Skechers U.S.A. (NYSE:SKX) Rating Reiterated by Wedbush

Skechers U.S.A. (NYSE:SKX)‘s stock had its “outperform” rating reaffirmed by analysts at Wedbush in a research note issued on Friday, Benzinga reports. They currently have a $68.00 price objective on the textile maker’s stock. Wedbush’s price objective would indicate a potential upside of 20.55% from the stock’s previous close. Wedbush also issued estimates for Skechers U.S.A.’s Q2 2024 earnings at $0.98 EPS, Q3 2024 earnings at $1.05 EPS and FY2024 earnings at $3.74 EPS.

SKX has been the topic of several other research reports. Stifel Nicolaus cut their target price on Skechers U.S.A. from $72.00 to $70.00 and set a “buy” rating on the stock in a research note on Friday, February 2nd. TD Cowen raised their price target on 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. Evercore ISI dropped their price target on Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a research report on Wednesday. Raymond James dropped their price target on Skechers U.S.A. from $68.00 to $66.00 and set an “outperform” rating on the stock in a research report on Monday, February 5th. Finally, Monness Crespi & Hardt raised 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. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $66.17.

Skechers U.S.A. Price Performance

Skechers U.S.A. stock opened at $56.41 on Friday. The business’s 50-day simple moving average is $59.67 and its 200 day simple moving average is $57.69. The stock has a market cap of $8.65 billion, a price-to-earnings ratio of 16.16, a P/E/G ratio of 1.03 and a beta of 1.32. Skechers U.S.A. has a 12-month low of $45.58 and a 12-month high of $65.17. The company has a quick ratio of 1.46, a current ratio of 2.38 and a debt-to-equity ratio of 0.06.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings results on Thursday, February 1st. The textile maker reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.04. The business had revenue of $1.96 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.48 earnings per share. As a group, research analysts anticipate that Skechers U.S.A. will post 3.82 earnings per share for the current year.

Insider Activity at Skechers U.S.A.

In related news, EVP Mark A. Nason sold 6,432 shares of Skechers U.S.A. stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $58.83, for a total value of $378,394.56. Following the sale, the executive vice president now owns 34,023 shares of the company’s stock, valued at approximately $2,001,573.09. 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, EVP Mark A. Nason sold 6,067 shares of the firm’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 $370,754.37. Following the completion of the transaction, the executive vice president now directly owns 14,023 shares in the company, valued at $856,945.53. The transaction was disclosed in a filing with the SEC, which can be accessed 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 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. In the last quarter, insiders have sold 254,875 shares of company stock valued at $15,021,192. 24.79% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. increased its holdings in shares of Skechers U.S.A. by 705.1% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,135,092 shares of the textile maker’s stock worth $112,434,000 after acquiring an additional 1,869,889 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of Skechers U.S.A. by 6,521.5% during the 4th quarter. Pacer Advisors Inc. now owns 1,456,599 shares of the textile maker’s stock worth $90,804,000 after acquiring an additional 1,434,601 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Skechers U.S.A. by 757.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,543,936 shares of the textile maker’s stock worth $73,368,000 after acquiring an additional 1,363,908 shares during the last quarter. Norges Bank acquired a new position in shares of Skechers U.S.A. during the 4th quarter worth approximately $75,194,000. Finally, Schonfeld Strategic Advisors LLC increased its holdings in shares of Skechers U.S.A. by 1,102.1% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 905,292 shares of the textile maker’s stock worth $37,977,000 after acquiring an additional 829,982 shares during the last quarter. 79.96% of the stock is currently owned by institutional investors.

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.