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

Skechers U.S.A. (NYSE:SKX) posted its earnings results on Thursday. The textile maker reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.11, Briefing.com reports. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.31 billion. Skechers U.S.A. had a net margin of 6.90% and a return on equity of 13.04%. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.93 EPS.

Skechers U.S.A. Price Performance

SKX traded down $2.42 during trading on Friday, reaching $59.21. 6,635,985 shares of the company traded hands, compared to its average volume of 1,871,929. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.33 and a current ratio of 2.06. Skechers U.S.A. has a 12-month low of $45.58 and a 12-month high of $75.09. The firm has a fifty day simple moving average of $66.17 and a 200 day simple moving average of $66.13. The company has a market cap of $9.03 billion, a P/E ratio of 15.58, a PEG ratio of 0.89 and a beta of 1.22.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus increased their price objective on shares of Skechers U.S.A. from $81.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Evercore ISI increased their price objective on shares of Skechers U.S.A. from $68.00 to $72.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Barclays increased their price objective on shares of Skechers U.S.A. from $79.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday. Wedbush increased their price objective on shares of Skechers U.S.A. from $76.00 to $79.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, Morgan Stanley increased their price objective on shares of Skechers U.S.A. from $81.00 to $84.00 and gave the stock an “overweight” rating in a research note on Friday. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Skechers U.S.A. presently has an average rating of “Buy” and a consensus price target of $78.09.

Skechers U.S.A. announced that its Board of Directors has initiated a share repurchase plan on Thursday, July 25th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the textile maker to repurchase up to 10.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is 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.