Clorox Co. (CLX) Stock Rating Lowered by Zacks Investment Research
Clorox Co. (NYSE:CLX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Clorox's solid brand portfolio places it well to sustain in the currently challenging environment. The company remains keen on the execution of its 2020 Strategy, which is aimed at boosting growth and overall market share. However, significant global presence exposes Clorox to foreign currency risks, which have been hurting its results for a while now. Going forward, these woes, tough year-over-year comparisons and a challenging macroeconomic environment may pose concerns. Additionally, stiff competition and high trade spending remain threats. Nonetheless, the company’s key strategies, cost saving efforts and efficient pricing bode well, as they are likely to drive margins. These factors also caused the company to provide a robust sales and earnings outlook for fiscal 2017, as management remains confident of its core business strategies. Estimates have been stable ahead of its first quarter earnings release.”
Other equities analysts have also issued research reports about the stock. Atlantic Securities raised shares of Clorox from a “hold” rating to a “buy” rating and set a $144.00 price objective for the company in a research report on Friday, September 16th. Jefferies Group restated a “hold” rating on shares of Clorox in a report on Wednesday, August 3rd. Deutsche Bank AG restated a “hold” rating and issued a $134.00 target price (up from $130.00) on shares of Clorox in a report on Sunday, July 24th. B. Riley restated a “neutral” rating and issued a $109.00 target price on shares of Clorox in a report on Tuesday, August 9th. Finally, Citigroup Inc. boosted their target price on shares of Clorox from $134.00 to $144.00 and gave the company a “neutral” rating in a report on Monday, August 8th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $128.90.
Shares of Clorox (NYSE:CLX) traded down 1.75% during midday trading on Tuesday, hitting $122.14. 589,402 shares of the stock were exchanged. Clorox has a 12-month low of $117.52 and a 12-month high of $140.47. The firm has a 50 day moving average of $127.67 and a 200 day moving average of $130.07. The firm has a market cap of $15.81 billion, a P/E ratio of 24.83 and a beta of 0.30.
Clorox (NYSE:CLX) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.28 by $0.02. The firm earned $1.60 billion during the quarter, compared to analyst estimates of $1.58 billion. Clorox had a net margin of 11.25% and a return on equity of 296.91%. The business’s quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.44 EPS. Equities analysts forecast that Clorox will post $5.49 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 14th. Shareholders of record on Wednesday, October 26th will be paid a dividend of $0.80 per share. The ex-dividend date of this dividend is Monday, October 24th. This represents a $3.20 annualized dividend and a yield of 2.57%. Clorox’s dividend payout ratio is currently 64.91%.
In related news, COO Nikolaos A. Vlahos sold 925 shares of the company’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $133.07, for a total value of $123,089.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Laura Stein sold 38,882 shares of the company’s stock in a transaction on Friday, September 2nd. The shares were sold at an average price of $131.69, for a total transaction of $5,120,370.58. Following the completion of the sale, the executive vice president now directly owns 48,501 shares in the company, valued at $6,387,096.69. The disclosure for this sale can be found here. Company insiders own 0.74% of the company’s stock.
A number of hedge funds have recently bought and sold shares of CLX. Picton Mahoney Asset Management bought a new stake in Clorox during the first quarter valued at about $1,223,000. Huntington Asset Advisors Inc. bought a new stake in Clorox during the first quarter valued at about $1,418,000. M&T Bank Corp boosted its stake in Clorox by 2.2% in the first quarter. M&T Bank Corp now owns 54,597 shares of the company’s stock valued at $6,883,000 after buying an additional 1,172 shares in the last quarter. CapWealth Advisors LLC boosted its stake in Clorox by 9.9% in the first quarter. CapWealth Advisors LLC now owns 3,890 shares of the company’s stock valued at $490,000 after buying an additional 350 shares in the last quarter. Finally, C M Bidwell & Associates Ltd. bought a new stake in Clorox during the first quarter valued at about $3,412,000. 70.21% of the stock is currently owned by hedge funds and other institutional investors.
Clorox Company Profile
The Clorox Company is a manufacturer and marketer of consumer and professional products. The Company sells its products primarily through mass retail outlets, e-commerce channels, wholesale distributors and medical supply distributors. The Company operates through four segments: Cleaning, Household, Lifestyle and International.
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