On September 27, 2023, it was reported that Pacer Advisors Inc. had acquired a new position in Skechers U.S.A., Inc. (NYSE:SKX) during the second quarter, as stated in their recent 13F filing with the SEC. The institutional investor purchased 29,020 shares of the textile maker’s stock, with an approximate value of $1,528,000.
Skechers U.S.A., a prominent footwear company operating globally, released its earnings results on Thursday, July 27th. The textile maker exceeded analysts’ consensus estimates by reporting earnings of $0.98 per share for the quarter – surpassing predictions by $0.46 per share. With a return on equity of 11.97% and net margin of 6.11%, Skechers U.S.A.’s performance demonstrated positive growth. The company also generated revenue of $2.01 billion during the same quarter compared to analysts’ expectations of $1.92 billion. This reflects a 7.7% increase in revenue compared to the previous year’s corresponding quarter when the firm earned $0.58 per share.
Skechers U.S.A., Inc., divided into two segments – Wholesale and Direct-to-Consumer – is involved in designing, developing, marketing, and distributing footwear for men, women, and children worldwide. Under brands such as Skechers USA, Skechers Sport, Modern Comfort, Foamies apart from others; they offer casual athletic shoes and boots for both genders globally.
The company has also made a mark with specialized technical footwear lines like Skechers GOrun for running enthusiasts and Skechers GOwalk for walkers seeking comfort and style simultaneously.
While focusing on innovative designs and meeting customer demands across various market segments is at the core of their strategy to maintain their competitive edge in the industry; they have diversified their product range not only in terms of styles but also cater to specific activities such as pickleball, with their Skechers Viper Court line.
With consistent growth and positive financial performance, research analysts predict that Skechers U.S.A., Inc. will achieve earnings per share of approximately $3.39 for the current year.
Through its successful expansion and popular product offerings, Skechers U.S.A., Inc. continues to cater to a wide range of customers seeking quality footwear across various styles and purposes. As an institutional investor takes notice and allocates substantial resources to invest in the company, it further reinforces the confidence placed in Skechers U.S.A. and solidifies its position within the footwear industry throughout the global market.
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Recent Changes in Institutional Holdings and Analyst Ratings for Skechers U.S.A.
As of the 2nd quarter of the fiscal year, a number of institutional investors and hedge funds have made significant changes to their holdings in Skechers U.S.A., a textile maker. Harbor Capital Advisors Inc. purchased a new stake in the company for approximately $63,000, while Level Four Advisory Services LLC acquired a stake valued at about $490,000 during the same period. Harvest Fund Management Co. Ltd also increased its stake by 55.4%, now owning 3,111 shares worth $164,000 after purchasing an additional 1,109 shares.
Verity Asset Management Inc. boosted its stake in Skechers U.S.A by 4.0% during the first quarter, resulting in them now owning 13,779 shares valued at around $655,000 after acquiring an extra 534 shares. Additionally, Ameriprise Financial Inc. raised its stake by 0.3% during the first quarter and currently owns 359,008 shares worth $17,062,000 after buying an extra 1,007 shares.
When it comes to institutional investors and hedge funds holdings in Skechers U.S.A., they collectively own approximately 80.54% of the company’s stock.
On Wednesday morning, shares of Skechers U.S.A opened at $47.17 on the stock market – an interesting development for investors who closely follow this particular textile maker’s performance. Over the course of twelve months ending September 27th of this year, Skechers U.S.A reached a low of $31.28 and a high of $56.53.
Presently with a market capitalization totaling around $7.30 billion as well as a promising price-to-earnings ratio (P/E) of approximately 15.57 and PEG ratio of only 0.50 – indicating favorable growth prospects – Skechers U.S.A is attracting significant attention from investors.
The company also boasts a beta of 1.33, suggesting it could be more volatile compared to the market average. However, it does have a current ratio of 2.48 and a quick ratio of 1.48, indicating its strong ability to meet short-term obligations. Furthermore, Skechers U.S.A has maintained a low debt-to-equity ratio of 0.06, further solidifying its positive financial standing.
Skechers U.S.A.’s fifty-day moving average price currently stands at $51.14, while its two hundred-day moving average price is approximately $50.50.
In light of recent developments and trends, several equities research analysts have weighed in on Skechers U.S.A.’s performance. StockNews.com recently initiated coverage on the textile maker and issued a “buy” rating for its stock. Deutsche Bank Aktiengesellschaft also provided an optimistic outlook by increasing their price target on Skechers U.S.A from $57.00 to $62.00 and maintaining their “buy” rating.
Meanwhile, Morgan Stanley raised their price target from $48.00 to $49.00 and assigned Skechers U.S.A an “equal weight” rating in their research note dated August 29th. TD Cowen took an even more bullish stance by increasing the company’s price target from $65.00 to $67.00 with an “outperform” rating.
Wedbush concluded their analysis by reaffirming an “outperform” rating for Skechers U.S.A while setting a price target of $59.00 per share on August 10th.
Overall, one analyst has given the stock a hold rating, while eleven others have issued buy ratings for Skechers U.S.A., according to Bloomberg data.
Investors seeking more information regarding this company can access the latest research report on Skechers U.S.A., providing comprehensive insights into the textile maker’s financial performance, prospects, and overall outlook.