Gateway Investment Advisers LLC Trims Stake in Clorox Co (CLX)
Gateway Investment Advisers LLC trimmed its position in Clorox Co (NYSE:CLX) by 7.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,294 shares of the company’s stock after selling 571 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Clorox were worth $987,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Segall Bryant & Hamill LLC increased its holdings in shares of Clorox by 26.3% in the fourth quarter. Segall Bryant & Hamill LLC now owns 4,896 shares of the company’s stock worth $728,000 after purchasing an additional 1,021 shares during the last quarter. HBK Investments L P bought a new stake in Clorox during the fourth quarter worth approximately $372,000. Ladenburg Thalmann Financial Services Inc. increased its stake in Clorox by 6.0% during the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 70,010 shares of the company’s stock worth $9,306,000 after acquiring an additional 3,945 shares during the last quarter. Lake Street Advisors Group LLC bought a new stake in Clorox during the fourth quarter worth approximately $256,000. Finally, Neuberger Berman Group LLC increased its stake in Clorox by 6.4% during the first quarter. Neuberger Berman Group LLC now owns 31,135 shares of the company’s stock worth $4,192,000 after acquiring an additional 1,868 shares during the last quarter. 76.21% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have weighed in on the company. UBS Group assumed coverage on Clorox in a research note on Wednesday. They set a “sell” rating on the stock. Goldman Sachs Group cut Clorox from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $127.00 to $112.00 in a research note on Tuesday. They noted that the move was a valuation call. Bank of America boosted their price objective on Clorox from $130.00 to $140.00 and gave the stock a “neutral” rating in a research note on Monday. ValuEngine raised Clorox from a “sell” rating to a “hold” rating in a research note on Tuesday, June 26th. Finally, Zacks Investment Research raised Clorox from a “sell” rating to a “hold” rating in a research note on Tuesday, May 8th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $130.29.
Clorox (NYSE:CLX) last released its earnings results on Wednesday, May 2nd. The company reported $1.37 EPS for the quarter, beating analysts’ consensus estimates of $1.31 by $0.06. The firm had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Clorox had a return on equity of 107.93% and a net margin of 13.27%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.31 earnings per share. equities research analysts predict that Clorox Co will post 5.65 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 17th. Stockholders of record on Wednesday, August 1st will be paid a dividend of $0.96 per share. The ex-dividend date is Tuesday, July 31st. This represents a $3.84 dividend on an annualized basis and a dividend yield of 2.96%. Clorox’s dividend payout ratio is 71.78%.
Clorox declared that its board has approved a share repurchase plan on Thursday, May 24th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to reacquire up to 12.6% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.
The Clorox Company manufactures and markets consumer and professional products worldwide. It operates through four segments: Cleaning, Household, Lifestyle, and International. The company offers laundry additives, including bleach products under the Clorox brand, as well as Clorox 2 stain fighters and color boosters; home care products primarily under the Clorox, Formula 409, Liquid-Plumr, Pine-Sol, S.O.S, and Tilex brands; naturally derived products under the Green Works brand; and professional cleaning and disinfecting products under the Clorox, Dispatch, Aplicare, HealthLink, and Clorox Healthcare brands.
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