Crocs Inc. (CROX) Raised to Hold at Zacks Investment Research
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 research analysts also recently commented on the company. Piper Jaffray Cos. reaffirmed a hold rating and issued a $8.00 price target on shares of Crocs in a research note on Monday, September 12th. Susquehanna began coverage on Crocs in a research note on Friday, August 12th. They issued a neutral rating and a $9.50 price target for the company. B. Riley reaffirmed a neutral rating and issued a $8.00 price target on shares of Crocs in a research note on Tuesday, August 9th. Finally, Monness Crespi & Hardt dropped their price target on Crocs from $13.00 to $11.00 and set a buy rating for the company in a research note on Thursday, August 4th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $11.00.
Crocs (NASDAQ:CROX) opened at 8.28 on Tuesday. The stock has a 50 day moving average of $8.47 and a 200-day moving average of $9.55. Crocs has a 52 week low of $7.63 and a 52 week high of $12.54. The firm’s market cap is $608.46 million.
Crocs (NASDAQ:CROX) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported $0.13 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by $0.06. The company earned $323.80 million during the quarter, compared to analyst estimates of $348.46 million. Crocs had a negative net margin of 6.31% and a negative return on equity of 16.50%. The firm’s revenue for the quarter was down 6.3% compared to the same quarter last year. During the same period last year, the firm earned $0.11 EPS. Analysts expect that Crocs will post ($0.03) earnings per share for the current year.
In other news, CFO Carrie W. Teffner acquired 7,500 shares of the stock in a transaction dated 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 completion of the purchase, the chief financial officer now directly owns 349,188 shares of the company’s stock, valued at approximately $3,090,313.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.00% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Crocs by 3.2% in the second quarter. Vanguard Group Inc. now owns 5,663,957 shares of the company’s stock valued at $63,889,000 after buying an additional 178,083 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Crocs by 11.1% in the second quarter. JPMorgan Chase & Co. now owns 5,442,948 shares of the company’s stock valued at $61,397,000 after buying an additional 545,852 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Crocs by 0.6% in the first quarter. Franklin Resources Inc. now owns 4,939,000 shares of the company’s stock valued at $47,513,000 after buying an additional 28,700 shares during the last quarter. BlackRock Fund Advisors boosted its stake in shares of Crocs by 3.9% in the second quarter. BlackRock Fund Advisors now owns 4,777,869 shares of the company’s stock valued at $53,894,000 after buying an additional 180,107 shares during the last quarter. Finally, Frontier Capital Management Co. LLC boosted its stake 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 during the last quarter. 99.86% 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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