Crocs Inc. (NASDAQ:CROX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors 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. “
CROX has been the topic of a number of other reports. Monness Crespi & Hardt decreased their price objective on Crocs from $13.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday, August 4th. Piper Jaffray Cos. reiterated a “hold” rating and set a $8.00 price objective on shares of Crocs in a research note on Monday, September 12th. B. Riley reiterated a “neutral” rating and set a $10.00 price objective on shares of Crocs in a research note on Tuesday, August 2nd. Finally, Susquehanna began coverage on Crocs in a research note on Friday, August 12th. They set a “neutral” rating and a $9.50 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $11.00.
Crocs (NASDAQ:CROX) opened at 8.48 on Tuesday. The firm has a 50-day moving average price of $8.49 and a 200 day moving average price of $9.56. Crocs has a 52-week low of $7.63 and a 52-week high of $12.53. The company’s market capitalization is $623.15 million.
Crocs (NASDAQ:CROX) last issued its earnings results on Wednesday, August 3rd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by $0.06. The firm earned $323.80 million during the quarter, compared to the consensus estimate of $348.46 million. Crocs had a negative net margin of 6.31% and a negative return on equity of 16.50%. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.11 earnings per share. On average, analysts predict that Crocs will post ($0.03) earnings per share for the current fiscal year.
In other Crocs news, CFO Carrie W. Teffner bought 7,500 shares of Crocs stock in a transaction that occurred on Wednesday, August 24th. The stock was acquired at an average cost of $8.85 per share, for a total transaction of $66,375.00. Following the completion of the transaction, the chief financial officer now directly owns 349,188 shares in the company, valued at $3,090,313.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.00% of the company’s stock.
A number of institutional investors have recently bought and sold shares of CROX. PineBridge Investments L.P. boosted its position in Crocs by 7.5% in the second quarter. PineBridge Investments L.P. now owns 9,303 shares of the company’s stock worth $105,000 after buying an additional 647 shares during the last quarter. Public Employees Retirement System of Ohio boosted its position in Crocs by 14.8% in the second quarter. Public Employees Retirement System of Ohio now owns 9,506 shares of the company’s stock worth $107,000 after buying an additional 1,229 shares during the last quarter. Geduld E E purchased a new position in Crocs during the second quarter worth about $113,000. Teacher Retirement System of Texas boosted its position in Crocs by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 10,314 shares of the company’s stock worth $116,000 after buying an additional 1,247 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its position in Crocs by 6.8% in the second quarter. Hsbc Holdings PLC now owns 11,350 shares of the company’s stock worth $128,000 after buying an additional 722 shares during the last quarter. Institutional investors and hedge funds own 99.81% of the company’s stock.
Crocs Company Profile
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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