Skechers U.S.A. (NYSE:SKX) Reaches New 12-Month High on Better-Than-Expected Earnings

Skechers U.S.A., Inc. (NYSE:SKX) reached a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The company traded as high as $68.94 and last traded at $68.93, with a volume of 2110730 shares trading hands. The stock had previously closed at $58.82.

The textile maker reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.23. 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 for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the prior year, the business posted $1.02 EPS. The business’s revenue was up 12.5% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

SKX has been the topic of a number of recent analyst reports. Evercore ISI decreased their price target on Skechers U.S.A. from $73.00 to $68.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 17th. Raymond James dropped their target price on shares of Skechers U.S.A. from $68.00 to $66.00 and set an “outperform” rating for the company in a research report on Monday, February 5th. Wedbush restated an “outperform” rating and set a $68.00 price objective on shares of Skechers U.S.A. in a research report on Friday, April 19th. Bank of America assumed coverage on Skechers U.S.A. in a report on Friday, March 8th. They issued a “neutral” rating and a $67.00 target price on the stock. Finally, Barclays started coverage on Skechers U.S.A. in a report on Monday, April 1st. They set an “overweight” rating and a $71.00 price target for the company. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.17.

Insider Activity at Skechers U.S.A.

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

Institutional Trading of Skechers U.S.A.

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Skechers U.S.A. by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 12,626,633 shares of the textile maker’s stock valued at $787,144,000 after purchasing an additional 40,138 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Skechers U.S.A. by 2.4% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 4,770,584 shares of the textile maker’s stock valued at $233,520,000 after purchasing an additional 112,517 shares in the last quarter. Fiduciary Management Inc. WI increased its stake in Skechers U.S.A. by 3.5% during the 4th quarter. Fiduciary Management Inc. WI now owns 2,893,529 shares of the textile maker’s stock valued at $180,383,000 after purchasing an additional 98,068 shares in the last quarter. Pacer Advisors Inc. increased its stake in Skechers U.S.A. by 6,521.5% during the 4th quarter. Pacer Advisors Inc. now owns 1,456,599 shares of the textile maker’s stock valued at $90,804,000 after purchasing an additional 1,434,601 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in Skechers U.S.A. by 72.8% during the 3rd quarter. AQR Capital Management LLC now owns 1,311,246 shares of the textile maker’s stock valued at $64,185,000 after purchasing an additional 552,452 shares in the last quarter. Institutional investors own 79.96% of the company’s stock.

Skechers U.S.A. Stock Up 15.2 %

The firm has a market cap of $10.38 billion, a P/E ratio of 19.30, a price-to-earnings-growth ratio of 1.07 and a beta of 1.32. The stock’s 50 day simple moving average is $59.61 and its 200 day simple moving average is $57.92. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.46 and a current ratio of 2.38.

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.