Crocs (NASDAQ:CROX) Stock Rating Reaffirmed by Pivotal Research

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Pivotal Research reiterated their buy rating on shares of Crocs (NASDAQ:CROX) in a report published on Friday morning, AnalystRatings.com reports.

“We are lowering our price target on PEIX to $3.00 from $4.00 previously, as we have lowered our short-term expectations based on headwinds resulting from lower ethanol demand from China and prevailing pricing pressures. Please see the valuation section of this note for more details.”,” Pivotal Research’s analyst wrote.

CROX has been the subject of a number of other research reports. Piper Jaffray Companies raised Crocs from a neutral rating to an overweight rating and increased their price objective for the company from $22.00 to $27.00 in a research note on Monday, July 15th. Zacks Investment Research lowered Crocs from a buy rating to a hold rating in a research note on Wednesday, July 24th. Robert W. Baird raised Crocs from a neutral rating to an outperform rating and set a $29.00 price objective for the company in a research note on Friday, June 21st. CL King raised Crocs from a neutral rating to a buy rating in a research note on Thursday, June 27th. Finally, BidaskClub lowered Crocs from a buy rating to a hold rating in a research note on Wednesday, July 31st. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Crocs has an average rating of Buy and an average target price of $30.29.

NASDAQ:CROX opened at $24.08 on Friday. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of 28.00, a PEG ratio of 1.26 and a beta of 0.96. Crocs has a fifty-two week low of $16.26 and a fifty-two week high of $31.88. The company has a debt-to-equity ratio of 3.03, a quick ratio of 1.22 and a current ratio of 1.74. The company’s 50 day moving average is $21.34.

Crocs (NASDAQ:CROX) last released its quarterly earnings data on Thursday, August 1st. The textile maker reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.07. The firm had revenue of $358.90 million during the quarter, compared to analyst estimates of $360.46 million. Crocs had a return on equity of 47.15% and a net margin of 5.61%. The business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.35 earnings per share. As a group, equities research analysts forecast that Crocs will post 1.3 EPS for the current fiscal year.

Crocs announced that its Board of Directors has approved a share repurchase program on Tuesday, May 7th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the textile maker to buy up to 25.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

In related news, Director Doreen A. Wright sold 7,068 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $26.00, for a total value of $183,768.00. Following the completion of the sale, the director now owns 55,680 shares of the company’s stock, valued at $1,447,680. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.42% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. GMT Capital Corp purchased a new stake in Crocs in the first quarter worth $2,704,000. NumerixS Investment Technologies Inc lifted its position in Crocs by 277.3% during the first quarter. NumerixS Investment Technologies Inc now owns 6,414 shares of the textile maker’s stock valued at $168,000 after buying an additional 4,714 shares during the period. OmniStar Financial Group Inc. purchased a new position in Crocs during the first quarter valued at $219,000. Stifel Financial Corp purchased a new position in Crocs during the fourth quarter valued at $205,000. Finally, JPMorgan Chase & Co. lifted its position in Crocs by 14.7% during the first quarter. JPMorgan Chase & Co. now owns 467,820 shares of the textile maker’s stock valued at $12,046,000 after buying an additional 59,801 shares during the period. 97.21% of the stock is owned by institutional investors.

Crocs Company Profile

Crocs, Inc, together with its subsidiaries, designs, develops, manufactures, markets, and distributes casual lifestyle footwear and accessories for men, women, and children worldwide. It offers various footwear products, including clogs, sandals, flips and slides, shoes, and boots under the Crocs brand name.

See Also: Oversold

Analyst Recommendations for Crocs (NASDAQ:CROX)

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