Equities Analysts Set Expectations for Skechers U.S.A., Inc.’s Q2 2024 Earnings (NYSE:SKX)

Skechers U.S.A., Inc. (NYSE:SKX) – Equities researchers at Wedbush cut their Q2 2024 earnings estimates for Skechers U.S.A. in a report issued on Friday, April 19th. Wedbush analyst T. Nikic now forecasts that the textile maker will earn $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 target price 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.

Several other equities research analysts also recently commented on the stock. TD Cowen lifted their target price on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Wednesday, March 6th. Raymond James cut their price target on shares of Skechers U.S.A. from $68.00 to $66.00 and set an “outperform” rating on the stock in a report on Monday, February 5th. Evercore ISI decreased their price objective on Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating for the company in a report on Wednesday, April 17th. Barclays started coverage on Skechers U.S.A. in a research report on Monday, April 1st. They set an “overweight” rating and a $71.00 target price for the company. Finally, Bank of America began coverage on Skechers U.S.A. in a research report on Friday, March 8th. They issued a “neutral” rating and a $67.00 price target on the stock. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Skechers U.S.A. presently has an average rating of “Moderate Buy” and an average price target of $66.17.

Skechers U.S.A. Stock Performance

NYSE:SKX opened at $58.02 on Monday. The stock’s 50-day moving average is $59.64 and its 200-day moving average is $57.82. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $65.17. The company has a current ratio of 2.38, a quick ratio of 1.46 and a debt-to-equity ratio of 0.06. The stock has a market cap of $8.89 billion, a P/E ratio of 16.62, a price-to-earnings-growth ratio of 1.02 and a beta of 1.32.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings data on Thursday, February 1st. The textile maker reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.04. The business had revenue of $1.96 billion for the quarter, compared to analyst estimates of $2.03 billion. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. Skechers U.S.A.’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.48 EPS.

Insider Transactions at Skechers U.S.A.

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 value of $1,544,983.02. Following the transaction, the president now directly owns 123,441 shares of the company’s stock, valued at $7,543,479.51. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Mark A. Nason sold 6,067 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $370,754.37. Following the transaction, the executive vice president now owns 14,023 shares in the company, valued at $856,945.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Michael Greenberg sold 25,282 shares of the stock in a transaction dated 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 directly owns 123,441 shares in the company, valued at approximately $7,543,479.51. The disclosure for this sale can be found here. In the last ninety days, insiders sold 254,875 shares of company stock valued at $15,021,192. Corporate insiders own 24.75% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Redmont Wealth Advisors LLC acquired a new stake in Skechers U.S.A. in the first quarter valued at approximately $25,000. Huntington National Bank raised its position in shares of Skechers U.S.A. by 861.7% during 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 during the period. DekaBank Deutsche Girozentrale bought a new position in shares of Skechers U.S.A. in the 3rd quarter worth $31,000. GAMMA Investing LLC acquired a new stake in Skechers U.S.A. in the 4th quarter valued at $36,000. Finally, Game Plan Financial Advisors LLC acquired a new stake in Skechers U.S.A. in the 1st quarter valued at $43,000. 79.96% of the stock is owned by institutional investors and hedge funds.

Skechers U.S.A. Company Profile

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.