Assetmark Inc. acquired a new stake in shares of Valvoline Inc. (NYSE:VVV - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 21,962 shares of the basic materials company's stock, valued at approximately $919,000.
Several other institutional investors have also made changes to their positions in VVV. Tidal Investments LLC lifted its position in shares of Valvoline by 97.6% during the 1st quarter. Tidal Investments LLC now owns 29,843 shares of the basic materials company's stock worth $1,330,000 after purchasing an additional 14,739 shares during the last quarter. Oppenheimer Asset Management Inc. increased its stake in shares of Valvoline by 28.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 126,232 shares of the basic materials company's stock valued at $5,453,000 after buying an additional 28,254 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in Valvoline by 6.4% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,130,920 shares of the basic materials company's stock worth $48,857,000 after acquiring an additional 68,340 shares during the last quarter. Texas Permanent School Fund Corp increased its holdings in shares of Valvoline by 22.8% in the second quarter. Texas Permanent School Fund Corp now owns 139,352 shares of the basic materials company's stock valued at $6,020,000 after purchasing an additional 25,885 shares in the last quarter. Finally, Mawer Investment Management Ltd. increased its stake in shares of Valvoline by 40.5% in the 2nd quarter. Mawer Investment Management Ltd. now owns 424,327 shares of the basic materials company's stock valued at $18,331,000 after buying an additional 122,344 shares during the period. 96.13% of the stock is owned by hedge funds and other institutional investors.
Valvoline Price Performance
NYSE:VVV traded down $0.54 during midday trading on Friday, hitting $42.32. The company had a trading volume of 878,608 shares, compared to its average volume of 935,598. The company has a market capitalization of $5.45 billion, a PE ratio of 34.38 and a beta of 1.46. The company has a quick ratio of 0.62, a current ratio of 0.73 and a debt-to-equity ratio of 10.57. Valvoline Inc. has a 52-week low of $33.86 and a 52-week high of $48.26. The stock's fifty day moving average price is $41.37 and its 200-day moving average price is $42.03.
Valvoline declared that its board has initiated a stock buyback plan on Tuesday, July 30th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the basic materials company to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board believes its shares are undervalued.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on the company. Citigroup lifted their price objective on Valvoline from $45.00 to $48.00 and gave the company a "neutral" rating in a report on Friday, July 19th. Stephens started coverage on Valvoline in a report on Tuesday, October 15th. They issued an "overweight" rating and a $49.00 price objective on the stock. Baird R W raised Valvoline to a "strong-buy" rating in a research report on Thursday, August 15th. Wells Fargo & Company lowered their price objective on shares of Valvoline from $50.00 to $46.00 and set an "overweight" rating for the company in a research report on Thursday, August 8th. Finally, Robert W. Baird initiated coverage on Valvoline in a research note on Thursday, August 15th. They issued an "outperform" rating and a $48.00 price target for the company. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $47.75.
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Valvoline Company Profile
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Free Report)
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.
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