Clorox Downgraded by Morgan Stanley to Underweight (CLX)
Clorox (NYSE:CLX) was downgraded by equities research analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research note issued to investors on Thursday, TheFlyOnTheWall.com reports. They currently have a $83.00 target price on the stock. Morgan Stanley’s price target indicates a potential downside of 3.13% from the company’s current price.
The analysts wrote, “We are downgrading CLX to UW. Slowing US consumer spending and heightened competitive pressure create near-term EPS risk that we think is not reflected in valuation, particularly as CLX’s LT EPS growth potential is more muted than peers’.”
Shares of Clorox (NYSE:CLX) traded down 2.05% during mid-day trading on Thursday, hitting $83.92. 772,391 shares of the company’s stock traded hands. Clorox has a one year low of $71.00 and a one year high of $90.10. The stock’s 50-day moving average is $83.06 and its 200-day moving average is $85.03. The company has a market cap of $10.946 billion and a P/E ratio of 19.95.
Clorox (NYSE:CLX) last released its earnings data on Thursday, August 1st. The company reported $1.38 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.34 by $0.04. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.57 billion. During the same quarter in the prior year, the company posted $1.32 earnings per share. The company’s quarterly revenue was up .4% on a year-over-year basis. On average, analysts predict that Clorox will post $4.58 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, November 15th. Investors of record on Wednesday, October 30th will be paid a dividend of $0.71 per share. This represents a $2.84 annualized dividend and a dividend yield of 3.31%. The ex-dividend date is Monday, October 28th.
Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “hold” rating on shares of Clorox in a research note to investors on Monday, October 7th. They now have a $91.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. raised their price target on shares of Clorox from $85.00 to $90.00 in a research note to investors on Monday, October 7th. They now have a “neutral” rating on the stock. Finally, analysts at Credit Suisse downgraded shares of Clorox from a “neutral” rating to an “underperform” rating in a research note to investors on Friday, September 20th. They now have a $78.00 price target on the stock, down previously from $87.00. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $84.20.
The Clorox Company (NYSE:CLX) is a manufacturer and marketer of consumer and professional products.
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