Crocs, Inc. (NASDAQ:CROX) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday, October 17th.
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. “
Other equities research analysts have also recently issued research reports about the company. ValuEngine raised Crocs from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. Piper Jaffray Companies reissued a “hold” rating and issued a $9.00 price objective on shares of Crocs in a research note on Wednesday, August 9th. BidaskClub cut Crocs from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Susquehanna Bancshares Inc reissued a “positive” rating and issued a $8.00 price objective (up previously from $7.00) on shares of Crocs in a research note on Thursday, August 10th. Finally, TheStreet raised Crocs from a “d” rating to a “c-” rating in a research report on Wednesday, June 21st. Eight research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $8.75.
Crocs (NASDAQ:CROX) traded up 0.19% during trading on Tuesday, hitting $10.56. 376,620 shares of the stock traded hands. The firm’s 50-day moving average is $9.56 and its 200 day moving average is $7.95. Crocs has a 52 week low of $5.93 and a 52 week high of $10.69. The stock’s market cap is $757.80 million.
Crocs (NASDAQ:CROX) last issued its earnings results on Wednesday, August 9th. The textile maker reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.15 by $0.12. Crocs had a negative return on equity of 3.36% and a negative net margin of 0.91%. The business had revenue of $313.20 million during the quarter, compared to the consensus estimate of $311.33 million. During the same period in the previous year, the company posted $0.16 earnings per share. The firm’s revenue for the quarter was down 3.3% on a year-over-year basis. Equities research analysts forecast that Crocs will post ($0.03) earnings per share for the current fiscal year.
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Several institutional investors and hedge funds have recently modified their holdings of CROX. Tudor Investment Corp ET AL bought a new stake in shares of Crocs in the second quarter valued at $100,000. BlueCrest Capital Management Ltd bought a new stake in shares of Crocs in the second quarter valued at $110,000. State of Alaska Department of Revenue raised its stake in shares of Crocs by 79.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 14,623 shares of the textile maker’s stock valued at $112,000 after purchasing an additional 6,453 shares during the period. Jane Street Group LLC bought a new stake in shares of Crocs during the 1st quarter valued at $113,000. Finally, Public Employees Retirement System of Ohio raised its stake in shares of Crocs by 12.0% during the 2nd 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 during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.
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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