Crocs (NASDAQ:CROX) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Crocs (NASDAQ:CROX) from a strong-buy rating to a hold rating in a research report report published on Tuesday morning, Zacks.com reports.

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. “

A number of other analysts have also recently commented on the stock. BidaskClub upgraded shares of ZIOPHARM Oncology from a buy rating to a strong-buy rating in a research note on Monday, June 17th. CL King upgraded shares of Crocs from a neutral rating to a buy rating in a research note on Thursday, June 27th. TheStreet upgraded shares of United States Lime & Minerals from a c+ rating to a b rating in a research note on Wednesday, March 20th. Robert W. Baird dropped their price target on shares of Micron Technology from $32.00 to $28.00 and set an underperform rating on the stock in a research note on Friday, June 21st. Finally, Piper Jaffray Companies set a $120.00 price target on shares of bluebird bio and gave the company a hold rating in a research note on Friday, June 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $29.13.

CROX opened at $20.96 on Tuesday. The company has a current ratio of 1.95, a quick ratio of 1.32 and a debt-to-equity ratio of 2.77. The stock has a market capitalization of $1.47 billion, a PE ratio of 30.06, a price-to-earnings-growth ratio of 1.09 and a beta of 0.92. Crocs has a twelve month low of $16.26 and a twelve month high of $31.88. The company has a 50-day moving average of $19.75.

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

Crocs announced that its board has authorized a share buyback program on Tuesday, May 7th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the textile maker to reacquire up to 25.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

A number of institutional investors have recently bought and sold shares of the stock. Campbell & CO Investment Adviser LLC bought a new position in shares of Crocs during the 2nd quarter valued at $451,000. WINTON GROUP Ltd grew its holdings in shares of Crocs by 41.9% during the 2nd quarter. WINTON GROUP Ltd now owns 21,828 shares of the textile maker’s stock valued at $431,000 after purchasing an additional 6,447 shares during the last quarter. FMR LLC grew its holdings in shares of Crocs by 54.2% during the 1st quarter. FMR LLC now owns 2,846 shares of the textile maker’s stock valued at $73,000 after purchasing an additional 1,000 shares during the last quarter. Marshall Wace North America L.P. grew its holdings in shares of Crocs by 136.9% during the 1st 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. Finally, Marshall Wace LLP grew its holdings in shares of Crocs by 95.0% during the 1st 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. 97.21% of the stock is currently owned by institutional investors and hedge funds.

Crocs Company Profile

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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