Crocs, Inc. (NASDAQ:CROX) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday, October 17th.
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. “
Other equities research analysts also recently issued research reports about the company. BidaskClub raised Crocs from a “hold” rating to a “buy” rating in a report on Friday, August 11th. TheStreet raised Crocs from a “d” rating to a “c-” rating in a report on Wednesday, June 21st. Pivotal Research initiated coverage on Crocs in a report on Thursday, October 5th. They issued a “hold” rating and a $9.50 price objective for the company. Piper Jaffray Companies reaffirmed a “hold” rating and set a $9.00 price target on shares of Crocs in a report on Wednesday, August 9th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $8.00 price target (up previously from $7.00) on shares of Crocs in a report on Saturday, July 22nd. Eight equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Crocs currently has an average rating of “Hold” and a consensus price target of $8.75.
Shares of Crocs (CROX) traded up $0.49 during trading hours on Tuesday, reaching $9.63. The company’s stock had a trading volume of 1,389,723 shares, compared to its average volume of 1,107,151. Crocs has a 12-month low of $5.93 and a 12-month high of $10.80.
Crocs (NASDAQ:CROX) last announced its quarterly earnings results on Wednesday, August 9th. The textile maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.12. Crocs had a negative return on equity of 3.36% and a negative net margin of 0.91%. The company had revenue of $313.20 million during the quarter, compared to analysts’ expectations of $311.33 million. During the same period in the prior year, the business posted $0.16 EPS. Crocs’s revenue was down 3.3% on a year-over-year basis. equities analysts anticipate that Crocs will post -0.03 earnings per share for the current fiscal year.
TRADEMARK VIOLATION NOTICE: This article was originally posted by BBNS and is the property of of BBNS. If you are reading this article on another domain, it was stolen and republished in violation of United States and international copyright and trademark law. The original version of this article can be read at https://baseballnewssource.com/markets/crocs-inc-crox-downgraded-by-zacks-investment-research-to-hold/1722133.html.
Several hedge funds have recently made changes to their positions in the company. Tudor Investment Corp ET AL bought a new stake in Crocs in the second quarter worth approximately $100,000. BlueCrest Capital Management Ltd bought a new stake in Crocs in the second quarter worth approximately $110,000. State of Alaska Department of Revenue increased its holdings in shares of Crocs by 79.0% during the second quarter. State of Alaska Department of Revenue now owns 14,623 shares of the textile maker’s stock valued at $112,000 after acquiring an additional 6,453 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Crocs during the first quarter valued at approximately $113,000. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of 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 acquiring an additional 1,586 shares in the last quarter. 88.73% of the stock is currently owned by hedge funds and other institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Crocs Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Crocs Inc. and related companies with our FREE daily email newsletter.