Zacks Investment Research Upgrades Crocs Inc. (CROX) to “Hold”
Crocs Inc. (NASDAQ:CROX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors 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. “
CROX has been the subject of several other research reports. Piper Jaffray Cos. reissued a “neutral” rating and issued a $8.00 price objective (down previously from $10.00) on shares of Crocs in a research report on Thursday, August 4th. B. Riley reissued a “neutral” rating and issued a $10.00 price objective on shares of Crocs in a research report on Tuesday, August 2nd. Monness Crespi & Hardt dropped their price objective on shares of Crocs from $13.00 to $11.00 and set a “buy” rating for the company in a research report on Thursday, August 4th. Finally, Susquehanna assumed coverage on shares of Crocs in a research report on Friday, August 12th. They issued a “neutral” rating and a $9.50 price objective for the company. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $11.00.
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Crocs (NASDAQ:CROX) traded down 3.81% on Tuesday, reaching $8.34. 504,120 shares of the company’s stock were exchanged. Crocs has a 1-year low of $7.63 and a 1-year high of $12.54. The stock’s 50 day moving average price is $8.52 and its 200 day moving average price is $9.58. The firm’s market capitalization is $612.86 million.
Crocs (NASDAQ:CROX) last released its quarterly earnings data 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 return on equity of 16.50% and a negative net margin of 6.31%. The business earned $323.80 million during the quarter, compared to analyst estimates of $348.46 million. During the same period in the previous year, the company earned $0.11 EPS. Crocs’s revenue was down 6.3% on a year-over-year basis. On average, analysts expect that Crocs will post ($0.03) earnings per share for the current year.
In related news, CFO Carrie W. Teffner acquired 7,500 shares of Crocs stock in a transaction on Wednesday, August 24th. The shares were purchased at an average cost of $8.85 per share, for a total transaction of $66,375.00. Following the purchase, the chief financial officer now directly owns 349,188 shares of the company’s stock, valued at approximately $3,090,313.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of CROX. Pacad Investment Ltd. bought a new position in Crocs during the first quarter worth approximately $134,000. JPMorgan Chase & Co. increased its position in Crocs by 7.2% in the first quarter. JPMorgan Chase & Co. now owns 4,897,096 shares of the company’s stock worth $47,110,000 after buying an additional 328,948 shares during the period. Bogle Investment Management L P DE bought a new position in Crocs during the first quarter worth approximately $1,419,000. Royal Bank of Canada increased its position in Crocs by 10.4% in the first quarter. Royal Bank of Canada now owns 14,473 shares of the company’s stock worth $139,000 after buying an additional 1,365 shares during the period. Finally, Menta Capital LLC bought a new position in Crocs during the first quarter worth approximately $529,000. Hedge funds and other institutional investors own 99.81% of the company’s stock.
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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