Crocs Sees Unusually Large Options Volume (NASDAQ:CROX)

Crocs, Inc. (NASDAQ:CROX) was the target of unusually large options trading on Tuesday. Stock traders bought 1,792 put options on the company. This represents an increase of 1,674% compared to the typical volume of 101 put options.

Shares of NASDAQ CROX opened at $19.21 on Thursday. Crocs has a 12-month low of $16.26 and a 12-month high of $31.88. The firm has a market capitalization of $1.38 billion, a P/E ratio of 22.34, a P/E/G ratio of 1.04 and a beta of 0.97. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.95 and a quick ratio of 1.32.

Crocs (NASDAQ:CROX) last announced its quarterly earnings results on Tuesday, May 7th. The textile maker reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.11. Crocs had a return on equity of 35.81% and a net margin of 4.97%. The firm had revenue of $295.95 million during the quarter, compared to the consensus estimate of $288.72 million. During the same period in the prior year, the firm earned $0.15 EPS. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. On average, analysts forecast that Crocs will post 1.25 earnings per share for the current year.

Crocs announced that its Board of Directors 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 generally an indication that the company’s management believes its shares are undervalued.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Zacks Investment Management purchased a new position in Crocs in the 4th quarter valued at about $511,000. OmniStar Financial Group Inc. purchased a new position in Crocs in the 1st quarter valued at about $219,000. Oregon Public Employees Retirement Fund purchased a new position in Crocs in the 4th quarter valued at about $660,000. GMT Capital Corp purchased a new position in Crocs in the 1st quarter valued at about $2,704,000. Finally, Bank of New York Mellon Corp boosted its position in Crocs by 3.7% in the 4th quarter. Bank of New York Mellon Corp now owns 871,795 shares of the textile maker’s stock valued at $22,649,000 after buying an additional 30,811 shares during the last quarter. Hedge funds and other institutional investors own 97.21% of the company’s stock.

A number of analysts have recently commented on CROX shares. BidaskClub downgraded Crocs from a “buy” rating to a “hold” rating in a report on Thursday, May 9th. ValuEngine downgraded Crocs from a “strong-buy” rating to a “buy” rating in a report on Friday, March 1st. Monness Crespi & Hardt upgraded Crocs from a “neutral” rating to a “buy” rating and set a $32.00 price target for the company in a report on Thursday, February 28th. Piper Jaffray Companies downgraded Crocs from an “overweight” rating to a “neutral” rating and set a $31.00 price target for the company. in a report on Tuesday, April 23rd. Finally, Zacks Investment Research downgraded Crocs from a “strong-buy” rating to a “hold” rating in a report on Monday, March 4th. Four investment analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $30.96.

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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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