Crocs Inc. (CROX) Rating Increased to Hold at Zacks Investment Research
Crocs Inc. (NASDAQ:CROX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Crocs, Inc. is a rapidly growing designer, manufacturer and marketer of footwear for men, women and children under the CROCS brand. All of the Company’s footwear products incorporate its proprietary closed-cell resin material, which the Company believes represents a substantial innovation in footwear comfort and functionality. The Company’s proprietary closed-cell resin, which it refers to as Croslite enables Crocs to produce a soft and lightweight, non-marking, slip and odor-resistant shoe. These unique properties make the Company’s footwear ideal for casual wear, as well as for recreational uses such as boating, hiking, fishing and gardening, and have enabled Crocs to successfully market its products to a broad range of consumers. “
Several other equities research analysts have also issued reports on the stock. Piper Jaffray Cos. reiterated a “hold” rating and set a $8.00 target price on shares of Crocs in a research report on Monday, September 12th. Susquehanna began coverage on shares of Crocs in a research note on Friday, August 12th. They set a “neutral” rating and a $9.50 price target on the stock. B. Riley reissued a “neutral” rating and set a $8.00 price target on shares of Crocs in a research note on Tuesday, August 9th. Finally, Monness Crespi & Hardt decreased their price target on shares of Crocs from $13.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday, August 4th. Seven research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $11.00.
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Shares of Crocs (NASDAQ:CROX) traded down 3.81% on Tuesday, reaching $8.34. 504,120 shares of the company traded hands. Crocs has a one year low of $7.63 and a one year high of $12.54. The stock’s market capitalization is $612.86 million. The stock’s 50 day moving average price is $8.52 and its 200-day moving average price is $9.58.
Crocs (NASDAQ:CROX) last announced its earnings results on Wednesday, August 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by $0.06. Crocs had a negative net margin of 6.31% and a negative return on equity of 16.50%. The company had revenue of $323.80 million for the quarter, compared to the consensus estimate of $348.46 million. During the same quarter in the previous year, the firm earned $0.11 earnings per share. The company’s revenue for the quarter was down 6.3% compared to the same quarter last year. Equities analysts forecast that Crocs will post ($0.03) earnings per share for the current fiscal year.
In other news, CFO Carrie W. Teffner bought 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The shares were bought at an average cost of $8.85 per share, with a total value of $66,375.00. Following the completion of the purchase, the chief financial officer now directly owns 349,188 shares in the company, valued at $3,090,313.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of CROX. Vanguard Group Inc. increased its position in shares of Crocs by 3.2% in the second quarter. Vanguard Group Inc. now owns 5,663,957 shares of the company’s stock worth $63,889,000 after buying an additional 178,083 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Crocs by 11.1% in the second quarter. JPMorgan Chase & Co. now owns 5,442,948 shares of the company’s stock worth $61,397,000 after buying an additional 545,852 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Crocs by 0.6% in the first quarter. Franklin Resources Inc. now owns 4,939,000 shares of the company’s stock worth $47,513,000 after buying an additional 28,700 shares during the last quarter. BlackRock Fund Advisors increased its position in shares of Crocs by 3.9% in the second quarter. BlackRock Fund Advisors now owns 4,777,869 shares of the company’s stock worth $53,894,000 after buying an additional 180,107 shares during the last quarter. Finally, Frontier Capital Management Co. LLC increased its position in shares of Crocs by 3.0% in the second quarter. Frontier Capital Management Co. LLC now owns 2,490,800 shares of the company’s stock worth $28,096,000 after buying an additional 72,942 shares during the last quarter. 99.81% of the stock is currently owned by institutional investors.
Crocs, Inc is engaged in the design, development, manufacturing, across the world marketing and distribution of casual lifestyle footwear and accessories for men, women and children. The Company’s segments include Americas, Asia Pacific and Europe. The Americas segment consists of the product sales in the North and South America geographic regions.
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