Skechers U.S.A. (NYSE:SKX) Hits New 52-Week High on Strong Earnings

Skechers U.S.A., Inc. (NYSE:SKX - Get Free Report)'s share price reached a new 52-week high during trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $68.94 and last traded at $68.93, with a volume of 2110730 shares. The stock had previously closed at $58.82.

The textile maker reported $1.33 EPS for the quarter, topping the consensus estimate of $1.10 by $0.23. The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.20 billion. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. The company's revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.02 EPS.

Analysts Set New Price Targets

Several research analysts have commented on the company. Wedbush lifted their price target on Skechers U.S.A. from $68.00 to $76.00 and gave the stock an "outperform" rating in a research report on Friday. Monness Crespi & Hardt lifted their price target on 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 set an "overweight" rating and a $71.00 price objective on the stock. TD Cowen lifted their price objective on Skechers U.S.A. from $70.00 to $74.00 and gave the stock a "buy" rating in a report on Wednesday, March 6th. Finally, Bank of America assumed coverage on Skechers U.S.A. in a report on Friday, March 8th. They set a "neutral" rating and a $67.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $66.83.

Insider Activity 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 stock was 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 approximately $8,183,107.35. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Skechers U.S.A. news, CEO Robert Greenberg sold 99,139 shares of the business's stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $5,737,173.93. Following the transaction, the chief executive officer now owns 196,050 shares of the company's stock, valued at $11,345,413.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO David Weinberg sold 67,390 shares of the business's stock in a transaction 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 completion of the transaction, the chief operating officer now directly owns 141,405 shares in the company, valued at approximately $8,183,107.35. The disclosure for this sale can be found here. Insiders have sold a total of 254,875 shares of company stock valued at $15,021,192 in the last 90 days. 24.75% of the stock is owned by corporate insiders.

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

A number of institutional investors and hedge funds have recently bought and sold shares of SKX. Redmont Wealth Advisors LLC acquired a new position in Skechers U.S.A. in the first quarter worth $25,000. Huntington National Bank boosted its stake in Skechers U.S.A. by 861.7% in the third quarter. Huntington National Bank now owns 577 shares of the textile maker's stock worth $28,000 after purchasing an additional 517 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new position in Skechers U.S.A. in the third quarter worth $31,000. GAMMA Investing LLC acquired a new position in Skechers U.S.A. in the fourth quarter worth $36,000. Finally, Game Plan Financial Advisors LLC bought a new stake in shares of Skechers U.S.A. during the first quarter worth $43,000. Institutional investors and hedge funds own 79.96% of the company's stock.

Skechers U.S.A. Trading Up 11.2 %

The company has a market cap of $10.02 billion, a P/E ratio of 18.74, a P/E/G ratio of 1.07 and a beta of 1.32. 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 business has a 50-day moving average price of $59.73 and a two-hundred day moving average price of $58.04.

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.