Skechers U.S.A.’s (SKX) Outperform Rating Reaffirmed at Wedbush

Wedbush reaffirmed their outperform rating on shares of Skechers U.S.A. (NYSE:SKX) in a report published on Friday, Benzinga reports. The firm currently has a $68.00 price target on the textile maker’s stock. Wedbush also issued estimates for Skechers U.S.A.’s Q2 2024 earnings at $0.98 EPS, Q3 2024 earnings at $1.05 EPS and FY2024 earnings at $3.74 EPS.

A number of other research analysts have also recently commented on SKX. Evercore ISI decreased their price target on Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating on the stock in a research note on Wednesday. Barclays began coverage on Skechers U.S.A. in a report on Monday, April 1st. They issued an overweight rating and a $71.00 target price for the company. TD Cowen lifted their target price on Skechers U.S.A. from $70.00 to $74.00 and gave the company a buy rating in a report on Wednesday, March 6th. Monness Crespi & Hardt lifted their target price on Skechers U.S.A. from $60.00 to $72.00 and gave the company a buy rating in a report on Thursday, January 18th. Finally, Stifel Nicolaus decreased their target price on Skechers U.S.A. from $72.00 to $70.00 and set a buy rating for the company in a report on Friday, February 2nd. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Skechers U.S.A. presently has a consensus rating of Moderate Buy and an average target price of $66.17.

Skechers U.S.A. Stock Down 0.8 %

NYSE:SKX opened at $56.43 on Friday. The company has a quick ratio of 1.46, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. The stock’s fifty day moving average is $59.67 and its two-hundred day moving average is $57.63. Skechers U.S.A. has a 52 week low of $45.58 and a 52 week high of $65.17. The stock has a market capitalization of $8.65 billion, a price-to-earnings ratio of 16.17, a price-to-earnings-growth ratio of 1.03 and a beta of 1.32.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings results on Thursday, February 1st. The textile maker reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.04. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. The company had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the prior year, the firm earned $0.48 earnings per share. The firm’s revenue was up 4.4% compared to the same quarter last year. Research analysts anticipate that Skechers U.S.A. will post 3.82 EPS for the current year.

Insider Transactions at Skechers U.S.A.

In other news, President Michael Greenberg sold 25,282 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $1,544,983.02. Following the completion of the transaction, the president now directly owns 123,441 shares of the company’s stock, valued at approximately $7,543,479.51. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, COO David Weinberg sold 67,390 shares of Skechers U.S.A. stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the sale, the chief operating officer now owns 141,405 shares in the company, valued at $8,183,107.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Michael Greenberg sold 25,282 shares of Skechers U.S.A. stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $61.11, for a total value of $1,544,983.02. Following the sale, the president now owns 123,441 shares in the company, valued at approximately $7,543,479.51. The disclosure for this sale can be found here. In the last ninety days, insiders sold 254,875 shares of company stock valued at $15,021,192. 24.79% of the stock is currently owned by corporate insiders.

Institutional Trading of Skechers U.S.A.

A number of hedge funds and other institutional investors have recently made changes to their positions in SKX. Goldman Sachs Group Inc. increased its position in shares of Skechers U.S.A. by 705.1% during the second quarter. Goldman Sachs Group Inc. now owns 2,135,092 shares of the textile maker’s stock worth $112,434,000 after purchasing an additional 1,869,889 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of Skechers U.S.A. by 6,521.5% during the fourth quarter. Pacer Advisors Inc. now owns 1,456,599 shares of the textile maker’s stock worth $90,804,000 after purchasing an additional 1,434,601 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Skechers U.S.A. by 757.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,543,936 shares of the textile maker’s stock worth $73,368,000 after purchasing an additional 1,363,908 shares in the last quarter. Norges Bank acquired a new stake in shares of Skechers U.S.A. during the fourth quarter worth about $75,194,000. Finally, Schonfeld Strategic Advisors LLC increased its position in shares of Skechers U.S.A. by 1,102.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 905,292 shares of the textile maker’s stock worth $37,977,000 after purchasing an additional 829,982 shares in the last quarter. Institutional investors and hedge funds 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.