Wall Street brokerages expect Skechers USA Inc (NYSE:SKX) to announce $1.34 billion in sales for the current quarter, according to Zacks. Four analysts have made estimates for Skechers USA’s earnings, with the lowest sales estimate coming in at $1.33 billion and the highest estimate coming in at $1.34 billion. Skechers USA reported sales of $1.18 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 13.6%. The firm is expected to issue its next earnings report after the market closes on Tuesday, October 22nd.
On average, analysts expect that Skechers USA will report full-year sales of $5.10 billion for the current financial year, with estimates ranging from $5.09 billion to $5.11 billion. For the next financial year, analysts forecast that the company will post sales of $5.58 billion, with estimates ranging from $5.51 billion to $5.66 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Skechers USA.
Several research analysts have recently commented on SKX shares. UBS Group boosted their price objective on Skechers USA to $50.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Zacks Investment Research upped their target price on Skechers USA to $42.50 in a research note on Tuesday, October 15th. Susquehanna Bancshares upped their target price on Skechers USA from $37.00 to $42.00 and gave the stock a “positive” rating in a research note on Friday, July 19th. Stifel Nicolaus upped their target price on Skechers USA from $35.00 to $44.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, Wells Fargo & Co set a $40.00 target price on Skechers USA and gave the stock a “hold” rating in a research note on Friday, July 19th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $40.35.
Shares of NYSE SKX traded up $0.50 during midday trading on Thursday, hitting $38.00. 3,002,993 shares of the company’s stock were exchanged, compared to its average volume of 2,258,169. Skechers USA has a 12-month low of $21.45 and a 12-month high of $40.50. The company has a current ratio of 2.51, a quick ratio of 1.65 and a debt-to-equity ratio of 0.43. The company has a market cap of $6.01 billion, a price-to-earnings ratio of 19.79, a PEG ratio of 1.09 and a beta of 0.80. The business’s fifty day moving average price is $35.93 and its two-hundred day moving average price is $33.03.
In other Skechers USA news, Director Thomas Walsh sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $39.77, for a total value of $59,655.00. Following the completion of the sale, the director now owns 15,500 shares in the company, valued at $616,435. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jeffrey Greenberg sold 90,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $37.72, for a total value of $3,394,800.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 386,500 shares of company stock valued at $13,995,705. 28.08% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the business. NuWave Investment Management LLC raised its holdings in shares of Skechers USA by 271.4% during the third quarter. NuWave Investment Management LLC now owns 713 shares of the textile maker’s stock valued at $26,000 after acquiring an additional 521 shares in the last quarter. Meeder Asset Management Inc. raised its holdings in shares of Skechers USA by 1,270.7% during the third quarter. Meeder Asset Management Inc. now owns 1,028 shares of the textile maker’s stock valued at $39,000 after acquiring an additional 953 shares in the last quarter. Hanseatic Management Services Inc. bought a new position in shares of Skechers USA during the second quarter valued at approximately $43,000. Cerebellum GP LLC bought a new position in shares of Skechers USA during the third quarter valued at approximately $63,000. Finally, Atria Investments LLC bought a new position in shares of Skechers USA during the second quarter valued at approximately $346,000. Hedge funds and other institutional investors own 76.34% of the company’s stock.
About Skechers USA
Skechers U.SA, Inc designs, develops, markets, and distributes footwear for men, women, and children; and performance footwear for men and women under the Skechers GO brand worldwide. It operates through three segments: Domestic Wholesale Sales, International Wholesale Sales, and Retail Sales. The company offers casual boots, shoes, and sandals for men; shoes, oxfords and slip-ons, lug outsole and fashion boots, and casual sandals for women; dress casuals, seasonal sandals and boots, classic and wide fit, and relaxed fit casuals for men and women; and casual athletic line for men and women under the Skechers USA brand.
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