Q2 2024 EPS Estimates for Skechers U.S.A., Inc. (NYSE:SKX) Reduced by Analyst

Skechers U.S.A., Inc. (NYSE:SKX - Free Report) - Wedbush decreased their Q2 2024 earnings per share estimates for Skechers U.S.A. in a report released on Friday, April 19th. Wedbush analyst T. Nikic now expects that the textile maker will post earnings of $0.98 per share for the quarter, down from their previous estimate of $1.06. Wedbush currently 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 - Get Free Report) last announced its quarterly earnings data on Thursday, February 1st. The textile maker reported $0.56 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.04. The firm had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $2.03 billion. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. The firm's revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.48 earnings per share.

Several other equities analysts have also weighed in on the stock. Stifel Nicolaus decreased their target price on shares of Skechers U.S.A. from $72.00 to $70.00 and set a "buy" rating on the stock in a report on Friday, February 2nd. Monness Crespi & Hardt increased their price objective 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. Raymond James lowered their price objective on shares of Skechers U.S.A. from $68.00 to $66.00 and set an "outperform" rating for the company in a research note on Monday, February 5th. Barclays initiated coverage on Skechers U.S.A. in a report on Monday, April 1st. They issued an "overweight" rating and a $71.00 price target for the company. Finally, TD Cowen upped 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. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $66.17.

Skechers U.S.A. Trading Up 2.9 %

Shares of SKX stock traded up $1.61 on Monday, hitting $58.02. 2,044,869 shares of the stock traded hands, compared to its average volume of 1,626,959. 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 twelve month low of $45.58 and a twelve month high of $65.17. The firm's 50-day moving average price is $59.64 and its two-hundred day moving average price is $57.82. The stock has a market capitalization of $8.89 billion, a PE ratio of 16.62, a PEG ratio of 1.02 and a beta of 1.32.

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

A number of large investors have recently made changes to their positions in the stock. Raymond James & Associates grew its position in Skechers U.S.A. by 354.5% during the fourth quarter. Raymond James & Associates now owns 52,280 shares of the textile maker's stock worth $3,259,000 after buying an additional 40,778 shares during the period. Lecap Asset Management Ltd. purchased a new position in Skechers U.S.A. in the 4th quarter valued at approximately $1,798,000. Vaughan Nelson Investment Management L.P. raised its holdings in Skechers U.S.A. by 371.8% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 758,469 shares of the textile maker's stock worth $47,282,000 after purchasing an additional 597,702 shares during the last quarter. Envestnet Asset Management Inc. boosted its position 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 in the last quarter. Finally, Hsbc Holdings PLC grew 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 valued at $4,915,000 after purchasing an additional 53,962 shares during the last quarter. Hedge funds and other institutional investors own 79.96% of the company's stock.

Insider Activity at Skechers U.S.A.

In other Skechers U.S.A. news, President Michael Greenberg sold 25,282 shares of the company's stock in a transaction on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $1,544,983.02. Following the completion of the transaction, the president now owns 123,441 shares in the company, valued at approximately $7,543,479.51. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Skechers U.S.A. news, President Michael Greenberg sold 25,282 shares of the business's stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $1,544,983.02. Following the transaction, the president now owns 123,441 shares in the company, valued at approximately $7,543,479.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark A. Nason sold 6,432 shares of the firm's stock in a transaction that occurred 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 $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.

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.