CIBC Asset Management Inc Buys New Position in Valvoline Inc. (VVV)
CIBC Asset Management Inc bought a new position in Valvoline Inc. (NYSE:VVV) during the second quarter, Holdings Channel reports. The institutional investor bought 21,723 shares of the basic materials company’s stock, valued at approximately $515,000.
Several other institutional investors have also modified their holdings of VVV. Vanguard Group Inc. increased its position in shares of Valvoline by 105.1% in the first quarter. Vanguard Group Inc. now owns 3,793,964 shares of the basic materials company’s stock worth $93,142,000 after buying an additional 1,944,594 shares during the period. JPMorgan Chase & Co. increased its position in shares of Valvoline by 65.9% in the first quarter. JPMorgan Chase & Co. now owns 2,576,593 shares of the basic materials company’s stock worth $63,255,000 after buying an additional 1,023,423 shares during the period. RidgeWorth Capital Management LLC increased its position in shares of Valvoline by 2.6% in the first quarter. RidgeWorth Capital Management LLC now owns 2,246,329 shares of the basic materials company’s stock worth $55,147,000 after buying an additional 56,129 shares during the period. Boston Partners acquired a new position in shares of Valvoline during the first quarter worth about $50,946,000. Finally, Ameriprise Financial Inc. increased its position in shares of Valvoline by 3.1% in the first quarter. Ameriprise Financial Inc. now owns 1,230,636 shares of the basic materials company’s stock worth $30,205,000 after buying an additional 37,210 shares during the period. 41.01% of the stock is owned by institutional investors and hedge funds.
Shares of Valvoline Inc. (NYSE:VVV) opened at 22.02 on Wednesday. The firm has a market cap of $4.46 billion and a PE ratio of 19.28. Valvoline Inc. has a 12-month low of $18.30 and a 12-month high of $24.98. The company has a 50 day moving average price of $22.84 and a 200-day moving average price of $23.09.
Valvoline (NYSE:VVV) last released its quarterly earnings results on Tuesday, August 1st. The basic materials company reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.35 by $0.01. The business had revenue of $534 million for the quarter, compared to the consensus estimate of $530.57 million. Valvoline had a net margin of 13.00% and a negative return on equity of 106.06%. The firm’s revenue was up 7.0% compared to the same quarter last year. Analysts expect that Valvoline Inc. will post $1.37 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be issued a dividend of $0.049 per share. The ex-dividend date is Wednesday, August 30th. This represents a $0.20 annualized dividend and a yield of 0.89%. Valvoline’s payout ratio is 15.50%.
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VVV has been the subject of a number of analyst reports. Zacks Investment Research downgraded Valvoline from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Seaport Global Securities raised Valvoline from a “neutral” rating to a “buy” rating and set a $26.00 target price for the company in a research note on Wednesday, June 7th. J P Morgan Chase & Co reissued a “neutral” rating and set a $22.00 target price (up from $20.00) on shares of Valvoline in a research note on Wednesday, August 9th. Finally, Deutsche Bank AG reissued a “hold” rating and set a $23.00 target price (up from $22.00) on shares of Valvoline in a research note on Saturday, June 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $25.83.
Valvoline Inc (Valvoline) is engaged in the production and distribution of automotive, commercial and industrial lubricants, and automotive chemicals. The Company operates through three segments: Core North America, Quick Lubes and International. The Core North America segment sells Valvoline, and other branded and private label products in the United States and Canada to both consumers performing their own automotive maintenance, referred to as Do-It-Yourself (DIY) consumers, as well as, to installer customers using Valvoline products to service vehicles owned by Do-It-For-Me (DIFM) consumers.
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