Clorox (CLX) Downgraded by Zacks Investment Research to “Hold”
Clorox (NYSE:CLX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “Clorox has outperformed the industry in the last three months. The company is gaining from the 2020 Strategy, which is aimed at bolstering growth for the improvement of categories and overall market share. The company delivered a solid start to fiscal 2018 as both first-quarter fiscal 2018 earnings and sales topped estimates and improved year over year. Earnings marked the fourth straight quarterly beat, while sales surpassed estimates for the second consecutive quarter. Earnings primarily gained from solid sales and gross margin expansion, while sales was driven by growth across the United Sates and International businesses, alongside rise in volumes. Despite a strong start to fiscal 2018, the company cut its view for the fiscal due to hurricane-related impacts and the divestiture of Aplicare business. Further, inflation and high commodity and logistics costs may dent gross margin.”
A number of other research firms have also recently commented on CLX. Jefferies Group restated a “hold” rating and issued a $130.00 price objective on shares of Clorox in a research report on Wednesday, December 13th. Wells Fargo & Co restated a “hold” rating and issued a $130.00 price objective on shares of Clorox in a research report on Wednesday, December 13th. Deutsche Bank started coverage on shares of Clorox in a research report on Wednesday, December 13th. They issued a “hold” rating and a $142.00 price objective for the company. Bank of America upgraded Clorox from an “underperform” rating to a “neutral” rating and set a $155.00 target price for the company in a report on Thursday, January 4th. Finally, Consumer Edge upgraded Clorox from a “neutral” rating to an “outperform” rating in a report on Friday, November 10th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the stock. Clorox has a consensus rating of “Hold” and a consensus price target of $134.33.
Clorox (NYSE:CLX) last released its quarterly earnings data on Wednesday, November 1st. The company reported $1.46 EPS for the quarter, beating the Zacks’ 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 business had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.48 billion. During the same quarter in the prior year, the company earned $1.36 EPS. The firm’s quarterly revenue was up 4.0% on a year-over-year basis. research analysts predict that Clorox will post 5.7 earnings per share for the current year.
In other news, SVP Michael R. Costello sold 10,574 shares of the stock in a transaction dated 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 completion of the transaction, the senior vice president now directly owns 34,867 shares in the company, valued at approximately $4,742,260.67. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Matthew T. Laszlo sold 20,051 shares of the stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $130.46, for a total transaction of $2,615,853.46. Following the transaction, the senior vice president now owns 10,896 shares of the company’s stock, valued at $1,421,492.16. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of CLX. Franklin Resources Inc. boosted its stake in shares of Clorox by 16.9% during the 2nd quarter. Franklin Resources Inc. now owns 32,052 shares of the company’s stock worth $4,270,000 after buying an additional 4,640 shares during the last quarter. Profund Advisors LLC boosted its stake in shares of Clorox by 26.5% during the 2nd quarter. Profund Advisors LLC now owns 3,763 shares of the company’s stock worth $501,000 after buying an additional 789 shares during the last quarter. FMR LLC boosted its stake in shares of Clorox by 0.8% during the 2nd quarter. FMR LLC now owns 106,828 shares of the company’s stock worth $14,234,000 after buying an additional 879 shares during the last quarter. California Public Employees Retirement System boosted its stake in shares of Clorox by 2.9% during the 2nd quarter. California Public Employees Retirement System now owns 287,500 shares of the company’s stock worth $38,307,000 after buying an additional 8,000 shares during the last quarter. Finally, Parametric Portfolio Associates LLC boosted its stake in shares of Clorox by 41.2% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 528,272 shares of the company’s stock worth $70,387,000 after buying an additional 154,028 shares during the last quarter. Institutional investors own 72.76% of the company’s stock.
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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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