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

Skechers U.S.A. (NYSE:SKX) announced its quarterly earnings data on Thursday. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.11, Briefing.com reports. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The business had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.31 billion. During the same period last year, the firm posted $0.93 EPS. The company’s revenue was up 16.0% on a year-over-year basis.

Skechers U.S.A. Stock Performance

NYSE:SKX traded down $2.42 during midday trading on Friday, hitting $59.21. The company’s stock had a trading volume of 6,635,985 shares, compared to its average volume of 1,871,929. Skechers U.S.A. has a fifty-two week low of $45.58 and a fifty-two week high of $75.09. The firm’s 50 day moving average is $66.17 and its 200-day moving average is $66.13. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.06 and a quick ratio of 1.33. The firm has a market cap of $9.03 billion, a P/E ratio of 15.58, a P/E/G ratio of 0.89 and a beta of 1.22.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Wedbush raised their target price on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Barclays raised their target price on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the company an “overweight” rating in a report on Friday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Skechers U.S.A. from $83.00 to $84.00 and gave the company a “buy” rating in a report on Friday. Bank of America cut their target price on shares of Skechers U.S.A. from $81.00 to $80.00 and set a “buy” rating for the company in a report on Friday. Finally, Evercore ISI raised their target price on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $78.09.

Skechers U.S.A. declared that its Board of Directors has authorized a stock buyback program on Thursday, July 25th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the textile maker to buy up to 10.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

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.