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

Wedbush reissued their outperform rating on shares of Skechers U.S.A. (NYSE:SKX) in a report published on Friday, Benzinga reports. The firm currently has a $68.00 target price on the textile maker’s stock. 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.

A number of other equities analysts have also recently weighed in on SKX. Monness Crespi & Hardt upped their price objective on shares of Skechers U.S.A. from $60.00 to $72.00 and gave the company a buy rating in a research report on Thursday, January 18th. Bank of America assumed coverage on shares of Skechers U.S.A. in a research report on Friday, March 8th. They set a neutral rating and a $67.00 price target on the stock. Stifel Nicolaus reduced their price target on shares of 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. Raymond James reduced 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 report on Monday, February 5th. Finally, TD Cowen increased their price target 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. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $66.17.

Skechers U.S.A. Stock Performance

NYSE:SKX opened at $56.43 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 1.46. The firm has a 50-day moving average of $59.67 and a two-hundred day moving average of $57.63. The stock has a market cap of $8.65 billion, a P/E ratio of 16.17, a PEG ratio of 1.03 and a beta of 1.32. Skechers U.S.A. has a 1-year low of $45.58 and a 1-year high of $65.17.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, February 1st. The textile maker reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.04. The company had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Skechers U.S.A. had a net margin of 6.82% and a return on equity of 12.89%. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.48 EPS. On average, research analysts expect that Skechers U.S.A. will post 3.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 shares were sold at an average price of $57.87, for a total value of $3,899,859.30. Following the transaction, the chief operating officer now owns 141,405 shares of the company’s stock, valued at $8,183,107.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 shares were sold at an average price of $57.87, for a total value of $3,899,859.30. Following the transaction, the chief operating officer now owns 141,405 shares of the company’s stock, valued at $8,183,107.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark A. Nason sold 6,067 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $370,754.37. Following the completion of the sale, the executive vice president now owns 14,023 shares in the company, valued at approximately $856,945.53. 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 quarter. Insiders own 24.79% of the company’s stock.

Institutional Investors Weigh In On Skechers U.S.A.

A number of hedge funds have recently made changes to their positions in SKX. Goldman Sachs Group Inc. raised its holdings in shares of Skechers U.S.A. by 705.1% during the second quarter. Goldman Sachs Group Inc. now owns 2,135,092 shares of the textile maker’s stock valued at $112,434,000 after buying an additional 1,869,889 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Skechers U.S.A. by 6,521.5% during the fourth quarter. Pacer Advisors Inc. now owns 1,456,599 shares of the textile maker’s stock valued at $90,804,000 after buying an additional 1,434,601 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Skechers U.S.A. by 757.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,543,936 shares of the textile maker’s stock valued at $73,368,000 after buying an additional 1,363,908 shares during the last quarter. Norges Bank bought a new stake in shares of Skechers U.S.A. during the fourth quarter valued at approximately $75,194,000. Finally, Schonfeld Strategic Advisors LLC raised its holdings in shares of Skechers U.S.A. by 1,102.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 905,292 shares of the textile maker’s stock valued at $37,977,000 after buying an additional 829,982 shares during the last quarter. Institutional investors own 79.96% of the company’s stock.

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.