Valspar Corp. (VAL) Hits New 1-Year High at $108.97
Shares of Valspar Corp. (NYSE:VAL) hit a new 52-week high during trading on Friday . The stock traded as high as $108.97 and last traded at $108.42, with a volume of 197,599 shares changing hands. The stock had previously closed at $108.32.
Several brokerages have recently commented on VAL. Morgan Stanley reiterated a “sell” rating on shares of Valspar Corp. in a report on Thursday, June 16th. Zacks Investment Research upgraded shares of Valspar Corp. from a “sell” rating to a “hold” rating in a research report on Wednesday, June 8th. Credit Suisse Group AG restated a “hold” rating on shares of Valspar Corp. in a research report on Thursday, May 26th. Vetr upgraded shares of Valspar Corp. from a “hold” rating to a “strong-buy” rating and set a $126.66 price target for the company in a research report on Monday, May 23rd. Finally, Northcoast Research lowered shares of Valspar Corp. from a “buy” rating to a “neutral” rating in a research report on Tuesday, March 22nd. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $96.06.
The company’s 50-day moving average price is $107.91 and its 200-day moving average price is $95.09. The stock has a market capitalization of $8.59 billion and a P/E ratio of 26.02.
Valspar Corp. (NYSE:VAL) last posted its quarterly earnings results on Tuesday, May 24th. The company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by $0.04. The firm earned $1.06 billion during the quarter, compared to analysts’ expectations of $1.12 billion. Valspar Corp.’s revenue was down 2.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.11 earnings per share. Equities research analysts predict that Valspar Corp. will post $4.82 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Stockholders of record on Wednesday, June 1st were given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 1.22%. The ex-dividend date was Friday, May 27th.
Other institutional investors recently bought and sold shares of the company. Vanguard Group Inc. raised its position in Valspar Corp. by 6.1% in the fourth quarter. Vanguard Group Inc. now owns 5,823,752 shares of the company’s stock valued at $483,081,000 after buying an additional 335,405 shares in the last quarter. Iridian Asset Management LLC CT raised its position in shares of Valspar Corp. by 4.6% in the fourth quarter. Iridian Asset Management LLC CT now owns 4,800,779 shares of the company’s stock worth $398,225,000 after buying an additional 208,942 shares during the period. New York State Common Retirement Fund raised its position in shares of Valspar Corp. by 1.8% in the fourth quarter. New York State Common Retirement Fund now owns 608,385 shares of the company’s stock worth $50,466,000 after buying an additional 10,480 shares during the period. Morgan Stanley raised its position in shares of Valspar Corp. by 61.4% in the fourth quarter. Morgan Stanley now owns 314,230 shares of the company’s stock worth $26,065,000 after buying an additional 119,485 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Valspar Corp. by 4.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 303,496 shares of the company’s stock worth $25,176,000 after buying an additional 12,381 shares during the period.
The Valspar Corporation is engaged in developing, manufacturing and distributing a range of coatings, paints and related products. The Company operates through two segments: Coatings and Paints. The Coatings segment includes its industrial product lines and packaging product line. The Company offers decorative and protective coatings for metal, wood and plastic primarily for sale to original equipment manufacturing (OEM) customers in Africa, Asia, Australia, Europe, North America and South America.
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