Valspar Corp. Hits New 12-Month High After Better-Than-Expected Earnings (VAL)
Shares of Valspar Corp. (NYSE:VAL) reached a new 52-week high on Wednesday following a better than expected earnings announcement, AnalystRatings.NET reports. The company traded as high as $76.18 and last traded at $74.25, with a volume of 1,451,222 shares. The stock had previously closed at $70.59.
The company reported $0.70 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.66 by $0.04. The company had revenue of $956.00 million for the quarter, compared to the consensus estimate of $948.61 million. During the same quarter in the prior year, the company posted $0.60 earnings per share. The company’s quarterly revenue was up 9.2% on a year-over-year basis.
A number of analysts have recently weighed in on VAL shares. Analysts at Robert W. Baird upgraded shares of Valspar Corp. from a “neutral” rating to an “outperform” rating in a research note on Thursday, January 9th. They now have a $80.00 price target on the stock, up previously from $75.00. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Valspar Corp. in a research note on Thursday, November 21st. They now have a $75.00 price target on the stock. Finally, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Valspar Corp. in a research note on Thursday, November 21st. They now have a $73.00 price target on the stock, up previously from $69.00. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $76.30.
The stock’s 50-day moving average is $70.87 and its 200-day moving average is $68.24. The company has a market cap of $6.432 billion and a price-to-earnings ratio of 22.06.
The Valspar Corporation is a global coating and paint manufacturer and distributor. The Company manufactures and distributes a range of coatings, paints and related products.
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