Skechers U.S.A., Inc. Expected to Earn Q2 2024 Earnings of $0.98 Per Share (NYSE:SKX)

Skechers U.S.A., Inc. (NYSE:SKX) – Stock analysts at Wedbush cut their Q2 2024 earnings per share (EPS) estimates for shares of Skechers U.S.A. in a research report issued to clients and investors on Friday, April 19th. Wedbush analyst T. Nikic now forecasts that the textile maker will post earnings of $0.98 per share for the quarter, down from their previous forecast of $1.06. Wedbush has a “Outperform” rating and a $68.00 price target on the stock. The consensus estimate for Skechers U.S.A.’s current full-year earnings is $3.82 per share. Wedbush also issued estimates for Skechers U.S.A.’s Q3 2024 earnings at $1.05 EPS and FY2024 earnings at $3.74 EPS.

Skechers U.S.A. (NYSE:SKX) last announced its earnings results on Thursday, February 1st. The textile maker reported $0.56 EPS for the quarter, topping the consensus estimate of $0.52 by $0.04. The company had revenue of $1.96 billion for the quarter, compared to analysts’ expectations of $2.03 billion. Skechers U.S.A. had a net margin of 6.82% and a return on equity of 12.89%. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period last year, the firm earned $0.48 earnings per share.

Several other analysts have also issued reports on SKX. Monness Crespi & Hardt increased their price target on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the stock a “buy” rating in a research report on Thursday, January 18th. Barclays assumed coverage on Skechers U.S.A. in a report on Monday, April 1st. They issued an “overweight” rating and a $71.00 target price on the stock. Stifel Nicolaus dropped their price objective on Skechers U.S.A. from $72.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, February 2nd. 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 research report on Wednesday, March 6th. Finally, Evercore ISI lowered their target price on Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating for the company in a research note on Wednesday, April 17th. Two investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.17.

Skechers U.S.A. Stock Performance

NYSE:SKX opened at $59.64 on Monday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.46 and a current ratio of 2.38. Skechers U.S.A. has a fifty-two week low of $45.58 and a fifty-two week high of $65.17. The company has a market cap of $9.14 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 1.02 and a beta of 1.32. The stock has a fifty day moving average price of $59.65 and a 200-day moving average price of $57.90.

Insider Buying and Selling at Skechers U.S.A.

In related news, COO David Weinberg sold 67,390 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $3,899,859.30. Following the sale, the chief operating officer now owns 141,405 shares of the company’s stock, valued at $8,183,107.35. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, COO David Weinberg sold 67,390 shares of Skechers U.S.A. stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $3,899,859.30. Following the transaction, the chief operating officer now directly owns 141,405 shares of the company’s stock, valued at $8,183,107.35. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Robert Greenberg sold 99,139 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total transaction of $5,737,173.93. Following the sale, the chief executive officer now directly owns 196,050 shares of the company’s stock, valued at approximately $11,345,413.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 254,875 shares of company stock worth $15,021,192. 24.75% of the stock is currently owned by company insiders.

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

Several hedge funds and other institutional investors have recently bought and sold shares of SKX. Raymond James & Associates grew its holdings in Skechers U.S.A. by 354.5% during the 4th quarter. Raymond James & Associates now owns 52,280 shares of the textile maker’s stock worth $3,259,000 after acquiring an additional 40,778 shares during the period. Lecap Asset Management Ltd. bought a new stake in shares of Skechers U.S.A. during the 4th quarter valued at about $1,798,000. Vaughan Nelson Investment Management L.P. boosted its position in shares of Skechers U.S.A. by 371.8% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 758,469 shares of the textile maker’s stock valued at $47,282,000 after purchasing an additional 597,702 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Skechers U.S.A. by 56.8% during the third quarter. Envestnet Asset Management Inc. now owns 96,433 shares of the textile maker’s stock worth $4,720,000 after purchasing an additional 34,926 shares during the period. Finally, Hsbc Holdings PLC increased its holdings in Skechers U.S.A. by 117.4% in the third quarter. Hsbc Holdings PLC now owns 99,916 shares of the textile maker’s stock worth $4,915,000 after purchasing an additional 53,962 shares in the last quarter. Institutional investors and hedge funds own 79.96% of the company’s stock.

About Skechers U.S.A.

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.