Clorox (CLX) Given Hold Rating at Wells Fargo & Company
Wells Fargo & Company reaffirmed their hold rating on shares of Clorox (NYSE:CLX) in a research report sent to investors on Wednesday. Wells Fargo & Company currently has a $130.00 price target on the stock.
“We maintain our Market Perform rating. CLX Is Among The Best Positioned In Our Broader Staples Coverage Universe To Benefit From U.S. Tax Reform – Our detailed analysis of the pot’l reforms across broader Staples indicates that this could generate ~+20% EPS accretion for CLX if lowered from 35% to ~20%. We estimate that up to ~55% of this potential upside from pot’l corporate tax reform is currently priced into shares, implying further upside potential for CLX shares (possibly to ~$155-160/shr) if reforms are implemented. (For details on our quantification, please see p. 4). Continued Confidence in CLX’s FY18 Growth Outlook – Management reiterated its 1-3% FY18 sales growth guidance (we continue to estimate +2.3%). Sales growth is still likely to sequentially moderate in F2Q vs. FQ1 due to: (1) Tougher y/y comparisons; (2) A reversal of hurricane-related sales pull-forward; and (3) A slowdown in the Wipes business as CLX takes pricing.”,” Wells Fargo & Company’s analyst commented.
Other research analysts also recently issued reports about the stock. Deutsche Bank began coverage on shares of Clorox in a research report on Wednesday. They issued a hold rating and a $142.00 price target on the stock. Consumer Edge upgraded shares of Clorox from a neutral rating to an outperform rating in a research report on Friday, November 10th. BMO Capital Markets reiterated an outperform rating on shares of Clorox in a research report on Tuesday, September 12th. Royal Bank of Canada reiterated a hold rating and issued a $115.00 price target on shares of Clorox in a research report on Sunday, October 8th. Finally, Morgan Stanley decreased their price target on shares of Clorox from $138.00 to $128.00 and set an equal weight rating on the stock in a research report on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the stock. Clorox currently has a consensus rating of Hold and an average price target of $129.05.
Clorox (NYSE:CLX) last issued its earnings results on Wednesday, November 1st. The company reported $1.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.41 by $0.05. Clorox had a net margin of 11.84% and a return on equity of 161.59%. The company had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter last year, the company posted $1.36 earnings per share. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. analysts expect that Clorox will post 5.6 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 9th. Stockholders of record on Wednesday, January 24th will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Tuesday, January 23rd. This represents a $3.36 annualized dividend and a dividend yield of 2.28%. Clorox’s payout ratio is 61.88%.
In other news, SVP Matthew T. Laszlo sold 20,051 shares of the firm’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $130.46, for a total transaction of $2,615,853.46. Following the sale, the senior vice president now directly owns 10,896 shares in the company, valued at approximately $1,421,492.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Michael R. Costello sold 10,574 shares of the firm’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $136.01, for a total transaction of $1,438,169.74. Following the sale, the senior vice president now owns 34,867 shares in the company, valued at $4,742,260.67. The disclosure for this sale can be found here. 1.00% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in the company. Parametric Portfolio Associates LLC raised its position in shares of Clorox by 3.9% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 536,640 shares of the company’s stock valued at $70,788,000 after purchasing an additional 20,303 shares during the period. Steward Partners Investment Advisory LLC bought a new stake in shares of Clorox during the 3rd quarter valued at $561,000. Smith Shellnut Wilson LLC ADV raised its position in shares of Clorox by 82.3% during the 3rd quarter. Smith Shellnut Wilson LLC ADV now owns 4,042 shares of the company’s stock valued at $533,000 after purchasing an additional 1,825 shares during the period. Archford Capital Strategies LLC raised its position in shares of Clorox by 14.0% during the 3rd quarter. Archford Capital Strategies LLC now owns 8,121 shares of the company’s stock valued at $1,071,000 after purchasing an additional 997 shares during the period. Finally, Moors & Cabot Inc. raised its position in shares of Clorox by 35.2% during the 3rd quarter. Moors & Cabot Inc. now owns 3,456 shares of the company’s stock valued at $452,000 after purchasing an additional 899 shares during the period. Hedge funds and other institutional investors own 73.42% of the company’s stock.
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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