Redmond Asset Management LLC Purchases New Position in The Clorox Company $CLX

Key Points

• Redmond Asset Management acquired 14,075 Clorox shares worth approximately $1.14 million during the third quarter. Institutional investors collectively own 78.53% of the company.
• Wall Street sentiment remains cautious, with analysts assigning Clorox an average “Reduce” rating and a consensus price target of $93.57; twelve analysts rate it Hold and four rate it Sell.
• Clorox reported quarterly EPS of $1.66, slightly above expectations, while revenue fell 2% year over year. The company announced a $1.25 quarterly dividend, representing a 5.8% yield, though its payout ratio exceeds 100%.

Redmond Asset Management LLC purchased a new position in The Clorox Company (NYSE:CLX - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 14,075 shares of the company's stock, valued at approximately $1,140,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Clorox in the second quarter worth $958,640,000. Bank of America Corp DE acquired a new position in shares of Clorox during the second quarter valued at $179,780,000. Royal Bank of Canada boosted its holdings in shares of Clorox by 20.1% during the first quarter. Royal Bank of Canada now owns 1,418,204 shares of the company's stock valued at $146,969,000 after acquiring an additional 237,301 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Clorox during the second quarter worth about $123,154,000. Finally, Confluence Investment Management LLC grew its position in shares of Clorox by 33.8% during the second quarter. Confluence Investment Management LLC now owns 1,247,644 shares of the company's stock worth $119,075,000 after acquiring an additional 315,069 shares during the last quarter. Institutional investors and hedge funds own 78.53% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $95.00 price objective on shares of Clorox in a research report on Monday, October 19th. UBS Group set a $91.00 target price on shares of Clorox in a research report on Thursday, October 15th. JPMorgan Chase & Co. dropped their price target on shares of Clorox from $95.00 to $83.00 and set an "underweight" rating on the stock in a research note on Monday, October 19th. Jefferies Financial Group cut Clorox from a "buy" rating to a "hold" rating and cut their price target for the company from $125.00 to $98.00 in a report on Tuesday, July 28th. Finally, TD Cowen reduced their price objective on Clorox from $85.00 to $80.00 and set a "hold" rating for the company in a research report on Tuesday, October 13th. Twelve equities research analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and a consensus price target of $93.57.

Clorox Stock Performance

Shares of CLX opened at $86.85 on Thursday. The firm has a 50-day moving average price of $89.36 and a 200 day moving average price of $100.20. The firm has a market capitalization of $10.50 billion, a PE ratio of 18.02, a P/E/G ratio of 2.89 and a beta of 0.59. The company has a quick ratio of 0.38, a current ratio of 0.66 and a debt-to-equity ratio of 15.80. The Clorox Company has a 52-week low of $79.12 and a 52-week high of $128.90.

Clorox (NYSE:CLX - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The company reported $1.66 EPS for the quarter, topping analysts' consensus estimates of $1.64 by $0.02. The company had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.91 billion. Clorox had a net margin of 8.74% and a return on equity of 522.23%. Clorox's revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the firm earned $2.87 EPS. Clorox has set its FY 2027 guidance at 5.700-6.000 EPS. On average, sell-side analysts anticipate that The Clorox Company will post 5.66 earnings per share for the current fiscal year.

Clorox Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Wednesday, October 28th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 5.8%. The ex-dividend date is Wednesday, October 28th. Clorox's dividend payout ratio (DPR) is currently 103.73%.

About Clorox

The Clorox Company, founded in 1913 and headquartered in Oakland, California, is a consumer and professional products company. It began with household bleach and has expanded into a portfolio of brands serving cleaning, household, personal care, food, and professional markets.

Its brands include Clorox disinfecting and cleaning products, Pine-Sol cleaners, Liquid-Plumr drain care, Kingsford charcoal, Fresh Step and Scoop Away cat litter, Hidden Valley dressings and dips, Brita water filtration products, and Burt's Bees personal care items.

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