Pivotal Research reaffirmed their buy rating on shares of Crocs (NASDAQ:CROX) in a research note issued to investors on Friday, 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.”,” the firm’s analyst commented.
Several other research analysts have also recently issued reports on the stock. BidaskClub cut shares of Crocs from a buy rating to a hold rating in a report on Wednesday. ValuEngine cut shares of Crocs from a buy rating to a hold rating in a report on Friday, May 10th. Robert W. Baird upgraded shares of Crocs from a neutral rating to an outperform rating and set a $29.00 price objective for the company in a report on Friday, June 21st. Piper Jaffray Companies upgraded shares of 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 report on Monday, July 15th. Finally, CL King upgraded shares of Crocs from a neutral rating to a buy rating in a report on Thursday, June 27th. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $30.29.
NASDAQ CROX traded up $0.05 on Friday, hitting $24.49. The stock had a trading volume of 2,547,699 shares, compared to its average volume of 1,618,425. Crocs has a one year low of $16.26 and a one year high of $31.88. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.32 and a current ratio of 1.95. The stock has a market cap of $1.64 billion, a PE ratio of 28.48, a price-to-earnings-growth ratio of 1.22 and a beta of 0.95. The firm’s 50-day simple moving average is $21.01.
Crocs (NASDAQ:CROX) last posted its quarterly earnings data on Thursday, August 1st. The textile maker reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.07. The business had revenue of $358.90 million during the quarter, compared to analysts’ expectations of $360.46 million. Crocs had a net margin of 4.97% and a return on equity of 35.81%. The business’s revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm posted $0.35 earnings per share. On average, equities analysts predict that Crocs will post 1.3 EPS for the current year.
Crocs declared that its board has initiated a stock repurchase plan on Tuesday, May 7th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the textile maker to repurchase up to 25.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In other news, Director Doreen A. Wright sold 7,068 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $26.00, for a total value of $183,768.00. Following the completion of the transaction, the director now directly owns 55,680 shares in the company, valued at $1,447,680. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.42% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in CROX. Norges Bank acquired a new stake in Crocs during the fourth quarter valued at approximately $40,259,000. Marshall Wace LLP lifted its stake in Crocs by 95.0% during the first quarter. Marshall Wace LLP now owns 1,739,464 shares of the textile maker’s stock valued at $44,790,000 after purchasing an additional 847,515 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Crocs by 1,273.0% during the first quarter. Assenagon Asset Management S.A. now owns 856,427 shares of the textile maker’s stock valued at $22,053,000 after purchasing an additional 794,049 shares during the last quarter. Apertura Capital LLC acquired a new stake in Crocs during the first quarter valued at approximately $12,875,000. Finally, Marshall Wace North America L.P. lifted its stake in Crocs by 136.9% during the first quarter. Marshall Wace North America L.P. now owns 455,598 shares of the textile maker’s stock valued at $11,732,000 after purchasing an additional 263,275 shares during the last quarter. 97.21% of the stock is owned by institutional investors and hedge funds.
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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