KLX Inc. (KLXI) Raised to Buy at Zacks Investment Research
KLX Inc. (NASDAQ:KLXI) was upgraded by Zacks Investment Research from a “strong sell” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $36.00 target price on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 7.98% from the stock’s current price.
According to Zacks, “KLX Inc. is a distributor and service provider of aerospace fasteners and consumables. The Company operates in two segments: Aerospace Solutions Group and Energy Services Group. The Aerospace Solutions Group provides fasteners, consumable products, and logistics services to aerospace customers. The Energy Services Group provides services and logistics for oil and gas drilling sites. It also provides aerospace hardware, and inventory management services. KLX Inc. is based in United States. “
Several other research firms have also weighed in on KLXI. Deutsche Bank AG dropped their price target on KLX from $39.00 to $37.00 and set a “hold” rating on the stock in a research report on Thursday, May 19th. KeyCorp raised KLX from a “sector weight” rating to an “overweight” rating and set a $40.00 price target on the stock in a research report on Friday, June 17th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $34.89.
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Shares of KLX (NASDAQ:KLXI) traded down 1.10% on Tuesday, hitting $33.34. 241,360 shares of the stock were exchanged. KLX has a 52-week low of $25.33 and a 52-week high of $41.00. The company has a 50 day moving average of $34.97 and a 200 day moving average of $33.45. The company’s market cap is $1.76 billion.
KLX (NASDAQ:KLXI) last issued its quarterly earnings data on Wednesday, August 24th. The company reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.22. The business had revenue of $391.40 million for the quarter, compared to analysts’ expectations of $402.30 million. KLX had a positive return on equity of 3.83% and a negative net margin of 26.66%. Equities research analysts forecast that KLX will post $0.92 earnings per share for the current year.
Hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its stake in shares of KLX by 6,000.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,217,513 shares of the company’s stock worth $37,487,000 after buying an additional 1,197,555 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in shares of KLX by 45.9% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 2,675,178 shares of the company’s stock worth $82,369,000 after buying an additional 841,852 shares in the last quarter. Norges Bank purchased a new stake in shares of KLX during the fourth quarter worth about $25,751,000. Citadel Advisors LLC purchased a new stake in shares of KLX during the second quarter worth about $22,608,000. Finally, Baupost Group LLC MA raised its stake in shares of KLX by 33.3% in the fourth quarter. Baupost Group LLC MA now owns 2,000,000 shares of the company’s stock worth $61,580,000 after buying an additional 500,000 shares in the last quarter. 99.44% of the stock is currently owned by hedge funds and other institutional investors.
KLX Company Profile
KLX Inc (KLX) is the distributor and service provider of aerospace fasteners and consumables. The Company offers ranges of aerospace hardware and consumables and inventory management services across the world. The Company operates through two segments: Aerospace Solutions Group (ASG) and Energy Services Group (ESG).
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