Skechers U.S.A. (NYSE:SKX) PT Raised to $76.00 at Wedbush

Skechers U.S.A. (NYSE:SKX) had its price target increased by Wedbush from $68.00 to $76.00 in a research report report published on Friday, Benzinga reports. Wedbush currently has an outperform rating on the textile maker’s stock. Wedbush also issued estimates for Skechers U.S.A.’s Q2 2024 earnings at $0.89 EPS and Q4 2024 earnings at $0.70 EPS.

Other analysts have also recently issued research reports about the stock. TD Cowen raised their target price on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the company a buy rating in a report on Wednesday, March 6th. Evercore ISI dropped their price target on shares of Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating on the stock in a research note on Wednesday, April 17th. Monness Crespi & Hardt increased their price target on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the company a buy rating in a research note on Thursday, January 18th. Raymond James lowered their target price on shares of Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating on the stock in a research report on Monday, February 5th. Finally, Bank of America began coverage on shares of Skechers U.S.A. in a research report on Friday, March 8th. They set a neutral rating and a $67.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $66.83.

Skechers U.S.A. Stock Up 11.2 %

Shares of SKX opened at $65.41 on Friday. The stock has a market capitalization of $10.03 billion, a PE ratio of 17.21, a P/E/G ratio of 1.07 and a beta of 1.32. Skechers U.S.A. has a 1 year low of $45.58 and a 1 year high of $69.07. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.46 and a current ratio of 2.38. The company’s 50-day simple moving average is $59.73 and its 200-day simple moving average is $58.04.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.23. The business had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.20 billion. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.76%. The business’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.02 earnings per share. Analysts forecast that Skechers U.S.A. will post 3.81 earnings per share for the current fiscal year.

Insider Activity at Skechers U.S.A.

In related news, President Michael Greenberg sold 25,282 shares of Skechers U.S.A. stock in a transaction on Friday, March 15th. The shares were sold at an average price of $61.11, for a total value of $1,544,983.02. Following the transaction, the president now directly owns 123,441 shares in the company, valued at approximately $7,543,479.51. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Skechers U.S.A. news, President Michael Greenberg sold 25,282 shares of the firm’s stock in a transaction on 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 completion of the sale, the president now owns 123,441 shares of the company’s stock, valued at $7,543,479.51. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Mark A. Nason sold 6,432 shares of the firm’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $58.83, for a total value of $378,394.56. Following the completion of the sale, the executive vice president now directly owns 34,023 shares of the company’s stock, valued at approximately $2,001,573.09. The disclosure for this sale can be found here. Insiders have sold a total of 254,875 shares of company stock worth $15,021,192 in the last three months. Insiders own 24.75% of the company’s stock.

Institutional Investors Weigh In On Skechers U.S.A.

A number of hedge funds and other institutional investors have recently bought and sold shares of SKX. Redmont Wealth Advisors LLC acquired a new stake in Skechers U.S.A. in the first quarter valued at $25,000. Huntington National Bank raised its stake in shares of Skechers U.S.A. by 861.7% during the 3rd quarter. Huntington National Bank now owns 577 shares of the textile maker’s stock worth $28,000 after buying an additional 517 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of Skechers U.S.A. during the 3rd quarter worth $31,000. GAMMA Investing LLC acquired a new position in shares of Skechers U.S.A. during the 4th quarter worth $36,000. Finally, Game Plan Financial Advisors LLC acquired a new position in Skechers U.S.A. in the 1st quarter valued at about $43,000. 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.