Zacks Investment Research upgraded shares of Clorox (NYSE:CLX) from a sell rating to a hold rating in a research note published on Tuesday, Zacks.com reports. They currently have $165.00 target price on the stock.
According to Zacks, “Clorox lagged the industry in the past six months owing to ongoing impacts from elevated commodity costs, adverse currency rates as well as increased manufacturing and logistics expenses. Driven by these factors, the company reported dismal earnings and sales in third-quarter fiscal 2019. This marked the first earnings miss after nine straight quarters of beat, while sales lagged estimates for the third time in the last four quarters. Further, the company narrowed sales view for 2019, anticipating a milder cold and flu season, as well as increased promotional activity in the Wipes category. It also expects tariffs to weigh on earnings in 2019. However, the company’s cost savings plans and pricing strategy cushioned results. The company's 2020 Strategy, aimed at bolstering growth of categories and overall market share, also bodes well.”
A number of other research analysts have also issued reports on CLX. BMO Capital Markets upgraded shares of TMAC Resources from a market perform rating to an outperform rating in a research note on Thursday, May 2nd. Deutsche Bank lowered shares of Cogent Communications from a buy rating to a hold rating in a research note on Thursday, May 2nd. Argus lowered shares of Clorox from a buy rating to a hold rating in a research note on Monday, May 20th. Wells Fargo & Co restated a hold rating on shares of Canada Goose in a research note on Thursday, May 30th. Finally, Citigroup lowered shares of Barrick Gold to a neutral rating in a research note on Thursday, May 23rd. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. The stock has an average rating of Hold and an average target price of $148.43.
Clorox (NYSE:CLX) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.47 by ($0.03). The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.57 billion. Clorox had a return on equity of 108.82% and a net margin of 12.68%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.37 EPS. Analysts anticipate that Clorox will post 6.29 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Stockholders of record on Wednesday, July 31st will be issued a $1.06 dividend. This is an increase from Clorox’s previous quarterly dividend of $0.96. This represents a $4.24 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend is Tuesday, July 30th. Clorox’s dividend payout ratio is 61.34%.
In other news, SVP Denise Garner sold 20,399 shares of the company’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $157.61, for a total value of $3,215,086.39. Following the sale, the senior vice president now directly owns 4,896 shares of the company’s stock, valued at approximately $771,658.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.40% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Korea Investment CORP increased its position in Clorox by 1,348.8% in the 4th quarter. Korea Investment CORP now owns 21,805 shares of the company’s stock valued at $3,361,000 after buying an additional 20,300 shares in the last quarter. Commonwealth Bank of Australia increased its position in Clorox by 15.5% in the 4th quarter. Commonwealth Bank of Australia now owns 11,483 shares of the company’s stock valued at $1,764,000 after buying an additional 1,537 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Clorox by 4.8% in the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 41,759 shares of the company’s stock valued at $6,437,000 after buying an additional 1,920 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Clorox by 8.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 582,745 shares of the company’s stock valued at $89,822,000 after buying an additional 45,408 shares in the last quarter. Finally, Berman Capital Advisors LLC bought a new stake in Clorox in the 4th quarter valued at about $42,000. 77.55% of the stock is currently owned by institutional investors and hedge funds.
Clorox Company Profile
The Clorox Company manufactures and markets consumer and professional products worldwide. It operates through four segments: Cleaning, Household, Lifestyle, and International. The company offers laundry additives, including bleach products under the Clorox brand, as well as Clorox 2 stain fighter and color booster; home care products primarily under the Clorox, Formula 409, Liquid-Plumr, Pine-Sol, S.O.S, and Tilex brands; naturally derived products under the Green Works brand; and professional cleaning, disinfecting, and food service products under the Clorox, Dispatch, HealthLink, Clorox Healthcare, Hidden Valley, KC Masterpiece, and Soy Vay brands.
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