Clorox Co (CLX) Expected to Announce Quarterly Sales of $1.53 Billion

Wall Street brokerages expect Clorox Co (NYSE:CLX) to post $1.53 billion in sales for the current fiscal quarter, Zacks reports. Five analysts have made estimates for Clorox’s earnings, with estimates ranging from $1.52 billion to $1.55 billion. Clorox reported sales of $1.50 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 2%. The company is scheduled to announce its next earnings report on Wednesday, November 7th.

According to Zacks, analysts expect that Clorox will report full-year sales of $6.34 billion for the current year, with estimates ranging from $6.30 billion to $6.37 billion. For the next financial year, analysts forecast that the business will post sales of $6.52 billion per share, with estimates ranging from $6.48 billion to $6.53 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that that provide coverage for Clorox.

Clorox (NYSE:CLX) last issued its quarterly earnings results on Thursday, August 2nd. The company reported $1.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.58 by $0.08. The business had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.72 billion. Clorox had a return on equity of 103.18% and a net margin of 13.44%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.53 earnings per share.

A number of brokerages recently issued reports on CLX. BMO Capital Markets reissued a “buy” rating and set a $153.00 price target on shares of Clorox in a research report on Friday, August 3rd. Goldman Sachs Group downgraded Clorox from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $127.00 to $112.00 in a research report on Tuesday, July 17th. They noted that the move was a valuation call. Bank of America increased their price target on Clorox from $130.00 to $140.00 and gave the stock a “neutral” rating in a research report on Monday, July 16th. ValuEngine raised Clorox from a “sell” rating to a “hold” rating in a research report on Tuesday, June 26th. Finally, UBS Group began coverage on Clorox in a research report on Wednesday, July 18th. They set a “sell” rating and a $110.00 price target on the stock. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $130.42.

In other Clorox news, SVP Michael R. Costello sold 9,265 shares of the firm’s stock in a transaction on Monday, August 13th. The stock was sold at an average price of $140.02, for a total value of $1,297,285.30. Following the sale, the senior vice president now owns 34,293 shares of the company’s stock, valued at approximately $4,801,705.86. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.00% of the company’s stock.

Hedge funds have recently modified their holdings of the business. Centaurus Financial Inc. bought a new position in shares of Clorox in the 1st quarter valued at $106,000. Ostrum Asset Management bought a new position in shares of Clorox in the 1st quarter valued at $112,000. Fort L.P. bought a new position in shares of Clorox in the 2nd quarter valued at $129,000. IMS Capital Management bought a new position in shares of Clorox in the 2nd quarter valued at $161,000. Finally, Piedmont Investment Advisors LLC bought a new position in shares of Clorox in the 2nd quarter valued at $199,000. 76.12% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:CLX traded up $0.39 during trading hours on Monday, reaching $145.36. 18,756 shares of the company were exchanged, compared to its average volume of 1,286,764. The company has a market capitalization of $18.16 billion, a P/E ratio of 23.32, a P/E/G ratio of 2.90 and a beta of 0.36. Clorox has a 1-year low of $113.57 and a 1-year high of $150.40. The company has a debt-to-equity ratio of 3.15, a current ratio of 1.09 and a quick ratio of 0.67.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 17th. Shareholders of record on Wednesday, August 1st will be issued a $0.96 dividend. This represents a $3.84 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend is Tuesday, July 31st. Clorox’s dividend payout ratio is presently 61.34%.

Clorox announced that its Board of Directors has authorized a share buyback plan on Thursday, May 24th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 12.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

About Clorox

The Clorox Company manufactures and markets consumer and professional products worldwide. It operates through four segments: Cleaning, Household, Lifestyle, and International. The company offers laundry additives, including bleach products under the Clorox brand, as well as Clorox 2 stain fighters and color boosters; home care products primarily under the Clorox, Formula 409, Liquid-Plumr, Pine-Sol, S.O.S, and Tilex brands; naturally derived products under the Green Works brand; and professional cleaning and disinfecting products under the Clorox, Dispatch, Aplicare, HealthLink, and Clorox Healthcare brands.

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