Zacks Investment Research downgraded shares of Crocs (NASDAQ:CROX) from a hold rating to a strong sell rating in a research note published on Monday, March 19th.
According to Zacks, “Crocs, Inc. is a world leader in innovative casual footwear for men, women and children. Crocs offers a broad portfolio of all-season products, while remaining true to its core molded footwear heritage. All Crocs shoes feature Croslite material, a proprietary, revolutionary technology that gives each pair of shoes the soft, comfortable, lightweight, non-marking and odor-resistant qualities that Crocs fans have known and love. Crocs celebrates the fun of being a little different and encourages fans to Find Your Fun in every colorful pair of shoes. “
CROX has been the topic of several other reports. Stifel Nicolaus upgraded Crocs from a hold rating to a buy rating in a research note on Friday, December 15th. CL King cut Crocs from a buy rating to a neutral rating in a research note on Monday, November 20th. Pivotal Research reiterated a hold rating and issued a $13.00 target price (up from $10.00) on shares of Crocs in a research note on Wednesday, January 10th. BidaskClub cut Crocs from a buy rating to a hold rating in a research note on Friday, January 26th. Finally, Buckingham Research lifted their price objective on shares of Crocs from $7.00 to $9.00 and gave the company an underweight rating in a research note on Thursday, March 1st. Two analysts have rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Hold and an average target price of $11.00.
CROX traded down $0.17 on Monday, reaching $16.75. 998,066 shares of the company’s stock were exchanged, compared to its average volume of 1,115,740. Crocs has a twelve month low of $5.93 and a twelve month high of $17.43. The company has a market cap of $1,157.05, a PE ratio of -842.50, a price-to-earnings-growth ratio of 3.74 and a beta of 0.30.
Crocs (NASDAQ:CROX) last issued its quarterly earnings data on Wednesday, February 28th. The textile maker reported ($0.41) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.37) by ($0.04). Crocs had a net margin of 1.00% and a return on equity of 6.19%. The firm had revenue of $199.11 million during the quarter, compared to analyst estimates of $196.70 million. During the same period last year, the business earned ($0.58) EPS. The firm’s revenue was up 6.2% compared to the same quarter last year. analysts expect that Crocs will post 0.3 EPS for the current year.
Crocs announced that its Board of Directors has approved a share buyback program on Wednesday, February 28th that allows the company to buyback $431.00 million in shares. This buyback authorization allows the textile maker to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Comerica Bank lifted its holdings in shares of Crocs by 69.8% during the 4th quarter. Comerica Bank now owns 128,848 shares of the textile maker’s stock valued at $1,804,000 after buying an additional 52,969 shares during the last quarter. Wells Fargo & Company MN increased its position in Crocs by 47.9% in the 3rd quarter. Wells Fargo & Company MN now owns 80,604 shares of the textile maker’s stock worth $782,000 after buying an additional 26,111 shares during the period. EAM Investors LLC bought a new position in Crocs in the 4th quarter worth approximately $2,511,000. Fox Run Management L.L.C. bought a new position in Crocs in the 4th quarter worth approximately $258,000. Finally, Neuberger Berman Group LLC increased its position in shares of Crocs by 4.9% during the third quarter. Neuberger Berman Group LLC now owns 1,531,410 shares of the textile maker’s stock valued at $14,855,000 after purchasing an additional 71,420 shares during the period. Hedge funds and other institutional investors own 99.81% of the company’s stock.
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Crocs Company Profile
Crocs, Inc, together with its subsidiaries, designs, develops, manufactures, markets, and distributes casual lifestyle footwear and accessories for men, women, and children worldwide. It offers various footwear products, including clogs, sandals, flips and slides, shoes, and boots under the Crocs brand name.
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