Skechers U.S.A. (NYSE:SKX) Releases Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Skechers U.S.A. (NYSE:SKX) issued its quarterly earnings results on Thursday. The textile maker reported $0.91 EPS for the quarter, missing the consensus estimate of $0.95 by ($0.04), Briefing.com reports. Skechers U.S.A. had a return on equity of 13.10% and a net margin of 6.90%. The business 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 firm earned $0.98 EPS. The firm’s quarterly revenue was up 7.3% compared to the same quarter last year.

Skechers U.S.A. Stock Up 1.6 %

Shares of SKX stock opened at $64.72 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.56 and a current ratio of 2.39. The firm’s 50-day moving average is $69.15 and its 200-day moving average is $64.14. The stock has a market cap of $9.87 billion, a price-to-earnings ratio of 17.03, a PEG ratio of 0.92 and a beta of 1.25. Skechers U.S.A. has a 52-week low of $45.58 and a 52-week high of $75.09.

Insider Activity

In other news, General Counsel Phillip Paccione sold 423 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total value of $29,377.35. Following the sale, the general counsel now directly owns 35,000 shares of the company’s stock, valued at approximately $2,430,750. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 24.75% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SKX. Wells Fargo & Company began coverage on shares of Skechers U.S.A. in a report on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 price target for the company. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $82.00 price target on shares of Skechers U.S.A. in a 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 company an “outperform” rating in a report on Friday. Morgan Stanley raised shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $60.00 to $80.00 in a report on Tuesday, July 23rd. Finally, Bank of America raised shares of Skechers U.S.A. from a “neutral” rating to a “buy” rating and upped their target price for the stock from $71.00 to $87.00 in a research note on Friday, June 7th. Fourteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Skechers U.S.A. currently has a consensus rating of “Buy” and a consensus price target of $76.08.

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.