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

Skechers U.S.A. (NYSE:SKX) issued its quarterly earnings results on Thursday. The textile maker reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $2.25 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same period in the prior year, the firm earned $1.02 earnings per share. The business’s revenue for the quarter was up 12.5% compared to the same quarter last year.

Skechers U.S.A. Price Performance

Skechers U.S.A. stock traded up $6.59 during mid-day trading on Friday, hitting $65.41. The company’s stock had a trading volume of 7,697,129 shares, compared to its average volume of 1,709,124. Skechers U.S.A. has a twelve month low of $45.58 and a twelve month high of $69.07. The stock’s fifty day moving average price is $59.61 and its two-hundred day moving average price is $57.92. The stock has a market capitalization of $10.03 billion, a P/E ratio of 19.23, a P/E/G ratio of 1.07 and a beta of 1.32. The company has a quick ratio of 1.46, a current ratio of 2.38 and a debt-to-equity ratio of 0.06.

Analyst Upgrades and Downgrades

Several brokerages have commented on SKX. TD Cowen raised their price target on shares of Skechers U.S.A. from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Wednesday, March 6th. Bank of America assumed coverage on shares of Skechers U.S.A. in a research note on Friday, March 8th. They set a “neutral” rating and a $67.00 target price on the stock. Wedbush raised their target price on shares of Skechers U.S.A. from $68.00 to $76.00 and gave the company an “outperform” rating in a report on Friday. Raymond James dropped 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. Finally, Barclays assumed 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 for the company. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $66.83.

Insider Activity

In other Skechers U.S.A. news, EVP Mark A. Nason sold 6,432 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $58.83, for a total transaction of $378,394.56. Following the sale, the executive vice president now directly owns 34,023 shares of the company’s stock, valued at approximately $2,001,573.09. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Skechers U.S.A. news, EVP Mark A. Nason sold 6,432 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $58.83, for a total value of $378,394.56. Following the transaction, the executive vice president now directly owns 34,023 shares of the company’s stock, valued at approximately $2,001,573.09. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO David Weinberg sold 67,390 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $57.87, for a total value of $3,899,859.30. Following the completion of the transaction, the chief operating officer now owns 141,405 shares in the company, valued at approximately $8,183,107.35. The disclosure for this sale can be found here. Insiders sold a total of 254,875 shares of company stock valued at $15,021,192 over the last three months. Insiders own 24.75% 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.