Crocs (NASDAQ:CROX) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Crocs (NASDAQ:CROX) from a strong-buy rating to a hold rating in a research note issued to investors 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. “

Several other equities analysts also recently issued reports on CROX. TheStreet upgraded United States Lime & Minerals from a c+ rating to a b rating in a research report on Wednesday, March 20th. CL King upgraded Crocs from a neutral rating to a buy rating in a research report on Thursday, June 27th. Robert W. Baird reduced their price objective on Micron Technology from $32.00 to $28.00 and set an underperform rating for the company in a research report on Friday, June 21st. BidaskClub upgraded ZIOPHARM Oncology from a buy rating to a strong-buy rating in a research report on Monday, June 17th. Finally, ValuEngine cut Yext from a strong-buy rating to a buy rating in a report on Friday, May 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. The stock has an average rating of Hold and an average price target of $29.13.

NASDAQ:CROX opened at $20.66 on Tuesday. The firm has a market capitalization of $1.47 billion, a P/E ratio of 24.02, a price-to-earnings-growth ratio of 1.10 and a beta of 0.92. Crocs has a one year low of $16.26 and a one year high of $31.88. The stock has a 50-day moving average price of $19.78. The company has a quick ratio of 1.32, a current ratio of 1.95 and a debt-to-equity ratio of 2.77.

Crocs (NASDAQ:CROX) last issued its earnings results on Tuesday, May 7th. The textile maker reported $0.36 EPS for the quarter, beating the Zacks’ 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 company had revenue of $295.95 million during the quarter, compared to the consensus estimate of $288.72 million. During the same period in the previous year, the firm posted $0.15 earnings per share. Crocs’s quarterly revenue was up 4.5% compared to the same quarter last year. As a group, analysts expect that Crocs will post 1.25 earnings per share for the current fiscal year.

Crocs announced that its Board of Directors has authorized a stock 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 purchase up to 25.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

Hedge funds have recently made changes to their positions in the business. Signaturefd LLC acquired a new position in Crocs during the 1st quarter worth approximately $29,000. FMR LLC boosted its stake in shares of Crocs by 54.2% in 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. PNC Financial Services Group Inc. boosted its stake in shares of Crocs by 26.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,282 shares of the textile maker’s stock valued at $85,000 after purchasing an additional 679 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in shares of Crocs by 24.9% in the 1st quarter. Meeder Asset Management Inc. now owns 5,113 shares of the textile maker’s stock valued at $130,000 after purchasing an additional 1,019 shares during the last quarter. Finally, NumerixS Investment Technologies Inc raised its stake in shares of Crocs by 277.3% during the first quarter. NumerixS Investment Technologies Inc now owns 6,414 shares of the textile maker’s stock worth $168,000 after acquiring an additional 4,714 shares in the last quarter. 97.21% of the stock is currently owned by hedge funds and other institutional investors.

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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