Eaton Vance Management Has $3,139,000 Stake in Valspar Corp. (VAL)
Eaton Vance Management cut its stake in Valspar Corp. (NYSE:VAL) by 5.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 29,054 shares of the company’s stock after selling 1,578 shares during the period. Eaton Vance Management’s holdings in Valspar Corp. were worth $3,139,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in VAL. Mn Services Vermogensbeheer B.V. acquired a new position in Valspar Corp. during the second quarter valued at approximately $185,000. Daiwa Securities Group Inc. purchased a new stake in Valspar Corp. during the second quarter valued at about $205,000. Eqis Capital Management Inc. purchased a new stake in Valspar Corp. during the second quarter valued at about $210,000. Creative Planning boosted its stake in Valspar Corp. by 1.1% in the second quarter. Creative Planning now owns 1,983 shares of the company’s stock valued at $214,000 after buying an additional 22 shares in the last quarter. Finally, Stearns Financial Services Group purchased a new stake in Valspar Corp. during the first quarter valued at about $214,000. 71.96% of the stock is owned by institutional investors.
Valspar Corp. (NYSE:VAL) traded up 0.17% during trading on Wednesday, hitting $105.78. 75,845 shares of the company traded hands. The company’s 50 day moving average is $105.67 and its 200-day moving average is $104.99. Valspar Corp. has a 52 week low of $70.58 and a 52 week high of $108.97. The stock has a market capitalization of $8.39 billion, a PE ratio of 24.31 and a beta of 1.44.
Valspar Corp. (NYSE:VAL) last posted its quarterly earnings results on Wednesday, September 7th. The company reported $1.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.45 by $0.12. The business earned $1.14 billion during the quarter, compared to analyst estimates of $1.18 billion. Valspar Corp. had a net margin of 8.31% and a return on equity of 41.74%. The company’s revenue was down .6% on a year-over-year basis. During the same period in the prior year, the business posted $1.33 earnings per share. Analysts predict that Valspar Corp. will post $4.95 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were given a $0.33 dividend. The ex-dividend date was Tuesday, August 30th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.25%. Valspar Corp.’s payout ratio is currently 30.41%.
Several analysts have issued reports on VAL shares. Barclays PLC set a $110.00 target price on shares of Valspar Corp. and gave the stock a “hold” rating in a research note on Monday, September 12th. Zacks Investment Research upgraded shares of Valspar Corp. from a “sell” rating to a “hold” rating in a research note on Friday, September 9th. Deutsche Bank AG reiterated a “hold” rating on shares of Valspar Corp. in a research note on Thursday, September 8th. Morgan Stanley reiterated a “sell” rating on shares of Valspar Corp. in a research note on Thursday, June 16th. Finally, Credit Suisse Group AG reiterated a “hold” rating on shares of Valspar Corp. in a research note on Thursday, May 26th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $98.14.
About Valspar Corp.
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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