Q2 2024 EPS Estimates for Skechers U.S.A., Inc. Lifted by Wedbush (NYSE:SKX)

Skechers U.S.A., Inc. (NYSE:SKX) – Equities researchers at Wedbush increased their Q2 2024 earnings per share estimates for shares of Skechers U.S.A. in a report released on Wednesday, July 24th. Wedbush analyst T. Nikic now expects that the textile maker will earn $0.97 per share for the quarter, up from their previous forecast of $0.89. Wedbush currently has a “Outperform” rating and a $79.00 target price on the stock. The consensus estimate for Skechers U.S.A.’s current full-year earnings is $4.18 per share. Wedbush also issued estimates for Skechers U.S.A.’s Q3 2024 earnings at $1.15 EPS, Q4 2024 earnings at $0.62 EPS, FY2024 earnings at $4.16 EPS and FY2025 earnings at $4.92 EPS.

A number of other analysts have also issued reports on SKX. Wells Fargo & Company began coverage on Skechers U.S.A. in a research note on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 price target on the stock. Barclays lifted their target price on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $82.00 target price on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Evercore ISI boosted their price target on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Finally, Bank of America upgraded shares of Skechers U.S.A. from a “neutral” rating to a “buy” rating and increased their price objective for the company from $71.00 to $87.00 in a report on Friday, June 7th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Skechers U.S.A. presently has a consensus rating of “Buy” and a consensus price target of $76.75.

Skechers U.S.A. Price Performance

NYSE:SKX opened at $64.41 on Monday. The stock has a 50 day moving average of $69.00 and a two-hundred day moving average of $64.17. Skechers U.S.A. has a 12 month low of $45.58 and a 12 month high of $75.09. The firm has a market cap of $9.82 billion, a P/E ratio of 16.95, a price-to-earnings-growth ratio of 0.90 and a beta of 1.25. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). Skechers U.S.A. had a return on equity of 13.04% and a net margin of 6.90%. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the prior year, the company posted $0.98 earnings per share. The business’s revenue was up 7.3% on a year-over-year basis.

Insider Transactions at Skechers U.S.A.

In related news, General Counsel Phillip Paccione sold 423 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total value of $29,377.35. Following the transaction, the general counsel now directly owns 35,000 shares in the company, valued at $2,430,750. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 24.75% of the company’s stock.

Institutional Trading of Skechers U.S.A.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James & Associates increased its position in shares of Skechers U.S.A. by 354.5% during the fourth quarter. Raymond James & Associates now owns 52,280 shares of the textile maker’s stock valued at $3,259,000 after acquiring an additional 40,778 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Skechers U.S.A. in the 4th quarter valued at approximately $1,745,000. Oak Thistle LLC purchased a new stake in Skechers U.S.A. in the fourth quarter valued at approximately $483,000. OPTIMAS CAPITAL Ltd acquired a new position in Skechers U.S.A. during the fourth quarter worth $1,209,000. Finally, China Universal Asset Management Co. Ltd. boosted its position in shares of Skechers U.S.A. by 126.7% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 10,374 shares of the textile maker’s stock worth $647,000 after buying an additional 5,797 shares during the period. 79.96% of the stock is currently 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.