Crocs (CROX) Sees Large Volume Increase Following Better-Than-Expected Earnings

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Crocs, Inc. (NASDAQ:CROX) shares saw unusually-strong trading volume on Friday following a better than expected earnings announcement. Approximately 94,753 shares traded hands during trading, a decline of 89% from the previous session’s volume of 877,651 shares.The stock last traded at $25.78 and had previously closed at $27.35.

The textile maker reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.09. The company had revenue of $261.10 million for the quarter, compared to analyst estimates of $246.47 million. Crocs had a net margin of 2.29% and a return on equity of 13.84%. The business’s revenue was up 7.3% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.03) EPS.

CROX has been the topic of several recent research reports. Piper Jaffray Companies set a $23.00 price objective on shares of Crocs and gave the stock a “buy” rating in a research report on Monday, October 22nd. TheStreet upgraded shares of Crocs from a “c+” rating to a “b” rating in a research report on Thursday, August 9th. Zacks Investment Research upgraded shares of Crocs from a “hold” rating to a “strong-buy” rating and set a $20.00 price objective on the stock in a research report on Wednesday, August 8th. BidaskClub lowered shares of Crocs from a “buy” rating to a “hold” rating in a research report on Thursday, October 4th. Finally, Pivotal Research reiterated a “buy” rating and issued a $21.00 price objective on shares of Crocs in a research report on Tuesday, August 7th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $17.14.

In related news, Director Thomas J. Smach sold 74,400 shares of the business’s stock in a transaction dated Wednesday, August 22nd. The shares were sold at an average price of $20.14, for a total value of $1,498,416.00. Following the sale, the director now directly owns 125,262 shares in the company, valued at approximately $2,522,776.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel P. Hart sold 20,831 shares of the business’s stock in a transaction dated Tuesday, August 21st. The stock was sold at an average price of $20.00, for a total transaction of $416,620.00. Following the completion of the sale, the insider now owns 347,706 shares in the company, valued at $6,954,120. The disclosure for this sale can be found here. 2.10% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in CROX. Cambria Investment Management L.P. lifted its holdings in Crocs by 11.5% in the 2nd quarter. Cambria Investment Management L.P. now owns 34,801 shares of the textile maker’s stock valued at $613,000 after purchasing an additional 3,600 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Crocs by 0.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,246,230 shares of the textile maker’s stock valued at $74,776,000 after purchasing an additional 23,147 shares in the last quarter. Spark Investment Management LLC purchased a new position in Crocs in the 2nd quarter valued at about $7,605,000. First Trust Advisors LP purchased a new position in Crocs in the 2nd quarter valued at about $4,214,000. Finally, LPL Financial LLC purchased a new position in Crocs in the 1st quarter valued at about $232,000. Institutional investors and hedge funds own 97.24% of the company’s stock.

The firm has a market cap of $1.45 billion, a PE ratio of -1,268.50, a PEG ratio of 5.27 and a beta of 0.61.

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About Crocs (NASDAQ:CROX)

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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