Mackay Shields LLC Acquires Shares of 311,300 Crocs (CROX)

Mackay Shields LLC acquired a new stake in Crocs (NASDAQ:CROX) in the first quarter, HoldingsChannel.com reports. The fund acquired 311,300 shares of the textile maker’s stock, valued at approximately $5,059,000.

Other large investors have also recently made changes to their positions in the company. Wells Fargo & Company MN lifted its position in shares of Crocs by 47.9% during the 3rd quarter. Wells Fargo & Company MN now owns 80,604 shares of the textile maker’s stock valued at $782,000 after acquiring an additional 26,111 shares during the period. Profit Investment Management LLC lifted its position in shares of Crocs by 23.4% during the 4th quarter. Profit Investment Management LLC now owns 242,436 shares of the textile maker’s stock valued at $3,064,000 after acquiring an additional 46,001 shares during the period. Acadian Asset Management LLC acquired a new stake in shares of Crocs during the 4th quarter valued at approximately $452,000. Fox Run Management L.L.C. acquired a new stake in shares of Crocs during the 4th quarter valued at approximately $258,000. Finally, First Quadrant L P CA lifted its position in shares of Crocs by 380.7% during the 4th quarter. First Quadrant L P CA now owns 144,735 shares of the textile maker’s stock valued at $1,829,000 after acquiring an additional 114,623 shares during the period. Hedge funds and other institutional investors own 99.81% of the company’s stock.

Shares of Crocs opened at $16.00 on Friday, according to MarketBeat.com. Crocs has a 1-year low of $6.14 and a 1-year high of $17.43. The company has a market cap of $1.07 billion, a PE ratio of -800.00, a price-to-earnings-growth ratio of 3.79 and a beta of 0.29.

Crocs (NASDAQ:CROX) last issued its quarterly earnings data on Tuesday, May 8th. The textile maker reported $0.15 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.02. Crocs had a net margin of 1.51% and a return on equity of 8.10%. The business had revenue of $283.15 million during the quarter, compared to analysts’ expectations of $272.21 million. During the same period last year, the company posted $0.08 EPS. The company’s revenue was up 5.7% on a year-over-year basis. research analysts predict that Crocs will post 0.28 earnings per share for the current year.

Crocs declared that its Board of Directors has authorized a share buyback program on Wednesday, February 28th that allows the company to buyback $431.00 million in shares. This buyback authorization allows the textile maker to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

A number of research firms have recently issued reports on CROX. Zacks Investment Research upgraded shares of Crocs from a “strong sell” rating to a “hold” rating in a research report on Wednesday. Stifel Nicolaus downgraded shares of Crocs from a “buy” rating to a “hold” rating and lifted their price target for the company from $16.00 to $17.00 in a research report on Wednesday. Pivotal Research set a $15.00 price target on shares of Crocs and gave the company a “hold” rating in a research report on Tuesday, May 8th. BidaskClub downgraded shares of Crocs from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd. Finally, ValuEngine raised shares of Crocs from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, May 2nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $13.38.

About Crocs

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.

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Institutional Ownership by Quarter for Crocs (NASDAQ:CROX)

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