Skechers U.S.A. (NYSE:SKX) Updates Q2 Earnings Guidance

Skechers U.S.A. (NYSE:SKX) issued an update on its second quarter earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.85-0.90 for the period, compared to the consensus estimate of $1.08. The company issued revenue guidance of $2.175-2.225 billion, compared to the consensus revenue estimate of $2.20 billion. Skechers U.S.A. also updated its FY24 guidance to $3.95-4.10 EPS.

Wall Street Analysts Forecast Growth

SKX has been the topic of several recent research reports. Bank of America assumed coverage on Skechers U.S.A. in a research report on Friday, March 8th. They set a neutral rating and a $67.00 price target on the stock. Monness Crespi & Hardt lifted their target price on Skechers U.S.A. from $60.00 to $72.00 and gave the stock a buy rating in a report on Thursday, January 18th. Barclays began coverage on Skechers U.S.A. in a research report on Monday, April 1st. They issued an overweight rating and a $71.00 price target for the company. Stifel Nicolaus lowered their price objective on Skechers U.S.A. from $72.00 to $70.00 and set a buy rating for the company in a research note on Friday, February 2nd. Finally, Raymond James reduced their price objective 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. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Skechers U.S.A. currently has an average rating of Moderate Buy and an average target price of $66.17.

Skechers U.S.A. Stock Down 0.6 %

SKX traded down $0.33 during mid-day trading on Thursday, reaching $58.82. 2,545,096 shares of the stock were exchanged, compared to its average volume of 1,647,850. The stock has a market capitalization of $9.02 billion, a PE ratio of 16.88, a price-to-earnings-growth ratio of 1.08 and a beta of 1.32. Skechers U.S.A. has a 1 year low of $45.58 and a 1 year high of $65.17. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.46 and a current ratio of 2.38. The company has a 50 day moving average price of $59.64 and a two-hundred day moving average price of $57.91.

Skechers U.S.A. (NYSE:SKX) last posted its quarterly earnings data on Thursday, February 1st. The textile maker reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.04. Skechers U.S.A. had a return on equity of 12.89% and a net margin of 6.82%. The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the prior year, the company earned $0.48 earnings per share. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. As a group, research analysts anticipate that Skechers U.S.A. will post 3.81 EPS for the current year.

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

In related news, CEO Robert Greenberg sold 99,139 shares of Skechers U.S.A. stock in a transaction on 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 directly owns 196,050 shares in the company, valued at approximately $11,345,413.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Skechers U.S.A. news, COO David Weinberg sold 67,390 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $57.87, for a total transaction of $3,899,859.30. Following the sale, the chief operating officer now directly owns 141,405 shares of the company’s stock, valued at $8,183,107.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert Greenberg sold 99,139 shares of the 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 completion of the transaction, the chief executive officer now owns 196,050 shares of the company’s stock, valued at approximately $11,345,413.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 254,875 shares of company stock valued at $15,021,192. 24.75% of the stock is owned by 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.