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 report released 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. “
A number of other brokerages also recently issued reports on CROX. B. Riley restated a “neutral” rating and set a $8.00 price target on shares of Crocs in a report on Tuesday, August 9th. Susquehanna assumed coverage on shares of Crocs in a report on Friday, August 12th. They issued a “neutral” rating and a $9.50 target price for the company. Piper Jaffray Cos. reiterated a “hold” rating and issued a $8.00 target price on shares of Crocs in a report on Monday, September 12th. Finally, Monness Crespi & Hardt dropped their target price on shares of Crocs from $13.00 to $11.00 and set a “buy” rating for the company in a report on Thursday, August 4th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Crocs currently has a consensus rating of “Hold” and a consensus price target of $11.00.
Shares of Crocs (NASDAQ:CROX) traded down 3.81% during midday trading on Tuesday, hitting $8.34. The stock had a trading volume of 504,120 shares. Crocs has a 52-week low of $7.63 and a 52-week high of $12.54. The firm has a 50 day moving average price of $8.52 and a 200-day moving average price of $9.58. The stock’s market cap is $612.86 million.
Crocs (NASDAQ:CROX) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.06. The firm had revenue of $323.80 million for the quarter, compared to analyst estimates of $348.46 million. Crocs had a negative return on equity of 16.50% and a negative net margin of 6.31%. The firm’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.11 EPS. Equities analysts predict that Crocs will post ($0.03) EPS for the current fiscal year.
In other Crocs news, CFO Carrie W. Teffner purchased 7,500 shares of the firm’s stock in a transaction on Wednesday, August 24th. The stock was bought at an average price of $8.85 per share, with a total value of $66,375.00. Following the transaction, 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 this link. 1.00% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of CROX. Frontier Capital Management Co. LLC boosted its position in shares of Crocs by 3.0% in the second quarter. Frontier Capital Management Co. LLC now owns 2,490,800 shares of the company’s stock valued at $28,096,000 after buying an additional 72,942 shares in the last quarter. Rice Hall James & Associates LLC boosted its position in shares of Crocs by 145.6% in the second quarter. Rice Hall James & Associates LLC now owns 118,771 shares of the company’s stock valued at $1,340,000 after buying an additional 70,414 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in shares of Crocs by 0.6% in the second quarter. Louisiana State Employees Retirement System now owns 32,500 shares of the company’s stock valued at $367,000 after buying an additional 200 shares in the last quarter. PARK CIRCLE Co acquired a new position in shares of Crocs during the second quarter valued at approximately $1,128,000. Finally, Capstone Asset Management Co. boosted its position in shares of Crocs by 2.5% in the second quarter. Capstone Asset Management Co. now owns 21,869 shares of the company’s stock valued at $247,000 after buying an additional 530 shares in the last quarter. 99.81% of the stock is owned by institutional investors.
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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