Skechers U.S.A. (NYSE:SKX) issued its quarterly earnings results on Thursday. The textile maker reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.05), Briefing.com reports. Skechers U.S.A. had a net margin of 6.19% and a return on equity of 12.70%. The firm had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same period in the prior year, the firm earned $0.53 EPS. Skechers U.S.A.’s revenue for the quarter was up 19.2% compared to the same quarter last year.
Shares of Skechers U.S.A. stock traded up $0.28 on Friday, hitting $46.21. 5,668,889 shares of the company traded hands, compared to its average volume of 1,490,504. The stock’s 50 day moving average price is $46.70 and its 200-day moving average price is $47.87. The company has a current ratio of 2.43, a quick ratio of 1.64 and a debt-to-equity ratio of 0.09. Skechers U.S.A. has a 52 week low of $30.06 and a 52 week high of $55.87. The company has a market cap of $7.20 billion, a PE ratio of 20.45 and a beta of 1.48.
In related news, General Counsel Phillip Paccione sold 741 shares of the business’s stock in a transaction that occurred on Tuesday, August 3rd. The shares were sold at an average price of $54.21, for a total value of $40,169.61. Following the completion of the transaction, the general counsel now owns 40,000 shares of the company’s stock, valued at $2,168,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas Walsh sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 4th. The stock was sold at an average price of $53.86, for a total transaction of $161,580.00. Following the completion of the transaction, the director now directly owns 14,500 shares of the company’s stock, valued at approximately $780,970. The disclosure for this sale can be found here. Insiders have sold 62,741 shares of company stock valued at $2,862,700 in the last ninety days. Insiders own 25.92% of the company’s stock.
An institutional investor recently raised its position in Skechers U.S.A. stock. Morgan Stanley grew its position in Skechers U.S.A., Inc. (NYSE:SKX) by 134.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 310,494 shares of the textile maker’s stock after purchasing an additional 178,175 shares during the quarter. Morgan Stanley owned about 0.20% of Skechers U.S.A. worth $15,472,000 at the end of the most recent reporting period. 78.63% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have weighed in on SKX. Morgan Stanley lifted their price target on shares of Skechers U.S.A. from $58.00 to $63.00 and gave the company an “overweight” rating in a report on Friday, July 23rd. Wedbush assumed coverage on shares of Skechers U.S.A. in a report on Monday, October 4th. They issued a “neutral” rating and a $43.00 target price on the stock. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Skechers U.S.A. from $64.00 to $58.00 and set a “buy” rating on the stock in a report on Monday, October 18th. B. Riley reissued a “buy” rating and issued a $61.00 target price (up previously from $51.00) on shares of Skechers U.S.A. in a report on Friday, July 23rd. Finally, Zacks Investment Research downgraded shares of Skechers U.S.A. from a “buy” rating to a “hold” rating and set a $47.00 target price on the stock. in a report on Monday, September 27th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $52.67.
Skechers U.S.A. Company Profile
Skechers U.SA, Inc engages in designing, development, and marketing of lifestyle footwear for men, women, and children of all ages. It operates through the following segments: Domestic Wholesale, International Wholesale, and Direct-to-Consumer. The Domestic Wholesale segment distributes footwear through the local wholesale distribution channels including department stores, specialty stores, athletic specialty shoe stores and independent retailers, as well as catalog and internet retailers.
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