Skechers U.S.A. (NYSE:SKX) Announces Earnings Results

Skechers U.S.A. (NYSE:SKX) announced its quarterly earnings results on Thursday. The textile maker reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04), Briefing.com reports. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.10%. The company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the previous year, the firm posted $0.98 EPS. The business’s quarterly revenue was up 7.3% compared to the same quarter last year.

Skechers U.S.A. Price Performance

Shares of SKX opened at $64.72 on Friday. The company has a market cap of $9.87 billion, a price-to-earnings ratio of 17.03, a PEG ratio of 0.92 and a beta of 1.25. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $75.09. The company’s fifty day simple moving average is $69.15 and its 200 day simple moving average is $64.14. The company has a current ratio of 2.39, a quick ratio of 1.56 and a debt-to-equity ratio of 0.02.

Wall Street Analysts Forecast Growth

SKX has been the topic of a number of research reports. Morgan Stanley raised shares of Skechers U.S.A. from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $60.00 to $80.00 in a research report on Tuesday, July 23rd. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $82.00 price objective on shares of Skechers U.S.A. in a research report on Thursday, June 13th. Wedbush boosted their price objective on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research report on Friday. Barclays boosted their price objective on shares of Skechers U.S.A. from $78.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, TD Cowen boosted their price objective on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Fourteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $76.08.

Insider Buying and Selling

In related news, General Counsel Phillip Paccione sold 423 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $69.45, for a total transaction of $29,377.35. Following the transaction, the general counsel now directly owns 35,000 shares in the company, valued at $2,430,750. The sale was disclosed in a filing with the SEC, which is available through this link. 24.75% of the stock is owned by corporate insiders.

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.