Skechers U.S.A. (NYSE:SKX) PT Raised to $79.00 at Wedbush

Skechers U.S.A. (NYSE:SKX) had its price objective lifted by Wedbush from $76.00 to $79.00 in a report released on Friday morning, 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 $0.97 EPS, Q3 2024 earnings at $1.15 EPS, Q4 2024 earnings at $0.62 EPS, FY2024 earnings at $4.16 EPS and FY2025 earnings at $4.92 EPS.

Several other research analysts also recently commented on the stock. TD Cowen raised their price objective on Skechers U.S.A. from $77.00 to $79.00 and gave the company a buy rating in a research report on Monday, July 22nd. Barclays raised their price target on Skechers U.S.A. from $78.00 to $79.00 and gave the company an overweight rating in a report on Friday. Stifel Nicolaus upped their price objective on Skechers U.S.A. from $81.00 to $83.00 and gave the stock a buy rating in a report on Friday. Evercore ISI cut their target price on shares of Skechers U.S.A. from $73.00 to $68.00 and set an outperform rating for the company in a report on Wednesday, April 17th. Finally, Wells Fargo & Company started coverage on shares of Skechers U.S.A. in a research note on Wednesday, June 12th. They set an overweight rating and a $83.00 price target on the stock. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of Buy and a consensus price target of $76.75.

Skechers U.S.A. Stock Performance

NYSE:SKX opened at $64.91 on Friday. The stock has a 50-day moving average price of $69.08 and a 200 day moving average price of $64.16. The stock has a market capitalization of $9.90 billion, a P/E ratio of 17.08, a P/E/G ratio of 0.90 and a beta of 1.25. Skechers U.S.A. has a 12-month low of $45.58 and a 12-month high of $75.09. The company has a current ratio of 2.06, a quick ratio of 1.33 and a debt-to-equity ratio of 0.01.

Skechers U.S.A. (NYSE:SKX) last announced its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.04). Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The company had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period last year, the business earned $0.98 earnings per share. The company’s quarterly revenue was up 7.3% compared to the same quarter last year. Equities research analysts forecast that Skechers U.S.A. will post 4.18 EPS for the current fiscal year.

Insider Buying and Selling at Skechers U.S.A.

In related news, General Counsel Phillip Paccione sold 423 shares of the business’s stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total transaction of $29,377.35. Following the completion of the transaction, the general counsel now owns 35,000 shares in the company, valued at approximately $2,430,750. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 24.75% of the company’s stock.

Institutional Trading of Skechers U.S.A.

A number of large investors have recently made changes to their positions in the stock. Redmont Wealth Advisors LLC bought a new stake in Skechers U.S.A. during the 1st quarter valued at about $25,000. Bessemer Group Inc. raised its stake in shares of Skechers U.S.A. by 66.7% during the first quarter. Bessemer Group Inc. now owns 410 shares of the textile maker’s stock valued at $25,000 after acquiring an additional 164 shares in the last quarter. GAMMA Investing LLC purchased a new stake in shares of Skechers U.S.A. in the fourth quarter valued at approximately $36,000. Game Plan Financial Advisors LLC bought a new position in Skechers U.S.A. in the first quarter worth approximately $43,000. Finally, Versant Capital Management Inc raised its position in Skechers U.S.A. by 2,809.1% during the 2nd quarter. Versant Capital Management Inc now owns 640 shares of the textile maker’s stock valued at $44,000 after purchasing an additional 618 shares in the last quarter. 79.96% of the stock is owned by hedge funds and other institutional investors.

Skechers U.S.A. Company Profile

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.