California Public Employees Retirement System trimmed its holdings in shares of Crocs, Inc. (NASDAQ:CROX) by 5.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 390,241 shares of the textile maker’s stock after selling 21,661 shares during the period. California Public Employees Retirement System owned approximately 0.56% of Crocs worth $4,933,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also bought and sold shares of the company. Public Employees Retirement System of Ohio raised its position in Crocs by 12.0% during the second quarter. Public Employees Retirement System of Ohio now owns 14,814 shares of the textile maker’s stock valued at $114,000 after buying an additional 1,586 shares during the period. Fox Run Management L.L.C. acquired a new position in Crocs in the 4th quarter worth about $258,000. Crossmark Global Holdings Inc. acquired a new position in Crocs in the 3rd quarter worth about $205,000. Teacher Retirement System of Texas acquired a new position in Crocs in the 4th quarter worth about $315,000. Finally, Municipal Employees Retirement System of Michigan increased its position in Crocs by 58.8% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 27,800 shares of the textile maker’s stock worth $270,000 after purchasing an additional 10,290 shares during the last quarter. 99.78% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have weighed in on the company. Zacks Investment Research lowered Crocs from a “hold” rating to a “sell” rating in a research report on Monday. Pivotal Research reaffirmed a “hold” rating and issued a $13.00 target price (up from $10.00) on shares of Crocs in a research report on Wednesday, January 10th. Piper Jaffray Companies raised Crocs from a “neutral” rating to an “overweight” rating and set a $15.00 target price on the stock in a research report on Thursday, March 1st. Buckingham Research upped their target price on Crocs from $7.00 to $9.00 and gave the stock an “underweight” rating in a research report on Thursday, March 1st. Finally, BidaskClub lowered Crocs from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 4th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $11.00.
Crocs (NASDAQ:CROX) last released its quarterly earnings results on Wednesday, February 28th. The textile maker reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.04). The company had revenue of $199.11 million for the quarter, compared to the consensus estimate of $196.70 million. Crocs had a return on equity of 6.19% and a net margin of 1.00%. The business’s revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.58) EPS. equities research analysts anticipate that Crocs, Inc. will post 0.33 EPS for the current year.
Crocs announced that its board has initiated a stock repurchase program on Wednesday, February 28th that authorizes the company to buyback $431.00 million in shares. This buyback authorization authorizes the textile maker to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its stock is undervalued.
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Crocs Company Profile
Crocs, Inc is engaged in the design, development, manufacturing, marketing, distribution and sale of casual lifestyle footwear and accessories for men, women, and children. The Company’s segments include Americas, Asia Pacific and Europe. Its products include footwear and accessories that utilize its closed-cell resin, called Croslite, as well as casual lifestyle footwear that use a range of materials.
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