Skechers U.S.A. (NYSE:SKX) Reaches New 52-Week High on Better-Than-Expected Earnings

Skechers U.S.A., Inc. (NYSE:SKX) hit a new 52-week high on Friday following a stronger than expected earnings report. The stock 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 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.23. Skechers U.S.A. had a net margin of 6.82% and a return on equity of 12.89%. The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter last year, the firm posted $1.02 earnings per share. Skechers U.S.A.’s revenue was up 12.5% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Evercore ISI reduced their price objective on Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. Monness Crespi & Hardt increased their price target on Skechers U.S.A. from $60.00 to $72.00 and gave the company a “buy” rating in a report on Thursday, January 18th. Stifel Nicolaus cut their price objective on Skechers U.S.A. from $72.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Wedbush upped their target price on Skechers U.S.A. from $68.00 to $76.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Bank of America began coverage on Skechers U.S.A. in a report on Friday, March 8th. They set a “neutral” rating and a $67.00 target price 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.83.

Insider Activity

In other news, EVP Mark A. Nason sold 6,067 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $61.11, for a total value of $370,754.37. Following the completion of the sale, the executive vice president now owns 14,023 shares of the company’s stock, valued at approximately $856,945.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Mark A. Nason sold 6,432 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $58.83, for a total transaction of $378,394.56. Following the sale, the executive vice president now directly owns 34,023 shares of the company’s stock, valued at approximately $2,001,573.09. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark A. Nason sold 6,067 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now owns 14,023 shares in the company, valued at $856,945.53. The disclosure for this sale can be found here. In the last three months, insiders sold 254,875 shares of company stock worth $15,021,192. 24.75% of the stock is currently owned by insiders.

Institutional Trading of Skechers U.S.A.

A number of institutional investors and hedge funds have recently modified their holdings of SKX. Redmont Wealth Advisors LLC bought a new stake in shares of Skechers U.S.A. during the 1st quarter valued at about $25,000. GAMMA Investing LLC bought a new stake in shares of Skechers U.S.A. in the 4th quarter worth approximately $36,000. Huntington National Bank boosted its position in Skechers U.S.A. by 861.7% during the 3rd quarter. Huntington National Bank now owns 577 shares of the textile maker’s stock valued at $28,000 after purchasing an additional 517 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Skechers U.S.A. during the 3rd quarter worth $31,000. Finally, Game Plan Financial Advisors LLC acquired a new stake in Skechers U.S.A. in the first quarter worth $43,000. 79.96% of the stock is owned by institutional investors and hedge funds.

Skechers U.S.A. Price Performance

The company has a market capitalization of $10.02 billion, a P/E ratio of 18.74, a PEG 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 simple moving average of $59.73 and a 200-day simple moving average 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.