Skechers U.S.A. (NYSE:SKX) Given New $76.00 Price Target at Wedbush

Skechers U.S.A. (NYSE:SKX) had its price target lifted by Wedbush from $68.00 to $76.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an outperform rating on the textile maker’s stock. Wedbush also issued estimates for Skechers U.S.A.’s Q2 2024 earnings at $0.89 EPS and Q4 2024 earnings at $0.70 EPS.

A number of other research analysts also recently weighed in on the company. Raymond James reduced their target price on Skechers U.S.A. from $68.00 to $66.00 and set an outperform rating on the stock in a report on Monday, February 5th. TD Cowen upped their target price on Skechers U.S.A. from $70.00 to $74.00 and gave the stock a buy rating in a report on Wednesday, March 6th. Barclays initiated coverage on Skechers U.S.A. in a report on Monday, April 1st. They set an overweight rating and a $71.00 target price on the stock. Bank of America initiated coverage on Skechers U.S.A. in a research report on Friday, March 8th. They issued a neutral rating and a $67.00 price target on the stock. Finally, 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, April 17th. 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 company has a consensus rating of Moderate Buy and a consensus target price of $66.83.

Skechers U.S.A. Stock Up 11.2 %

SKX stock opened at $65.41 on Friday. The company has a market cap of $10.03 billion, a PE ratio of 17.21, a price-to-earnings-growth ratio of 1.07 and a beta of 1.32. Skechers U.S.A. has a 52 week low of $45.58 and a 52 week high of $69.07. The business has a 50-day simple moving average of $59.73 and a 200 day simple moving average of $58.04. 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 announced its quarterly earnings results on Thursday, April 25th. The textile maker reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.23. Skechers U.S.A. had a return on equity of 13.76% and a net margin of 7.17%. The company had revenue of $2.25 billion for the quarter, compared to the consensus estimate of $2.20 billion. During the same quarter in the previous year, the business earned $1.02 EPS. Skechers U.S.A.’s revenue was up 12.5% compared to the same quarter last year. Sell-side analysts anticipate that Skechers U.S.A. will post 3.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other Skechers U.S.A. news, EVP Mark A. Nason sold 6,067 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $61.11, for a total value of $370,754.37. Following 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Skechers U.S.A. news, CEO Robert Greenberg sold 99,139 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total value of $5,737,173.93. Following the transaction, the chief executive officer now directly owns 196,050 shares in the company, valued at $11,345,413.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark A. Nason sold 6,067 shares of the stock in a transaction on Friday, March 15th. The stock was 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 directly owns 14,023 shares of the company’s stock, valued at $856,945.53. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 254,875 shares of company stock worth $15,021,192. Company insiders own 24.75% of the company’s stock.

Institutional Trading of Skechers U.S.A.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Redmont Wealth Advisors LLC purchased a new position in Skechers U.S.A. during the first quarter valued at $25,000. Huntington National Bank grew its stake in Skechers U.S.A. by 861.7% during the third quarter. Huntington National Bank now owns 577 shares of the textile maker’s stock valued at $28,000 after acquiring an additional 517 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in Skechers U.S.A. during the third quarter valued at $31,000. GAMMA Investing LLC purchased a new position in Skechers U.S.A. during the fourth quarter valued at $36,000. Finally, Game Plan Financial Advisors LLC purchased a new position in Skechers U.S.A. during the first quarter valued at $43,000. 79.96% of the stock is owned by hedge funds and other 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.