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Why Skechers (SKX) Dipped More Than Broader Market Today
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The latest trading session saw Skechers (SKX - Free Report) ending at $69.12, denoting a -1.03% adjustment from its last day's close. This change lagged the S&P 500's daily loss of 0.41%. Elsewhere, the Dow saw a downswing of 0.12%, while the tech-heavy Nasdaq depreciated by 0.71%.
Heading into today, shares of the shoe company had lost 0.82% over the past month, lagging the Consumer Discretionary sector's gain of 2.29% and the S&P 500's gain of 3.53% in that time.
The investment community will be closely monitoring the performance of Skechers in its forthcoming earnings report. The company is scheduled to release its earnings on July 25, 2024. The company's upcoming EPS is projected at $0.92, signifying a 6.12% drop compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $2.21 billion, reflecting a 10.04% rise from the equivalent quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $4.08 per share and a revenue of $8.85 billion, indicating changes of +16.91% and +10.57%, respectively, from the former year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Skechers. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.55% upward. Skechers is currently a Zacks Rank #2 (Buy).
Valuation is also important, so investors should note that Skechers has a Forward P/E ratio of 17.11 right now. Its industry sports an average Forward P/E of 16.18, so one might conclude that Skechers is trading at a premium comparatively.
Meanwhile, SKX's PEG ratio is currently 1. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the Shoes and Retail Apparel industry stood at 1.72 at the close of the market yesterday.
The Shoes and Retail Apparel industry is part of the Consumer Discretionary sector. This industry currently has a Zacks Industry Rank of 46, which puts it in the top 19% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Why Skechers (SKX) Dipped More Than Broader Market Today
The latest trading session saw Skechers (SKX - Free Report) ending at $69.12, denoting a -1.03% adjustment from its last day's close. This change lagged the S&P 500's daily loss of 0.41%. Elsewhere, the Dow saw a downswing of 0.12%, while the tech-heavy Nasdaq depreciated by 0.71%.
Heading into today, shares of the shoe company had lost 0.82% over the past month, lagging the Consumer Discretionary sector's gain of 2.29% and the S&P 500's gain of 3.53% in that time.
The investment community will be closely monitoring the performance of Skechers in its forthcoming earnings report. The company is scheduled to release its earnings on July 25, 2024. The company's upcoming EPS is projected at $0.92, signifying a 6.12% drop compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $2.21 billion, reflecting a 10.04% rise from the equivalent quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $4.08 per share and a revenue of $8.85 billion, indicating changes of +16.91% and +10.57%, respectively, from the former year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Skechers. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.55% upward. Skechers is currently a Zacks Rank #2 (Buy).
Valuation is also important, so investors should note that Skechers has a Forward P/E ratio of 17.11 right now. Its industry sports an average Forward P/E of 16.18, so one might conclude that Skechers is trading at a premium comparatively.
Meanwhile, SKX's PEG ratio is currently 1. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the Shoes and Retail Apparel industry stood at 1.72 at the close of the market yesterday.
The Shoes and Retail Apparel industry is part of the Consumer Discretionary sector. This industry currently has a Zacks Industry Rank of 46, which puts it in the top 19% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.