Zacks Investment Research upgraded shares of Crocs (NASDAQ:CROX) from a hold rating to a strong-buy rating in a research note published on Friday morning, Zacks.com reports. Zacks Investment Research currently has $28.00 price objective on the textile maker’s stock.
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 have also recently weighed in on CROX. Piper Jaffray Companies upgraded Crocs from a neutral rating to an overweight rating and raised their price objective for the company from $22.00 to $27.00 in a research note on Monday, July 15th. BidaskClub cut Crocs from a buy rating to a hold rating in a research note on Wednesday. ValuEngine cut Crocs from a buy rating to a hold rating in a research note on Friday, May 10th. Pivotal Research restated a buy rating on shares of Crocs in a research note on Friday. Finally, Susquehanna Bancshares raised their price objective on Crocs from $35.00 to $38.00 and gave the company a positive rating in a research note on Friday. 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 company presently has an average rating of Buy and a consensus price target of $30.29.
Crocs (NASDAQ:CROX) last issued its quarterly earnings data on Thursday, August 1st. The textile maker reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.07. Crocs had a return on equity of 35.81% and a net margin of 4.97%. The business had revenue of $358.90 million for the quarter, compared to analysts’ expectations of $360.46 million. During the same period last year, the business earned $0.35 EPS. The business’s revenue was up 9.4% on a year-over-year basis. On average, analysts forecast that Crocs will post 1.3 earnings per share for the current fiscal year.
Crocs announced that its board has approved a share buyback program on Tuesday, May 7th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the textile maker to purchase up to 25.8% of its stock through open market purchases. Stock buyback programs are generally 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 Crocs stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $26.00, for a total transaction of $183,768.00. Following the sale, the director now directly owns 55,680 shares in the company, valued at approximately $1,447,680. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.42% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in CROX. Raymond James & Associates grew its position in Crocs by 15.2% in the 4th quarter. Raymond James & Associates now owns 11,972 shares of the textile maker’s stock worth $311,000 after purchasing an additional 1,577 shares during the last quarter. Stifel Financial Corp bought a new position in Crocs in the 4th quarter worth about $205,000. Bank of America Corp DE grew its position in Crocs by 420.6% in the 4th quarter. Bank of America Corp DE now owns 107,616 shares of the textile maker’s stock worth $2,796,000 after purchasing an additional 86,944 shares during the last quarter. Municipal Employees Retirement System of Michigan bought a new position in Crocs in the 4th quarter worth about $512,000. Finally, Macquarie Group Ltd. grew its position in Crocs by 214.2% in the 4th quarter. Macquarie Group Ltd. now owns 9,113 shares of the textile maker’s stock worth $236,000 after purchasing an additional 6,213 shares during the last quarter. Institutional investors own 97.21% of the company’s stock.
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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