Skechers U.S.A. (NYSE:SKX) Updates Q3 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) updated its third quarter earnings guidance on Thursday. The company provided EPS guidance of $1.10-$1.15 for the period, compared to the consensus EPS estimate of $1.11. The company issued revenue guidance of $2.30-$2.35 billion, compared to the consensus revenue estimate of $2.22 billion. Skechers U.S.A. also updated its FY 2024 guidance to 4.080-4.180 EPS.

Analyst Ratings Changes

Several research firms have recently issued reports on SKX. Morgan Stanley upgraded Skechers U.S.A. from an equal weight rating to an overweight rating and raised their price objective for the stock from $60.00 to $80.00 in a report on Tuesday, July 23rd. TD Cowen increased their target price on shares of Skechers U.S.A. from $77.00 to $79.00 and gave the stock a buy rating in a research report on Monday, July 22nd. Stifel Nicolaus increased their price target on Skechers U.S.A. from $81.00 to $83.00 and gave the company a buy rating in a report on Friday. Deutsche Bank Aktiengesellschaft reiterated a buy rating and issued a $82.00 target price on shares of Skechers U.S.A. in a research note on Thursday, June 13th. Finally, Wedbush boosted their price target on Skechers U.S.A. from $76.00 to $79.00 and gave the stock an outperform rating in a research report on Friday. Fourteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of Buy and a consensus target price of $76.08.

Skechers U.S.A. Stock Up 1.6 %

NYSE SKX traded up $1.01 on Friday, hitting $64.72. 4,598,539 shares of the stock traded hands, compared to its average volume of 1,979,548. The stock has a 50-day moving average of $69.15 and a 200 day moving average of $64.14. The company has a current ratio of 2.39, a quick ratio of 1.56 and a debt-to-equity ratio of 0.02. Skechers U.S.A. has a twelve month low of $45.58 and a twelve month high of $75.09. The company has a market capitalization of $9.87 billion, a P/E ratio of 17.03, a price-to-earnings-growth ratio of 0.92 and a beta of 1.25.

Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, July 25th. The textile maker reported $0.91 earnings per share 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 13.10%. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same period in the previous year, the company posted $0.98 earnings per share. Skechers U.S.A.’s revenue was up 7.3% compared to the same quarter last year. As a group, analysts expect that Skechers U.S.A. will post 4.18 earnings per share 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 Skechers U.S.A. stock in a transaction on Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total value of $29,377.35. Following the transaction, the general counsel now directly owns 35,000 shares in the company, valued at approximately $2,430,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 24.75% of the stock is owned by corporate insiders.

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.