JPMorgan Chase & Co. restated their neutral rating on shares of Valspar Corp. (NYSE:VAL) in a research note issued to investors on Wednesday, AnalystRatings.NET reports. The firm currently has a $70.00 price target on the stock, down from their previous price target of $71.00.
“We reduced our F2014 EPS estimate for Valspar from $4.25 to $4.10 to reflect a lower level of profitability for Valspar’s Coatings segment primarily related to the acquisition of the lower-margin Inver industrial coatings business in Europe. Our GAAP EPS projection is $3.78 including $0.32/share in restructuring and acquisition related expenses. Our F2014 EPS forecast is based on 8% consolidated sales growth including a 3-4% acquisition benefit from Inver and 2-3% growth from higher sales at Ace hardware stores (+$45M), B&Q (+38M), and Pro Paint sales at Lowe’s (+$17.5M). We forecast the consolidated operating margin to improve slightly from 12.8% to 12.9%. Pre-tax restructuring savings of $12-13M ($0.10/share) related to Valspar’s North American manufacturing assets following the Ace acquisition and the integrating of Inver in Europe, should be mostly offset by higher compensation-related accruals. Our F2014 EPS forecast reflects a lower share count of an average 86.8M compared to 90.5M in the year-ago period.,” the firm’s analyst commented.
Valspar Corp. (NYSE:VAL) traded up 0.80% on Wednesday, hitting $72.02. The stock had a trading volume of 249,364 shares. Valspar Corp. has a 1-year low of $58.97 and a 1-year high of $74.25. The stock has a 50-day moving average of $68.59 and a 200-day moving average of $67.39. The company has a market cap of $6.243 billion and a price-to-earnings ratio of 21.85.
Valspar Corp. (NYSE:VAL) last released its earnings data on Tuesday, November 19th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.05. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.09 billion. During the same quarter in the prior year, the company posted $0.86 earnings per share. The company’s quarterly revenue was up 8.2% on a year-over-year basis. Analysts expect that Valspar Corp. will post $4.12 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, December 13th. Investors of record on Monday, December 2nd will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.46%. The ex-dividend date is Wednesday, November 27th. This is an increase from Valspar Corp.’s previous quarterly dividend of $0.23.
A number of other analysts have also recently weighed in on VAL. Analysts at Deutsche Bank upgraded shares of Valspar Corp. from a hold rating to a buy rating in a research note to investors on Friday, October 4th. They now have a $75.00 price target on the stock, up previously from $72.00. They noted that the move was a valuation call. Analysts at KeyCorp cut their EPS estimates on shares of Valspar Corp. in a research note on Monday. They now have a buy rating and a $79.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. Valspar Corp. has a consensus rating of Hold and an average target price of $74.36.
The Valspar Corporation is a global coating and paint manufacturer and distributor. The Company manufactures and distributes a range of coatings, paints and related products.
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