Skechers U.S.A. (NYSE:SKX) Updates Q3 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) issued an update on its third quarter earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.10-$1.15 for the period, compared to the consensus earnings per share estimate of $1.11. The company issued revenue guidance of $2.30-$2.35 billion, compared to the consensus revenue estimate of $2.22 billion. Skechers U.S.A. also updated its FY 2024 guidance to 4.080-4.180 EPS.

Analyst Upgrades and Downgrades

SKX has been the subject of a number of research reports. Evercore ISI upped their price objective on Skechers U.S.A. from $68.00 to $72.00 and gave the stock an outperform rating in a report on Friday. Stifel Nicolaus upped their price objective on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the company a buy rating in a research note on Friday. Wedbush lifted their target price on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an outperform rating in a research report on Friday. TD Cowen upped their price target on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the company a buy rating in a research report on Monday, July 22nd. Finally, Barclays boosted their target price on Skechers U.S.A. from $78.00 to $79.00 and gave the company an overweight rating in a research note on Friday. Fourteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Skechers U.S.A. presently has a consensus rating of Buy and an average price target of $76.08.

Skechers U.S.A. Stock Up 1.6 %

Shares of NYSE:SKX traded up $1.01 during trading on Friday, hitting $64.72. The stock had a trading volume of 4,598,539 shares, compared to its average volume of 1,979,548. The company has a market capitalization of $9.87 billion, a PE ratio of 17.03, a PEG ratio of 0.92 and a beta of 1.25. The company has a quick ratio of 1.56, a current ratio of 2.39 and a debt-to-equity ratio of 0.02. The firm’s fifty day moving average is $69.15 and its 200 day moving average is $64.14. Skechers U.S.A. has a 12 month low of $45.58 and a 12 month high of $75.09.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.95 by ($0.04). 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 analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the business earned $0.98 EPS. The company’s revenue was up 7.3% compared to the same quarter last year. Analysts anticipate that Skechers U.S.A. will post 4.18 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, General Counsel Phillip Paccione sold 423 shares of Skechers U.S.A. stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total transaction of $29,377.35. Following the sale, the general counsel now owns 35,000 shares of the company’s stock, valued at approximately $2,430,750. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 24.75% of the company’s stock.

Skechers U.S.A. Company Profile

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.