Panagora Asset Management Inc. lifted its stake in Valvoline Inc (NYSE:VVV) by 37.2% during the second quarter, Holdings Channel.com reports. The fund owned 13,843 shares of the basic materials company’s stock after buying an additional 3,750 shares during the period. Panagora Asset Management Inc.’s holdings in Valvoline were worth $270,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Russell Investments Group Ltd. increased its position in Valvoline by 28.6% during the second quarter. Russell Investments Group Ltd. now owns 1,005,614 shares of the basic materials company’s stock worth $19,640,000 after buying an additional 223,711 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of Valvoline by 7.4% in the second quarter. Prudential Financial Inc. now owns 118,094 shares of the basic materials company’s stock valued at $2,306,000 after buying an additional 8,100 shares during the period. Schroder Investment Management Group boosted its stake in shares of Valvoline by 4.8% in the second quarter. Schroder Investment Management Group now owns 3,890,561 shares of the basic materials company’s stock valued at $75,983,000 after buying an additional 178,746 shares during the period. Wasatch Advisors Inc. boosted its stake in shares of Valvoline by 28.6% in the second quarter. Wasatch Advisors Inc. now owns 4,469,705 shares of the basic materials company’s stock valued at $87,293,000 after buying an additional 993,754 shares during the period. Finally, GW&K Investment Management LLC bought a new stake in shares of Valvoline in the second quarter valued at approximately $4,034,000. 94.08% of the stock is currently owned by hedge funds and other institutional investors.
NYSE VVV traded up $0.11 on Friday, hitting $22.43. 115,037 shares of the company’s stock were exchanged, compared to its average volume of 1,237,358. The stock has a 50-day moving average of $21.91 and a 200-day moving average of $19.55. Valvoline Inc has a 52 week low of $16.90 and a 52 week high of $23.16. The stock has a market cap of $4.20 billion, a price-to-earnings ratio of 17.39, a P/E/G ratio of 1.78 and a beta of 0.90.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.106 per share. This represents a $0.42 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Thursday, August 29th. Valvoline’s payout ratio is presently 32.56%.
Several equities research analysts recently issued reports on the company. Zacks Investment Research reiterated a “buy” rating and issued a $25.00 price target on shares of Valvoline in a research note on Saturday, September 7th. Buckingham Research upgraded Valvoline from a “neutral” rating to a “buy” rating and boosted their price target for the company from $18.00 to $24.00 in a research note on Monday, July 1st. Finally, Citigroup boosted their price target on Valvoline from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $23.00.
Valvoline Inc manufactures and markets engine and automotive maintenance products and services. It operates through three segments: Core North America, Quick Lubes, and International. The company offers lubricants for passenger car, light duty, and heavy duty; antifreeze/coolants for original equipment manufacturers; functional and maintenance chemicals, such as brake fluids and power steering fluids, as well as specialty coatings for automotive and industrial applications comprising rust prevention and sound absorption; and oil and air filters for light-duty vehicles.
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