Wells Fargo & Company Cuts Valvoline (NYSE:VVV) Price Target to $44.00

Valvoline (NYSE:VVV) had its price target reduced by Wells Fargo & Company from $46.00 to $44.00 in a research note released on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the basic materials company’s stock.

A number of other research analysts have also recently commented on VVV. Baird R W raised shares of Valvoline to a “strong-buy” rating in a report on Thursday, August 15th. Stephens initiated coverage on shares of Valvoline in a research note on Tuesday, October 15th. They issued an “overweight” rating and a $49.00 price objective for the company. Morgan Stanley decreased their target price on shares of Valvoline from $46.00 to $42.00 and set an “overweight” rating on the stock in a research note on Wednesday. Royal Bank of Canada dropped their price target on Valvoline from $54.00 to $48.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Finally, Robert W. Baird reduced their price objective on Valvoline from $48.00 to $46.00 and set an “outperform” rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $46.25.

Valvoline Stock Performance

NYSE:VVV opened at $38.57 on Wednesday. Valvoline has a twelve month low of $33.86 and a twelve month high of $48.26. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.77. The stock’s 50-day simple moving average is $41.33 and its 200 day simple moving average is $41.91. The firm has a market capitalization of $4.97 billion, a PE ratio of 23.81 and a beta of 1.46.

Valvoline announced that its board has authorized a stock buyback program on Tuesday, July 30th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the basic materials company to repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Valvoline

Several hedge funds and other institutional investors have recently bought and sold shares of VVV. Blue Trust Inc. grew its holdings in Valvoline by 57.9% during the 2nd quarter. Blue Trust Inc. now owns 728 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 267 shares during the period. MAI Capital Management boosted its position in shares of Valvoline by 2.4% during the 3rd quarter. MAI Capital Management now owns 11,624 shares of the basic materials company’s stock valued at $486,000 after purchasing an additional 268 shares in the last quarter. UMB Bank n.a. grew its stake in Valvoline by 92.1% during the third quarter. UMB Bank n.a. now owns 630 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 302 shares during the period. State of New Jersey Common Pension Fund D increased its holdings in Valvoline by 0.7% in the third quarter. State of New Jersey Common Pension Fund D now owns 47,602 shares of the basic materials company’s stock worth $1,992,000 after purchasing an additional 313 shares in the last quarter. Finally, Evergreen Capital Management LLC lifted its stake in Valvoline by 6.1% in the second quarter. Evergreen Capital Management LLC now owns 6,292 shares of the basic materials company’s stock valued at $272,000 after buying an additional 359 shares during the period. Institutional investors and hedge funds own 96.13% of the company’s stock.

About Valvoline

Valvoline Inc engages in the operation and franchising of vehicle service centers and retail stores in the United States and Canada. The company, through its service centers, provides fluid exchange for motor oil, transmission and differential fluid, and coolant; parts replacement for batteries, filters, wiper blades, and belts; and safety services, such as tire inflation and rotation, bulbs, and safety checks.