Clorox Co. (CLX) Upgraded by Zacks Investment Research to Hold
Clorox Co. (NYSE:CLX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “Clorox’s first-quarter fiscal 2017 earnings marked its second consecutive miss, as results were hurt by currency headwinds and higher manufacturing and logistics costs. These factors, along with unfavorable mix also dented the gross margin in the quarter. Going forward, management expects the tough macroeconomic environment and currency woes to hurt Clorox’s fiscal 2017 performance. Also, the company tweaked its fiscal 2017 earnings view, as it now expects the benefit from its new accounting standard to be lower than anticipated earlier. Nonetheless, Clorox remains keen on improving the demand for its products by enhancing brand value through innovations and stepping up digital marketing. Also, the company is progressing well on its 2020 Strategy that is helping it achieve cost savings and productivity enhancements. Thus, management remains positive about the remainder of fiscal 2017 despite the aforementioned hurdles.”
A number of other equities research analysts have also weighed in on CLX. Wells Fargo & Co. reaffirmed a “market perform” rating on shares of Clorox in a report on Tuesday. B. Riley reaffirmed a “neutral” rating and issued a $111.00 price objective on shares of Clorox in a report on Monday. RBC Capital Markets reaffirmed a “sector perform” rating and issued a $115.00 price objective (down previously from $121.00) on shares of Clorox in a report on Thursday, November 3rd. Royal Bank Of Canada lowered their price objective on Clorox from $121.00 to $115.00 and set a “sector perform” rating on the stock in a report on Thursday, November 3rd. Finally, Atlantic Securities raised Clorox from a “hold” rating to a “buy” rating and set a $144.00 price objective on the stock in a report on Friday, September 16th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the company’s stock. Clorox currently has an average rating of “Hold” and an average target price of $127.30.
Shares of Clorox (NYSE:CLX) traded up 0.17% during trading on Friday, hitting $113.71. The company’s stock had a trading volume of 557,951 shares. Clorox has a one year low of $111.24 and a one year high of $140.47. The stock has a market cap of $14.64 billion, a PE ratio of 22.89 and a beta of 0.36. The company has a 50-day moving average price of $118.86 and a 200-day moving average price of $128.09.
Clorox (NYSE:CLX) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $1.36 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.42 by $0.06. The company earned $1.44 billion during the quarter, compared to analyst estimates of $1.24 billion. Clorox had a net margin of 11.27% and a return on equity of 250.82%. The business’s revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.32 EPS. Equities analysts predict that Clorox will post $5.32 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 10th. Shareholders of record on Wednesday, January 25th will be issued a $0.80 dividend. The ex-dividend date is Monday, January 23rd. This represents a $3.20 annualized dividend and a yield of 2.82%. Clorox’s dividend payout ratio (DPR) is presently 64.26%.
In other Clorox news, SVP Jon M. Balousek sold 5,136 shares of the business’s stock in a transaction on Monday, August 29th. The stock was sold at an average price of $131.14, for a total value of $673,535.04. Following the completion of the transaction, the senior vice president now directly owns 15,384 shares in the company, valued at approximately $2,017,457.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Laura Stein sold 38,882 shares of the business’s stock in a transaction on Friday, September 2nd. The shares were sold at an average price of $131.69, for a total value of $5,120,370.58. Following the completion of the transaction, the executive vice president now owns 48,501 shares of the company’s stock, valued at $6,387,096.69. The disclosure for this sale can be found here. 0.74% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Salem Investment Counselors Inc. acquired a new position in shares of Clorox during the third quarter valued at $100,000. Valley National Advisers Inc. increased its position in shares of Clorox by 0.5% in the third quarter. Valley National Advisers Inc. now owns 849 shares of the company’s stock valued at $106,000 after buying an additional 4 shares during the period. Bartlett & Co. LLC increased its position in shares of Clorox by 13.8% in the third quarter. Bartlett & Co. LLC now owns 865 shares of the company’s stock valued at $108,000 after buying an additional 105 shares during the period. Checchi Capital Advisers LLC increased its position in shares of Clorox by 1.0% in the second quarter. Checchi Capital Advisers LLC now owns 820 shares of the company’s stock valued at $113,000 after buying an additional 8 shares during the period. Finally, Van Hulzen Asset Management LLC acquired a new position in shares of Clorox during the third quarter valued at $113,000. Institutional investors own 69.89% of the company’s stock.
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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