, COO David Weinberg sold 67,390 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the transaction, the chief operating officer now owns 141,405 shares in the company, valued at approximately $8,183,107.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, President Michael Greenberg sold 25,282 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total value of $1,544,983.02. Following the transaction, the president now owns 123,441 shares in the company, valued at approximately $7,543,479.51. 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 90 days. 24.75% of the stock is currently owned by corporate insiders.

Institutional Trading of Skechers U.S.A.

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

Skechers U.S.A. Stock Performance

The stock has a 50-day moving average price of $59.61 and a 200 day moving average price of $57.92. The company has a quick ratio of 1.46, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $10.38 billion, a price-to-earnings ratio of 19.30, a P/E/G ratio of 1.07 and a beta of 1.32.

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.