Wedbush Equities Analysts Raise Earnings Estimates for Skechers U.S.A., Inc. (NYSE:SKX)

Skechers U.S.A., Inc. (NYSE:SKX) – Stock analysts at Wedbush lifted their Q2 2024 earnings estimates for shares of Skechers U.S.A. in a research report issued to clients and investors on Wednesday, July 24th. Wedbush analyst T. Nikic now expects that the textile maker will post earnings per share of $0.97 for the quarter, up from their prior estimate of $0.89. Wedbush has a “Outperform” rating and a $79.00 price target 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.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) 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 business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the previous year, the firm posted $0.98 earnings per share. The firm’s revenue was up 7.3% compared to the same quarter last year.

SKX has been the subject of a number of other research reports. Stifel Nicolaus raised their price target on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Morgan Stanley upgraded shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $60.00 to $80.00 in a research note on Tuesday, July 23rd. Wells Fargo & Company initiated coverage on shares of Skechers U.S.A. in a research report on Wednesday, June 12th. They issued an “overweight” rating and a $83.00 target price for the company. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $82.00 price target on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Finally, Barclays lifted their price target on 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. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Skechers U.S.A. has a consensus rating of “Buy” and an average price target of $76.75.

Skechers U.S.A. Price Performance

SKX stock opened at $64.41 on Monday. The stock’s 50 day moving average is $69.00 and its two-hundred day moving average is $64.17. Skechers U.S.A. has a 52-week low of $45.58 and a 52-week high of $75.09. The company has a market capitalization of $9.82 billion, a PE ratio of 16.95, a P/E/G ratio of 0.90 and a beta of 1.25. The company has a quick ratio of 1.33, a current ratio of 2.06 and a debt-to-equity ratio of 0.01.

Insider Activity

In related news, General Counsel Phillip Paccione sold 423 shares of the firm’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 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 document filed with the SEC, which is available at the SEC website. Corporate insiders own 24.75% of the company’s stock.

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

Several institutional investors have recently modified their holdings of SKX. Redmont Wealth Advisors LLC acquired a new position in Skechers U.S.A. during the 1st quarter valued at about $25,000. Bessemer Group Inc. grew its holdings in Skechers U.S.A. by 66.7% in the 1st quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock worth $25,000 after buying an additional 164 shares in the last quarter. GAMMA Investing LLC acquired a new stake in Skechers U.S.A. in the 4th quarter valued at approximately $36,000. Game Plan Financial Advisors LLC acquired a new stake in Skechers U.S.A. in the 1st quarter valued at approximately $43,000. Finally, Versant Capital Management Inc raised its stake in Skechers U.S.A. by 2,809.1% during the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after acquiring an additional 618 shares in the last quarter. Institutional investors own 79.96% 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.