Skechers U.S.A., Inc. (NYSE:SKX) Forecasted to Post Q2 2024 Earnings of $0.89 Per Share

Skechers U.S.A., Inc. (NYSE:SKX) – Equities research analysts at Wedbush cut their Q2 2024 earnings per share estimates for shares of Skechers U.S.A. in a report released on Thursday, April 25th. Wedbush analyst T. Nikic now anticipates that the textile maker will earn $0.89 per share for the quarter, down from their prior forecast of $0.98. Wedbush has a “Outperform” rating and a $76.00 price target on the stock. The consensus estimate for Skechers U.S.A.’s current full-year earnings is $4.06 per share. Wedbush also issued estimates for Skechers U.S.A.’s Q4 2024 earnings at $0.70 EPS.

A number of other equities analysts also recently weighed in on the stock. Raymond James dropped 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 research note on Monday, February 5th. Monness Crespi & Hardt lifted their target price on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, January 18th. TD Cowen boosted 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. Barclays began coverage on shares of Skechers U.S.A. in a research note on Monday, April 1st. They issued an “overweight” rating and a $71.00 price objective for the company. Finally, Evercore ISI cut their target price on Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a report on Wednesday, April 17th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.83.

Skechers U.S.A. Price Performance

NYSE SKX opened at $66.05 on Monday. Skechers U.S.A. has a 1 year low of $45.58 and a 1 year high of $69.07. The stock’s 50-day moving average price is $60.02 and its two-hundred day moving average price is $58.42. The company has a market cap of $10.12 billion, a PE ratio of 17.38, a PEG ratio of 1.12 and a beta of 1.32. The company has a current ratio of 2.39, a quick ratio of 1.56 and a debt-to-equity ratio of 0.02.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.23. Skechers U.S.A. had a net margin of 7.17% and a return on equity of 13.56%. The company had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the prior year, the company earned $1.02 EPS. Skechers U.S.A.’s revenue was up 12.5% on a year-over-year basis.

Insider Activity

In other news, COO David Weinberg sold 67,390 shares of Skechers U.S.A. 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 $3,899,859.30. Following the completion of the sale, the chief operating officer now owns 141,405 shares in the company, valued at approximately $8,183,107.35. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Skechers U.S.A. news, COO David Weinberg sold 67,390 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the transaction, the chief operating officer now owns 141,405 shares in the company, valued at $8,183,107.35. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Mark A. Nason sold 6,432 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $58.83, for a total value of $378,394.56. Following the transaction, the executive vice president now 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 254,875 shares of company stock valued at $15,021,192 over the last 90 days. 24.75% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SKX. Pacer Advisors Inc. grew its holdings in shares of Skechers U.S.A. by 6,521.5% in the 4th quarter. Pacer Advisors Inc. now owns 1,456,599 shares of the textile maker’s stock valued at $90,804,000 after acquiring an additional 1,434,601 shares in the last quarter. Norges Bank bought a new stake in shares of Skechers U.S.A. during the 4th quarter valued at $75,194,000. Vaughan Nelson Investment Management L.P. grew its stake 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 buying an additional 597,702 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Skechers U.S.A. by 72.8% during the 3rd quarter. AQR Capital Management LLC now owns 1,311,246 shares of the textile maker’s stock worth $64,185,000 after acquiring an additional 552,452 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Skechers U.S.A. by 138.2% in the 3rd quarter. Invesco Ltd. now owns 770,710 shares of the textile maker’s stock valued at $37,726,000 after purchasing an additional 447,192 shares in the last quarter. 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.