Zacks Investment Research downgraded shares of Crocs (NASDAQ:CROX) from a hold rating to a sell rating in a research report released on Monday, March 5th.
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. “
A number of other analysts have also issued reports on the company. Buckingham Research increased their target price on Crocs from $7.00 to $9.00 and gave the company an underweight rating in a report on Thursday, March 1st. Piper Jaffray Companies upgraded Crocs from a neutral rating to an overweight rating and set a $15.00 target price for the company in a report on Thursday, March 1st. Pivotal Research set a $13.00 target price on Crocs and gave the company a hold rating in a report on Monday, February 26th. BidaskClub lowered Crocs from a buy rating to a hold rating in a report on Friday, January 26th. Finally, Stifel Nicolaus upgraded Crocs from a hold rating to a buy rating in a report on Friday, December 15th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $11.00.
Crocs (NASDAQ:CROX) last released its earnings results on Wednesday, February 28th. The textile maker reported ($0.41) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.37) by ($0.04). The business had revenue of $199.11 million during the quarter, compared to analysts’ expectations of $196.70 million. Crocs had a net margin of 1.00% and a return on equity of 6.19%. Crocs’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.58) EPS. equities research analysts forecast that Crocs will post 0.31 earnings per share for the current fiscal year.
Crocs announced that its Board of Directors has initiated a stock buyback program on Wednesday, February 28th that permits the company to buyback $431.00 million in shares. This buyback authorization permits the textile maker to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
Several large investors have recently made changes to their positions in the stock. MetLife Investment Advisors LLC purchased a new stake in shares of Crocs during the fourth quarter worth $340,000. Gotham Asset Management LLC raised its holdings in shares of Crocs by 213.9% during the fourth quarter. Gotham Asset Management LLC now owns 540,393 shares of the textile maker’s stock worth $6,831,000 after acquiring an additional 368,212 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Crocs by 132.6% during the fourth quarter. Millennium Management LLC now owns 1,947,358 shares of the textile maker’s stock worth $24,615,000 after acquiring an additional 1,110,317 shares in the last quarter. Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of Crocs during the fourth quarter worth $4,606,000. Finally, TIAA CREF Investment Management LLC raised its holdings in shares of Crocs by 23.0% during the fourth quarter. TIAA CREF Investment Management LLC now owns 641,832 shares of the textile maker’s stock worth $8,113,000 after acquiring an additional 120,026 shares in the last quarter. Institutional investors and hedge funds own 99.78% of the company’s stock.
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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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