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

Skechers U.S.A. (NYSE:SKXGet Rating) updated its FY 2022 earnings guidance on Thursday. 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.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SKX. Cowen decreased their price objective on Skechers U.S.A. to $39.00 and set an outperform rating for the company in a report on Monday, July 25th. Berenberg Bank restated a buy rating and issued a $71.00 target price on shares of Skechers U.S.A. in a research report on Tuesday, May 17th. TheStreet downgraded Skechers U.S.A. from a b rating to a c+ rating in a research report on Tuesday, May 17th. Argus upgraded Skechers U.S.A. from a hold rating to a buy rating and set a $44.00 target price for the company in a research report on Wednesday, June 15th. Finally, Wedbush cut their target price on Skechers U.S.A. from $48.00 to $42.00 and set an outperform rating for the company in a research report on Wednesday, July 27th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Skechers U.S.A. presently has an average rating of Moderate Buy and a consensus price target of $51.89.

Skechers U.S.A. Stock Performance

Shares of Skechers U.S.A. stock opened at $39.33 on Friday. The stock has a market cap of $6.14 billion, a PE ratio of 8.61 and a beta of 1.30. The business has a fifty day simple moving average of $37.84 and a 200-day simple moving average of $39.71. The company has a quick ratio of 1.31, a current ratio of 2.34 and a debt-to-equity ratio of 0.07. Skechers U.S.A. has a 12 month low of $33.50 and a 12 month high of $54.45.

Institutional Trading of Skechers U.S.A.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Capital Research Global Investors boosted its position in shares of Skechers U.S.A. by 4.8% in the first quarter. Capital Research Global Investors now owns 2,200,000 shares of the textile maker’s stock worth $89,672,000 after buying an additional 100,000 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Skechers U.S.A. by 9.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,145,473 shares of the textile maker’s stock worth $87,454,000 after buying an additional 181,445 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Skechers U.S.A. by 2.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,149,734 shares of the textile maker’s stock worth $46,864,000 after buying an additional 28,868 shares during the period. First Trust Advisors LP boosted its position in shares of Skechers U.S.A. by 22.8% in the first quarter. First Trust Advisors LP now owns 536,461 shares of the textile maker’s stock worth $21,866,000 after buying an additional 99,532 shares during the period. Finally, Royal Bank of Canada raised its holdings in shares of Skechers U.S.A. by 7.2% during the first quarter. Royal Bank of Canada now owns 436,752 shares of the textile maker’s stock worth $17,802,000 after acquiring an additional 29,173 shares in the last quarter. Institutional investors and hedge funds own 79.71% of the company’s stock.

Skechers U.S.A. Company Profile

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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.

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

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