Skechers U.S.A. (NYSE:SKX) Price Target Raised to $79.00 at Wedbush

Skechers U.S.A. (NYSE:SKX) had its target price increased by Wedbush from $76.00 to $79.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an outperform rating on the textile maker’s stock. Wedbush also issued estimates for Skechers U.S.A.’s Q2 2024 earnings at $0.97 EPS, Q3 2024 earnings at $1.15 EPS, Q4 2024 earnings at $0.62 EPS, FY2024 earnings at $4.16 EPS and FY2025 earnings at $4.92 EPS.

SKX has been the topic of a number of other research reports. TD Cowen boosted their price target on Skechers U.S.A. from $77.00 to $79.00 and gave the stock a buy rating in a research note on Monday, July 22nd. Barclays upped their price objective on Skechers U.S.A. from $78.00 to $79.00 and gave the stock an overweight rating in a research report on Friday. Stifel Nicolaus increased their price objective on Skechers U.S.A. from $81.00 to $83.00 and gave the company a buy rating in a research note on Friday. Wells Fargo & Company assumed coverage on Skechers U.S.A. in a report on Wednesday, June 12th. They set an overweight rating and a $83.00 price target on the stock. Finally, Bank of America raised Skechers U.S.A. from a neutral rating to a buy rating and raised their price objective for the stock from $71.00 to $87.00 in a research report on Friday, June 7th. Fourteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, Skechers U.S.A. has a consensus rating of Buy and a consensus target price of $76.08.

Skechers U.S.A. Stock Up 1.6 %

Shares of SKX opened at $64.73 on Friday. The firm has a market capitalization of $9.87 billion, a P/E ratio of 17.03, a P/E/G ratio of 0.90 and a beta of 1.25. Skechers U.S.A. has a 12-month low of $45.58 and a 12-month high of $75.09. The company has a current ratio of 2.39, a quick ratio of 1.56 and a debt-to-equity ratio of 0.02. The firm has a fifty day moving average price of $69.15 and a 200-day moving average price of $64.13.

Skechers U.S.A. (NYSE:SKX) last released its quarterly earnings data on Thursday, July 25th. The textile maker reported $0.91 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.03). The firm had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.24 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.10%. The business’s revenue was up 7.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.98 earnings per share. Equities research analysts expect that Skechers U.S.A. will post 4.11 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel Phillip Paccione sold 423 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $69.45, for a total transaction of $29,377.35. Following the completion of the sale, the general counsel now owns 35,000 shares in the company, valued at $2,430,750. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 24.75% of the stock is owned by company insiders.

Institutional Investors Weigh In On Skechers U.S.A.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its stake in Skechers U.S.A. by 9.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 37,724 shares of the textile maker’s stock valued at $2,607,000 after buying an additional 3,333 shares during the last quarter. Lebenthal Global Advisors LLC lifted its stake in Skechers U.S.A. by 8.3% in the second quarter. Lebenthal Global Advisors LLC now owns 12,828 shares of the textile maker’s stock valued at $887,000 after buying an additional 987 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new stake in Skechers U.S.A. in the second quarter valued at approximately $69,000. Fifth Third Wealth Advisors LLC purchased a new stake in Skechers U.S.A. in the second quarter valued at approximately $282,000. Finally, Pallas Capital Advisors LLC lifted its stake in Skechers U.S.A. by 5.7% in the second quarter. Pallas Capital Advisors LLC now owns 6,027 shares of the textile maker’s stock valued at $388,000 after buying an additional 324 shares during the last quarter. Hedge funds and other institutional investors own 79.96% 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.