Clorox (NYSE:CLX) Announces Earnings Results

Clorox (NYSE:CLX) issued its quarterly earnings results on Monday. The company reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.02, FiscalAI reports. The business had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.91 billion. Clorox had a return on equity of 443.64% and a net margin of 11.18%.

Clorox Stock Performance

NYSE:CLX traded up $2.72 during mid-day trading on Monday, hitting $98.25. The stock had a trading volume of 3,840,658 shares, compared to its average volume of 2,530,561. The stock has a market capitalization of $11.88 billion, a price-to-earnings ratio of 15.95 and a beta of 0.54. The company has a 50 day simple moving average of $95.51 and a 200-day simple moving average of $103.64. Clorox has a 52 week low of $84.70 and a 52 week high of $128.90. The company has a current ratio of 0.84, a quick ratio of 0.65 and a debt-to-equity ratio of 27.03.

Clorox Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Wednesday, August 12th will be given a $1.25 dividend. The ex-dividend date is Wednesday, August 12th. This represents a $5.00 annualized dividend and a yield of 5.1%. This is a boost from Clorox’s previous quarterly dividend of $1.24. Clorox’s payout ratio is 80.52%.

Analyst Ratings Changes

Several analysts have weighed in on CLX shares. Zacks Research lowered shares of Clorox from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 12th. Jefferies Financial Group lowered shares of Clorox from a “buy” rating to a “hold” rating and decreased their price target for the company from $125.00 to $98.00 in a report on Tuesday, July 28th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Clorox in a research report on Friday, July 10th. Morgan Stanley dropped their price objective on shares of Clorox from $110.00 to $97.00 and set an “equal weight” rating on the stock in a research note on Friday, May 1st. Finally, Citigroup cut their target price on shares of Clorox from $110.00 to $97.00 and set a “neutral” rating on the stock in a report on Friday, May 1st. Twelve equities research analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, Clorox has a consensus rating of “Reduce” and a consensus price target of $101.00.

Insider Buying and Selling

In other news, Director Pierre R. Breber purchased 5,000 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were bought at an average price of $85.82 per share, for a total transaction of $429,100.00. Following the completion of the purchase, the director owned 18,000 shares of the company’s stock, valued at $1,544,760. This trade represents a 38.46% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.63% of the company’s stock.

Institutional Trading of Clorox

Several large investors have recently added to or reduced their stakes in the business. Invesco Ltd. lifted its holdings in Clorox by 22.1% in the 4th quarter. Invesco Ltd. now owns 4,880,341 shares of the company’s stock valued at $492,085,000 after acquiring an additional 884,751 shares during the last quarter. Worldquant Millennium Advisors LLC acquired a new position in shares of Clorox in the 2nd quarter worth approximately $71,856,000. Two Sigma Investments LP raised its holdings in shares of Clorox by 33.8% in the 3rd quarter. Two Sigma Investments LP now owns 1,740,175 shares of the company’s stock worth $214,564,000 after purchasing an additional 439,797 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of Clorox by 31.2% in the 3rd quarter. Bank of America Corp DE now owns 1,465,446 shares of the company’s stock worth $180,689,000 after purchasing an additional 348,292 shares in the last quarter. Finally, State Street Corp lifted its stake in Clorox by 3.5% during the third quarter. State Street Corp now owns 8,434,277 shares of the company’s stock valued at $1,039,946,000 after purchasing an additional 282,794 shares during the last quarter. 78.53% of the stock is currently owned by institutional investors and hedge funds.

Clorox Company Profile

The Clorox Company is a leading manufacturer and marketer of consumer and professional products designed to help people care for their homes and live healthy, sustainable lives. Its portfolio spans cleaning and household products, food and beverages, water filtration systems and cat litter, serving both retail and institutional customers. The company’s flagship bleach and disinfecting products are well known in the United States and many international markets, where they help prevent the spread of germs in homes, hospitals, schools and businesses.

Clorox’s diverse brand lineup includes liquid bleach and surface cleaners, eco-friendly cleaning tools, food preservation and preparation items, charcoal grills and briquettes, specialty foods and beverages, pet care products and personal care lines.