Crocs (CROX) Sets New 1-Year High on Earnings Beat

Crocs, Inc. (NASDAQ:CROX) shares reached a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $28.07 and last traded at $27.20, with a volume of 274068 shares traded. The stock had previously closed at $21.44.

The textile maker reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.09. The business had revenue of $261.10 million for the quarter, compared to the consensus estimate of $246.47 million. Crocs had a return on equity of 13.84% and a net margin of 2.29%. Crocs’s revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.03) EPS.

Several research analysts have issued reports on CROX shares. Piper Jaffray Companies set a $23.00 price objective on Crocs and gave the stock a “buy” rating in a report on Monday, October 22nd. TheStreet upgraded shares of Crocs from a “c+” rating to a “b” rating in a research report on Thursday, August 9th. Zacks Investment Research upgraded shares of Crocs from a “hold” rating to a “strong-buy” rating and set a $20.00 target price for the company in a research report on Wednesday, August 8th. BidaskClub cut shares of Crocs from a “buy” rating to a “hold” rating in a research report on Thursday, October 4th. Finally, Pivotal Research reiterated a “buy” rating and set a $21.00 target price on shares of Crocs in a research report on Tuesday, August 7th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $17.14.

In related news, Director Thomas J. Smach sold 74,400 shares of the company’s stock in a transaction on Wednesday, August 22nd. The shares were sold at an average price of $20.14, for a total value of $1,498,416.00. Following the completion of the sale, the director now owns 125,262 shares in the company, valued at approximately $2,522,776.68. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Daniel P. Hart sold 20,831 shares of the company’s stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $20.00, for a total transaction of $416,620.00. Following the completion of the sale, the insider now owns 347,706 shares of the company’s stock, valued at approximately $6,954,120. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in CROX. Hennessy Advisors Inc. boosted its stake in shares of Crocs by 480.9% during the 3rd quarter. Hennessy Advisors Inc. now owns 1,608,500 shares of the textile maker’s stock worth $34,245,000 after buying an additional 1,331,600 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Crocs by 87.7% during the 2nd quarter. Millennium Management LLC now owns 1,033,773 shares of the textile maker’s stock worth $18,205,000 after buying an additional 483,069 shares during the last quarter. Spark Investment Management LLC acquired a new position in shares of Crocs during the 2nd quarter worth about $7,605,000. Robeco Institutional Asset Management B.V. boosted its stake in shares of Crocs by 100.0% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 752,902 shares of the textile maker’s stock worth $14,643,000 after buying an additional 376,451 shares during the last quarter. Finally, BlackRock Inc. boosted its stake in shares of Crocs by 3.7% during the 2nd quarter. BlackRock Inc. now owns 9,800,291 shares of the textile maker’s stock worth $172,582,000 after buying an additional 347,462 shares during the last quarter. Institutional investors and hedge funds own 97.24% of the company’s stock.

The company has a market capitalization of $1.45 billion, a P/E ratio of -1,358.00, a PEG ratio of 5.27 and a beta of 0.61.

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About Crocs (NASDAQ:CROX)

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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