Skechers U.S.A. (NYSE:SKX) Announces Quarterly Earnings Results

Skechers U.S.A. (NYSE:SKX) announced its quarterly earnings results on Thursday. The textile maker reported $1.33 EPS for the quarter, beating the consensus estimate of $1.10 by $0.23, Briefing.com reports. Skechers U.S.A. had a net margin of 6.82% and a return on equity of 12.89%. The firm had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same period last year, the firm earned $1.02 EPS. The business’s quarterly revenue was up 12.5% compared to the same quarter last year.

Skechers U.S.A. Trading Up 11.0 %

Shares of SKX stock traded up $6.48 during mid-day trading on Friday, reaching $65.30. The stock had a trading volume of 6,411,345 shares, compared to its average volume of 1,704,068. The stock’s 50-day moving average price is $59.61 and its two-hundred day moving average price is $57.92. Skechers U.S.A. has a 52-week low of $45.58 and a 52-week high of $69.07. The firm has a market capitalization of $10.01 billion, a PE ratio of 19.23, a price-to-earnings-growth ratio of 1.07 and a beta of 1.32. The company has a current ratio of 2.38, a quick ratio of 1.46 and a debt-to-equity ratio of 0.06.

Analyst Ratings Changes

Several research firms have recently weighed in on SKX. Raymond James lowered their price objective 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. Barclays began coverage on shares of Skechers U.S.A. in a research report on Monday, April 1st. They set an “overweight” rating and a $71.00 price objective on the stock. Bank of America began 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 objective on the stock. Wedbush raised their price objective on shares of Skechers U.S.A. from $68.00 to $76.00 and gave the company an “outperform” rating in a research report on Friday. Finally, TD Cowen lifted their target price 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $66.83.

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

In other news, President Michael Greenberg sold 25,282 shares of Skechers U.S.A. stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $61.11, for a total transaction of $1,544,983.02. Following the sale, the president now owns 123,441 shares of the company’s stock, valued at approximately $7,543,479.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Robert Greenberg sold 99,139 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $57.87, for a total transaction of $5,737,173.93. Following the sale, the chief executive officer now owns 196,050 shares of the company’s stock, valued at $11,345,413.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Michael Greenberg sold 25,282 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $61.11, for a total transaction of $1,544,983.02. Following the sale, the president now directly owns 123,441 shares in the company, valued at approximately $7,543,479.51. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 254,875 shares of company stock worth $15,021,192. 24.75% of the stock is currently owned by company insiders.

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.