Zacks Investment Research lowered shares of Crocs (NASDAQ:CROX) from a hold rating to a strong sell rating in a report released on Monday morning.
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. “
Several other equities analysts have also recently issued reports on the company. BidaskClub raised Crocs from a hold rating to a buy rating in a report on Thursday, March 15th. Buckingham Research boosted their price objective on Crocs from $7.00 to $9.00 and gave the company an underweight rating in a report on Thursday, March 1st. Piper Jaffray Companies raised Crocs from a neutral rating to an overweight rating and set a $15.00 price objective for the company in a report on Thursday, March 1st. Pivotal Research set a $13.00 price objective on Crocs and gave the company a hold rating in a report on Monday, February 26th. Finally, Stifel Nicolaus raised Crocs from a hold rating to a buy rating in a report on Friday, December 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $11.00.
Crocs stock opened at $15.55 on Monday. The stock has a market capitalization of $1,033.15, a PE ratio of -97.19, a PEG ratio of 3.20 and a beta of 0.55. Crocs has a fifty-two week low of $5.93 and a fifty-two week high of $15.59.
Crocs (NASDAQ:CROX) last issued its quarterly earnings data on Wednesday, February 28th. The textile maker reported ($0.41) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.37) by ($0.04). The company had revenue of $199.11 million during the quarter, compared to analyst estimates of $196.70 million. Crocs had a net margin of 1.00% and a return on equity of 6.19%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period last year, the firm earned ($0.58) EPS. research analysts anticipate that Crocs will post 0.31 earnings per share for the current year.
Crocs declared that its board has authorized a share repurchase program on Wednesday, February 28th that allows the company to repurchase $431.00 million in shares. This repurchase authorization allows the textile maker to reacquire shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MetLife Investment Advisors LLC acquired a new position in Crocs in the 4th quarter worth about $340,000. Gotham Asset Management LLC raised its holdings in Crocs by 213.9% in the 4th quarter. Gotham Asset Management LLC now owns 540,393 shares of the textile maker’s stock worth $6,831,000 after purchasing an additional 368,212 shares during the period. Millennium Management LLC raised its holdings in Crocs by 132.6% in the 4th quarter. Millennium Management LLC now owns 1,947,358 shares of the textile maker’s stock worth $24,615,000 after purchasing an additional 1,110,317 shares during the period. Cornerstone Capital Management Holdings LLC. acquired a new position in Crocs in the 4th quarter worth about $4,606,000. Finally, TIAA CREF Investment Management LLC raised its holdings in Crocs by 23.0% in the 4th quarter. TIAA CREF Investment Management LLC now owns 641,832 shares of the textile maker’s stock worth $8,113,000 after purchasing an additional 120,026 shares during the period. 99.78% of the stock is owned by institutional investors.
TRADEMARK VIOLATION NOTICE: “Crocs (CROX) Downgraded by Zacks Investment Research” was first reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are accessing this news story on another site, it was illegally stolen and reposted in violation of US and international trademark and copyright laws. The original version of this news story can be viewed at https://www.dispatchtribunal.com/2018/03/22/crocs-crox-downgraded-by-zacks-investment-research-2.html.
Crocs Company Profile
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.
Get a free copy of the Zacks research report on Crocs (CROX)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Crocs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Crocs and related companies with MarketBeat.com's FREE daily email newsletter.