Skechers U.S.A. (NYSE:SKX) Updates FY 2022 Earnings Guidance

Skechers U.S.A. (NYSE:SKXGet Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided earnings per share guidance of $2.60-$2.70 for the period, compared to the consensus earnings per share estimate of $2.89. The company issued revenue guidance of $7.20 billion-$7.40 billion, compared to the consensus revenue estimate of $7.34 billion. Skechers U.S.A. also updated its Q3 2022 guidance to $0.70-$0.75 EPS.

Skechers U.S.A. Stock Performance

Skechers U.S.A. stock opened at $39.33 on Friday. The company has a quick ratio of 1.31, a current ratio of 2.34 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $6.14 billion, a P/E ratio of 8.61 and a beta of 1.30. The stock’s 50 day moving average is $37.84 and its 200 day moving average is $39.71. Skechers U.S.A. has a twelve month low of $33.50 and a twelve month high of $54.45.

Wall Street Analysts Forecast Growth

SKX has been the topic of several recent research reports. Monness Crespi & Hardt cut their price target on Skechers U.S.A. to $50.00 and set an outperform rating on the stock in a research note on Wednesday, July 27th. Stifel Nicolaus lowered their price objective on Skechers U.S.A. from $61.00 to $45.00 in a research report on Wednesday, July 20th. TheStreet cut Skechers U.S.A. from a b rating to a c+ rating in a research report on Tuesday, May 17th. Morgan Stanley lowered their price objective on Skechers U.S.A. from $62.00 to $59.00 and set an overweight rating on the stock in a research report on Wednesday, July 27th. Finally, Argus raised Skechers U.S.A. from a hold rating to a buy rating and set a $44.00 price objective on the stock in a research report on Wednesday, June 15th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Skechers U.S.A. presently has an average rating of Moderate Buy and an average price target of $51.89.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Covestor Ltd grew its position in shares of Skechers U.S.A. by 88.9% during the 1st quarter. Covestor Ltd now owns 1,360 shares of the textile maker’s stock valued at $55,000 after acquiring an additional 640 shares during the period. US Bancorp DE grew its holdings in Skechers U.S.A. by 71.1% during the first quarter. US Bancorp DE now owns 2,416 shares of the textile maker’s stock valued at $98,000 after purchasing an additional 1,004 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Skechers U.S.A. in the first quarter worth about $152,000. Sawtooth Solutions LLC bought a new position in shares of Skechers U.S.A. in the first quarter worth about $234,000. Finally, PNC Financial Services Group Inc. lifted its position in shares of Skechers U.S.A. by 11.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,413 shares of the textile maker’s stock valued at $260,000 after buying an additional 663 shares in the last quarter. 79.71% of the stock is currently owned by institutional investors.

Skechers U.S.A. Company Profile

(Get Rating)

Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women worldwide. The company operates through three segments: Domestic Wholesale, International Wholesale, and Direct-to-Consumer. It offers casual, casual athletic, sport athletic, trail, sandals, boots, and retro fashion footwear for men and women under the Skechers USA, Skechers Sport, Skechers Active, Modern Comfort, Skechers Street, Mark Nason, and BOBS brands; sneakers, casuals, boots, and sandals for boys and girls under the Skechers Mega-Craft, S-Lights, SKECH-AIR, Foamies, Twinkle Toes, Z-Strap, Skechers Stretch Fit, and Skechers Street brands; and technical footwear under the Skechers GOrun, Skechers GOwalk, Skechers GOtrain, Skechers GOtrail, and Skechers GO Golf brands.

Read More

Earnings History and Estimates for Skechers U.S.A. (NYSE:SKX)

Receive News & Ratings for Skechers U.S.A. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Skechers U.S.A. and related companies with MarketBeat.com's FREE daily email newsletter.