Skechers U.S.A., Inc. (SKX) Expected to Post Earnings of $0.74 Per Share

Analysts expect Skechers U.S.A., Inc. (NYSE:SKX) to announce earnings of $0.74 per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Skechers U.S.A.’s earnings, with the highest EPS estimate coming in at $0.77 and the lowest estimate coming in at $0.71. Skechers U.S.A. posted earnings per share of $0.60 in the same quarter last year, which indicates a positive year over year growth rate of 23.3%. The company is expected to announce its next earnings results on Monday, January 1st.

On average, analysts expect that Skechers U.S.A. will report full year earnings of $2.30 per share for the current year, with EPS estimates ranging from $2.25 to $2.33. For the next financial year, analysts forecast that the business will post earnings of $2.63 per share, with EPS estimates ranging from $2.52 to $2.78. Zacks’ earnings per share averages are a mean average based on a survey of sell-side research analysts that cover Skechers U.S.A..

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Skechers U.S.A. (NYSE:SKX) last issued its quarterly earnings results on Thursday, February 8th. The textile maker reported $0.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.08. Skechers U.S.A. had a net margin of 4.30% and a return on equity of 14.63%. The company had revenue of $970.59 million during the quarter, compared to the consensus estimate of $881.39 million. During the same quarter in the prior year, the firm posted $0.04 EPS. The firm’s quarterly revenue was up 27.0% on a year-over-year basis.

SKX has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of Skechers U.S.A. from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Tuesday, January 2nd. ValuEngine raised shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Citigroup upped their price target on shares of Skechers U.S.A. from $34.00 to $45.00 and gave the stock a “buy” rating in a report on Wednesday, January 17th. Wedbush reaffirmed a “buy” rating and set a $45.00 price target (up previously from $39.00) on shares of Skechers U.S.A. in a report on Wednesday, January 3rd. Finally, Argus raised shares of Skechers U.S.A. from a “hold” rating to a “buy” rating in a research note on Friday, December 15th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Skechers U.S.A. currently has a consensus rating of “Buy” and a consensus price target of $42.77.

In related news, General Counsel Phillip Paccione sold 17,432 shares of the stock in a transaction that occurred on Friday, March 23rd. The shares were sold at an average price of $38.04, for a total value of $663,113.28. Following the completion of the transaction, the general counsel now owns 47,432 shares of the company’s stock, valued at approximately $1,804,313.28. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Robert Greenberg sold 37,814 shares of the stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $40.34, for a total transaction of $1,525,416.76. Following the completion of the transaction, the chief executive officer now directly owns 704,397 shares of the company’s stock, valued at approximately $28,415,374.98. The disclosure for this sale can be found here. In the last three months, insiders sold 95,286 shares of company stock valued at $3,804,003. 21.73% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in SKX. New York State Common Retirement Fund increased its position in Skechers U.S.A. by 8.4% in the 3rd quarter. New York State Common Retirement Fund now owns 302,700 shares of the textile maker’s stock valued at $7,595,000 after acquiring an additional 23,400 shares during the period. Bank of New York Mellon Corp increased its position in Skechers U.S.A. by 1.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,548,759 shares of the textile maker’s stock valued at $38,859,000 after acquiring an additional 19,722 shares during the period. Ameriprise Financial Inc. increased its position in Skechers U.S.A. by 0.8% in the 3rd quarter. Ameriprise Financial Inc. now owns 706,200 shares of the textile maker’s stock valued at $17,719,000 after acquiring an additional 5,501 shares during the period. Nordea Investment Management AB increased its position in Skechers U.S.A. by 6.4% in the 3rd quarter. Nordea Investment Management AB now owns 73,830 shares of the textile maker’s stock valued at $1,852,000 after acquiring an additional 4,430 shares during the period. Finally, Legal & General Group Plc increased its position in Skechers U.S.A. by 12.4% in the 3rd quarter. Legal & General Group Plc now owns 126,840 shares of the textile maker’s stock valued at $3,183,000 after acquiring an additional 14,026 shares during the period. Hedge funds and other institutional investors own 73.09% of the company’s stock.

Shares of Skechers U.S.A. stock opened at $40.26 on Thursday. Skechers U.S.A. has a 1-year low of $22.64 and a 1-year high of $42.73. The company has a quick ratio of 2.06, a current ratio of 3.52 and a debt-to-equity ratio of 0.04. The company has a market cap of $6,572.02, a PE ratio of 22.62, a PEG ratio of 1.19 and a beta of 0.31.

Skechers U.S.A. declared that its Board of Directors has approved a stock buyback plan on Thursday, February 8th that authorizes the company to repurchase $150.00 million in shares. This repurchase authorization authorizes the textile maker to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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Skechers U.S.A. Company Profile

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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