Crocs (NASDAQ:CROX) Downgraded to Sell at Zacks Investment Research

Crocs (NASDAQ:CROX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Monday, March 12th.

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. “

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A number of other research analysts also recently weighed in on CROX. Pivotal Research reaffirmed a “hold” rating and set a $13.00 price target (up from $10.00) on shares of Crocs in a research note on Wednesday, January 10th. BidaskClub lowered Crocs from a “strong-buy” rating to a “buy” rating in a report on Thursday, January 4th. Piper Jaffray raised Crocs from a “neutral” rating to an “overweight” rating and set a $15.00 price objective for the company in a report on Thursday, March 1st. Buckingham Research boosted their price objective on Crocs from $7.00 to $9.00 and gave the stock an “underweight” rating in a report on Thursday, March 1st. Finally, CL King lowered Crocs from a “buy” rating to a “neutral” rating in a report on Monday, November 20th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. Crocs presently has a consensus rating of “Hold” and a consensus target price of $11.00.

Shares of NASDAQ CROX traded down $0.74 during trading on Monday, reaching $16.58. The company had a trading volume of 1,342,385 shares, compared to its average volume of 1,122,924. The firm has a market capitalization of $1,171.50, a PE ratio of -829.50, a price-to-earnings-growth ratio of 3.63 and a beta of 0.30. Crocs has a 12 month low of $5.93 and a 12 month high of $17.43.

Crocs (NASDAQ:CROX) last announced its quarterly earnings data on Wednesday, February 28th. The textile maker reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.04). Crocs had a net margin of 1.00% and a return on equity of 6.19%. The business had revenue of $199.11 million during the quarter, compared to analyst estimates of $196.70 million. During the same period in the prior year, the firm earned ($0.58) earnings per share. The firm’s revenue for the quarter was up 6.2% compared to the same quarter last year. analysts forecast that Crocs will post 0.31 earnings per share for the current year.

Crocs declared that its Board of Directors has authorized a stock repurchase plan 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. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company grew its holdings in Crocs by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 61,071 shares of the textile maker’s stock valued at $471,000 after purchasing an additional 1,553 shares during the period. Public Employees Retirement System of Ohio grew its holdings 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 purchasing an additional 1,586 shares during the period. Voya Investment Management LLC grew its holdings in Crocs by 11.8% during the second quarter. Voya Investment Management LLC now owns 39,105 shares of the textile maker’s stock valued at $301,000 after purchasing an additional 4,114 shares during the period. UBS Asset Management Americas Inc. lifted its position in shares of Crocs by 13.9% during the fourth quarter. UBS Asset Management Americas Inc. now owns 48,695 shares of the textile maker’s stock worth $616,000 after acquiring an additional 5,949 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Crocs by 2.4% during the third quarter. Russell Investments Group Ltd. now owns 277,174 shares of the textile maker’s stock worth $2,688,000 after acquiring an additional 6,399 shares in the last quarter. 99.81% of the stock is owned by institutional investors and hedge funds.

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About Crocs

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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