CLARCOR Stock Price Up 6.6% on Better-Than-Expected Earnings (CLC)
Shares of CLARCOR (NYSE:CLC) rose 6.6% during mid-day trading on Thursday after the company announced better than expected quarterly earnings, Analyst Ratings Network reports. The stock traded as high as $64.11 and last traded at $62.70, with a volume of 376,269 shares traded. The stock had previously closed at $58.80.
The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.14. The company had revenue of $386.60 million for the quarter, compared to the consensus estimate of $364.30 million. During the same quarter in the previous year, the company posted $0.66 earnings per share. The company’s revenue for the quarter was up 34.4% on a year-over-year basis.
Several analysts have recently commented on the stock. Analysts at Zacks upgraded shares of CLARCOR from a “neutral” rating to an “outperform” rating in a research note on Monday, May 19th. They now have a $65.80 price target on the stock. Separately, analysts at Robert W. Baird raised their price target on shares of CLARCOR from $60.00 to $62.00 in a research note on Wednesday, May 14th. They now have a “neutral” rating on the stock. Finally, analysts at BB&T Corp. upgraded shares of CLARCOR from a “hold” rating to a “buy” rating in a research note on Tuesday, April 29th. They now have a $65.00 price target on the stock. They noted that the move was a valuation call.
The stock’s 50-day moving average is $57.94 and its 200-day moving average is $58.18. The company has a market cap of $3.153 billion and a price-to-earnings ratio of 25.03.
CLARCOR Inc (NYSE:CLC) is a provider of filtration products, filtration systems and services, and consumer and industrial packaging products.
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