Clorox Co to Issue Quarterly Dividend of $0.96 (CLX)
Clorox Co (NYSE:CLX) declared a quarterly dividend on Tuesday, September 18th, RTT News reports. Investors of record on Wednesday, October 31st will be paid a dividend of 0.96 per share on Friday, November 16th. This represents a $3.84 annualized dividend and a yield of 2.53%.
Clorox has raised its dividend payment by an average of 4.2% per year over the last three years and has raised its dividend annually for the last 40 consecutive years. Clorox has a payout ratio of 59.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Clorox to earn $6.87 per share next year, which means the company should continue to be able to cover its $3.84 annual dividend with an expected future payout ratio of 55.9%.
CLX stock traded down $0.08 during trading hours on Tuesday, hitting $151.85. 774,200 shares of the stock traded hands, compared to its average volume of 1,226,444. Clorox has a one year low of $113.57 and a one year high of $152.90. The stock has a market capitalization of $19.39 billion, a P/E ratio of 24.17, a P/E/G ratio of 3.13 and a beta of 0.35. The company has a quick ratio of 0.67, a current ratio of 1.09 and a debt-to-equity ratio of 3.15.
Clorox announced that its Board of Directors has approved a stock repurchase plan on Thursday, May 24th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to repurchase up to 12.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.
In related news, EVP Linda J. Rendle sold 382 shares of the stock in a transaction dated Thursday, September 6th. The stock was sold at an average price of $148.32, for a total value of $56,658.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Michael R. Costello sold 9,265 shares of the stock in a transaction dated 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 completion of the sale, the senior vice president now directly owns 34,293 shares of the company’s stock, valued at $4,801,705.86. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,268 shares of company stock valued at $4,196,686. Company insiders own 1.00% of the company’s stock.
CLX has been the subject of several analyst reports. Goldman Sachs Group downgraded Clorox from a “neutral” rating to a “sell” rating and reduced their target price for the company from $127.00 to $112.00 in a report on Tuesday, July 17th. They noted that the move was a valuation call. Bank of America upped their target price on Clorox from $130.00 to $140.00 and gave the company a “neutral” rating in a report on Monday, July 16th. ValuEngine raised Clorox from a “sell” rating to a “hold” rating in a report on Tuesday, June 26th. BMO Capital Markets reaffirmed a “buy” rating and set a $153.00 target price on shares of Clorox in a report on Friday, August 3rd. Finally, UBS Group initiated coverage on Clorox in a report on Wednesday, July 18th. They set a “sell” rating and a $110.00 target price for the company. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company’s stock. Clorox presently has a consensus rating of “Hold” and a consensus target price of $130.42.
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 fighter and color booster; 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, disinfecting, and food service products under the Clorox, Dispatch, HealthLink, Clorox Healthcare, Hidden Valley, KC Masterpiece, and Soy Vay brands.
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