Skechers USA (SKX) Shares Gap Down Following Weak Earnings
Skechers USA Inc (NYSE:SKX) gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $40.92, but opened at $35.28. Skechers USA shares last traded at $31.60, with a volume of 10439937 shares.
The textile maker reported $0.71 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.72 by ($0.01). The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.30 billion. Skechers USA had a net margin of 6.49% and a return on equity of 14.08%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.75 earnings per share.
SKX has been the subject of a number of recent research reports. TheStreet upgraded Skechers USA from a “c+” rating to a “b” rating in a research note on Thursday, February 14th. Zacks Investment Research downgraded Skechers USA from a “hold” rating to a “sell” rating in a research note on Tuesday, January 15th. Wells Fargo & Co cut their price target on Skechers USA from $30.00 to $26.00 and set a “market perform” rating for the company in a research note on Wednesday, January 2nd. Cowen restated a “hold” rating and set a $34.00 price target on shares of Skechers USA in a research note on Tuesday, February 12th. Finally, Susquehanna Bancshares upgraded Skechers USA from a “neutral” rating to a “positive” rating and boosted their price target for the company from $32.00 to $37.00 in a research note on Wednesday, March 27th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the stock. Skechers USA presently has an average rating of “Hold” and a consensus target price of $32.33.
Several large investors have recently made changes to their positions in SKX. Bank of New York Mellon Corp boosted its stake in Skechers USA by 335.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,604,345 shares of the textile maker’s stock worth $184,459,000 after purchasing an additional 5,087,296 shares during the period. Deutsche Bank AG boosted its stake in Skechers USA by 27.8% in the 3rd quarter. Deutsche Bank AG now owns 426,993 shares of the textile maker’s stock worth $11,922,000 after purchasing an additional 92,843 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Skechers USA by 3.6% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 224,377 shares of the textile maker’s stock worth $6,267,000 after purchasing an additional 7,812 shares during the period. Pacer Advisors Inc. boosted its stake in Skechers USA by 18.3% in the 3rd quarter. Pacer Advisors Inc. now owns 49,748 shares of the textile maker’s stock worth $1,389,000 after purchasing an additional 7,681 shares during the period. Finally, Man Group plc boosted its stake in Skechers USA by 144.3% in the 3rd quarter. Man Group plc now owns 63,898 shares of the textile maker’s stock worth $1,784,000 after purchasing an additional 37,747 shares during the period. Institutional investors own 76.86% of the company’s stock.
The company has a debt-to-equity ratio of 0.04, a current ratio of 2.91 and a quick ratio of 1.89. The company has a market capitalization of $4.98 billion, a price-to-earnings ratio of 16.46, a P/E/G ratio of 2.44 and a beta of 0.62.
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About Skechers USA (NYSE:SKX)
Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.
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