Clarcor Inc. (CLC) Downgraded to Sell at Zacks Investment Research
According to Zacks, “Clarcor Inc. is a diversified marketer and manufacturer of mobile, industrial and environmental filtration products and consumer and industrial packaging products sold in domestic and international markets. “
Several other research firms have also commented on CLC. Robert W. Baird increased their price objective on shares of Clarcor from $61.00 to $64.00 and gave the company a neutral rating in a research note on Friday. CL King reiterated a neutral rating on shares of Clarcor in a research note on Wednesday, June 8th. Finally, Oppenheimer Holdings Inc. reiterated a hold rating on shares of Clarcor in a research note on Thursday, June 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. Clarcor currently has a consensus rating of Hold and an average price target of $68.50.
Shares of Clarcor (NYSE:CLC) opened at 62.77 on Monday. The stock has a 50 day moving average of $63.73 and a 200-day moving average of $59.79. The firm has a market capitalization of $3.05 billion, a P/E ratio of 21.50 and a beta of 1.18. Clarcor has a 52-week low of $44.13 and a 52-week high of $66.59.
Clarcor (NYSE:CLC) last posted its earnings results on Wednesday, September 14th. The company reported $0.73 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.04. Clarcor had a net margin of 10.35% and a return on equity of 11.60%. The company had revenue of $331.40 million for the quarter, compared to analyst estimates of $339.43 million. During the same quarter in the prior year, the business posted $0.66 EPS. The firm’s revenue was down 7.3% compared to the same quarter last year. Equities analysts expect that Clarcor will post $2.61 earnings per share for the current fiscal year.
In other news, CEO Christopher Conway sold 1,500 shares of the stock in a transaction that occurred on Tuesday, July 12th. The shares were sold at an average price of $62.18, for a total transaction of $93,270.00. Following the completion of the transaction, the chief executive officer now directly owns 16,523 shares of the company’s stock, valued at approximately $1,027,400.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP David J. Lindsay sold 44,000 shares of the stock in a transaction that occurred on Tuesday, July 12th. The shares were sold at an average price of $62.14, for a total transaction of $2,734,160.00. Following the transaction, the vice president now directly owns 25,676 shares of the company’s stock, valued at $1,595,506.64. The disclosure for this sale can be found here. Insiders own 2.96% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Clarcor during the fourth quarter worth $23,014,000. Emerald Acquisition Ltd. acquired a new position in Clarcor during the second quarter valued at approximately $11,171,000. Vanguard Group Inc. increased its position in Clarcor by 2.4% in the second quarter. Vanguard Group Inc. now owns 3,879,681 shares of the company’s stock valued at $236,001,000 after buying an additional 90,643 shares during the period. Atlanta Capital Management Co. L L C increased its position in Clarcor by 2.2% in the second quarter. Atlanta Capital Management Co. L L C now owns 3,845,233 shares of the company’s stock valued at $233,905,000 after buying an additional 83,867 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC increased its position in Clarcor by 28.7% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 348,140 shares of the company’s stock valued at $21,177,000 after buying an additional 77,695 shares during the period. 90.30% of the stock is owned by hedge funds and other institutional investors.
Clarcor Company Profile
CLARCOR Inc provides filtration products, filtration systems and services, and consumer and industrial packaging products. The Company’s segments include Engine/Mobile Filtration and Industrial/Environmental Filtration. Its Engine/Mobile Filtration segment manufactures and sells filtration products for on-road and off-road mobile and stationary applications, including trucks, agricultural machinery, transit buses, locomotives, and other industrial and specialty applications.
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