Crocs (CROX) Rating Lowered 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 report released on Monday.
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. “
CROX has been the topic of a number of other reports. Stifel Nicolaus raised shares of Crocs from a “hold” rating to a “buy” rating in a report on Friday, December 15th. CL King downgraded shares of Crocs from a “buy” rating to a “neutral” rating in a report on Monday, November 20th. Pivotal Research reissued a “hold” rating and issued a $13.00 price target (up from $10.00) on shares of Crocs in a report on Wednesday, January 10th. BidaskClub downgraded shares of Crocs from a “buy” rating to a “hold” rating in a report on Friday, January 26th. Finally, Buckingham Research increased their price target on shares of Crocs from $7.00 to $9.00 and gave the stock an “underweight” rating in a report on Thursday, March 1st. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $11.00.
Crocs (NASDAQ:CROX) last released its quarterly earnings data on Wednesday, February 28th. The textile maker reported ($0.41) EPS for the quarter, missing the Thomson Reuters’ consensus estimate 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 for the quarter, compared to analysts’ expectations of $196.70 million. During the same period last year, the company earned ($0.58) earnings per share. Crocs’s revenue for the quarter was up 6.2% compared to the same quarter last year. analysts predict that Crocs will post 0.33 EPS for the current fiscal year.
Crocs announced that its Board of Directors has initiated a share repurchase program on Wednesday, February 28th that permits the company to repurchase $431.00 million in outstanding shares. This repurchase authorization permits the textile maker to purchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
Several institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio raised its stake in Crocs by 12.0% in 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 in the last quarter. Crossmark Global Holdings Inc. purchased a new stake in Crocs in the third quarter valued at approximately $205,000. Fox Run Management L.L.C. purchased a new stake in Crocs in the fourth quarter valued at approximately $258,000. Investors Research Corp purchased a new stake in Crocs in the fourth quarter valued at approximately $265,000. Finally, Municipal Employees Retirement System of Michigan raised its stake in Crocs by 58.8% in the third quarter. Municipal Employees Retirement System of Michigan now owns 27,800 shares of the textile maker’s stock valued at $270,000 after purchasing an additional 10,290 shares in the last quarter. 99.78% of the stock is currently owned by hedge funds and other institutional investors.
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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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