Van ECK Associates Corp Increases Stake in The Clorox Company (NYSE:CLX)

Van ECK Associates Corp has raised its stake in The Clorox Company (NYSE:CLX) by 2.2% during the third quarter, based on the latest disclosure made to the Securities and Exchange Commission. After acquiring an additional 31,510 shares, the institutional investor now holds a total of 1,492,717 shares. According to its recent filing, Van ECK Associates Corp owns approximately 1.20% of Clorox, valued at around $237,372,000.

New Positions from Other Investors

Alongside Van ECK, other investors have also recently adjusted their investments in Clorox. For instance, First Foundation Advisors made a new purchase in the first quarter amounting to about $31,000. Similarly, Innealta Capital LLC acquired a new position during the second quarter, worth around $30,000. Trifecta Capital Advisors LLC expanded its stake in Clorox by 139.8% in the second quarter, now holding 223 shares valued at $30,000 after acquiring an additional 130 shares. Furthermore, Quarry LP also increased its position by 99.1%, owning 229 shares valued at $31,000 after purchasing 114 additional shares. Family Firm Inc. also acquired a new stake worth approximately $31,000 during the second quarter. Notably, hedge funds and other institutional investors currently own 78.53% of the stock.

Recent Analyst Ratings

Several analysts have provided new ratings for Clorox shares recently. JPMorgan Chase & Co. raised their target price from $148.00 to $174.00 while maintaining a "neutral" rating on October 11. In contrast, Wells Fargo & Company reduced their target price from $135.00 to $130.00, rating the stock as "underweight," as noted in their report from July 10. Evercore ISI also cut their target from $140.00 to $139.00 and assigned an "underperform" rating on October 14. On the other hand, BNP Paribas has upgraded its stance, rating the stock as a "strong sell" in September. TD Cowen initiated coverage with a "sell" rating and a $122.00 target price in July. In general, six analysts have rated the stock as a sell, nine assigned a hold rating, and one has rated it a buy. According to MarketBeat.com, Clorox shares have an average rating of "Hold" with an average target price of $150.29.

Insider Transactions

In other developments, Angela C. Hilt, an executive vice president, sold 1,733 shares on September 6 at an average price of $165.52, generating a total of $286,846.16. Following this sale, she holds 13,471 shares of the company's stock, worth approximately $2,229,719.92. This transaction is registered as a 0.00% decrease from her previous holdings. Insider ownership currently stands at 0.57% of the company's stock.

Clorox Stock Performance

On Friday, the stock traded up by 2.9%, reaching $163.11. During the session, 2,296,113 shares changed hands, exceeding the average trading volume of 1,243,288. Clorox's 1-year low is $121.76, while its 1-year high is $169.09. The 50-day simple moving average is $161.48 and the 200-day moving average is $146.17. The company boasts a market capitalization of $20.20 billion, a PE ratio of 56.83, and a PEG ratio of 3.12, alongside a beta of 0.41. Its debt-to-equity ratio is 5.04, with a quick ratio of 0.63 and a current ratio of 1.03.

Earnings Report and Dividend Announcement

Clorox announced its earnings results on October 30, revealing earnings per share (EPS) of $1.86, surpassing analysts' expectations of $1.36. The firm generated revenue of $1.76 billion in the quarter, exceeding previous estimates of $1.64 billion. The company reported a net margin of 4.78% and an impressive return on equity of 292.08%. Compared to the same quarter last year, Clorox's revenue increased by 27.0%, while EPS last year was only $0.49. Analysts predict that Clorox will post 6.64 EPS for the current fiscal year. Additionally, the company has recently declared a quarterly dividend of $1.22 per share, which will be distributed on November 7 to shareholders recorded by October 23. This translates to an annualized dividend of $4.88 and a yield of 2.99%. Meanwhile, the dividend payout ratio is currently at 170.04%.

Company Overview

The Clorox Company is renowned for manufacturing and marketing consumer and professional products worldwide. Its operations span across four primary segments: Health and Wellness, Household, Lifestyle, and International. The Health and Wellness segment is responsible for a variety of cleaning products, laundry additives, and home care products under popular brands such as Clorox, Scentiva, Pine-Sol, and others.

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