Valvoline (NYSE:VVV) Shares Down 4.9% – Here’s What Happened

Valvoline Inc. (NYSE:VVV) dropped 4.9% during mid-day trading on Tuesday . The stock traded as low as $40.24 and last traded at $40.24. Approximately 294,887 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 1,172,952 shares. The stock had previously closed at $42.33.

Analysts Set New Price Targets

VVV has been the topic of several recent research reports. Morgan Stanley reduced 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. Wells Fargo & Company reduced their target price on shares of Valvoline from $46.00 to $44.00 and set an “overweight” rating on the stock in a research note on Wednesday. Mizuho reduced their target price on shares of Valvoline from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Wednesday. Royal Bank of Canada reduced their target price on shares of Valvoline from $52.00 to $46.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, Robert W. Baird reduced their target price on shares of Valvoline from $48.00 to $46.00 and set an “outperform” rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $46.25.

Valvoline Stock Down 0.4 %

The firm has a market capitalization of $4.96 billion, a price-to-earnings ratio of 23.75 and a beta of 1.46. The business’s 50-day moving average is $41.43 and its two-hundred day moving average is $41.99. The company has a debt-to-equity ratio of 5.77, a quick ratio of 0.62 and a current ratio of 0.72.

Valvoline announced that its Board of Directors has authorized a share repurchase plan on Tuesday, July 30th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the basic materials company to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Valvoline

A number of hedge funds have recently modified their holdings of VVV. Tidal Investments LLC raised its holdings in 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 buying an additional 14,739 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in Valvoline by 28.8% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 126,232 shares of the basic materials company’s stock worth $5,453,000 after buying an additional 28,254 shares during the period. Vaughan Nelson Investment Management L.P. raised 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 buying an additional 68,340 shares during the period. Texas Permanent School Fund Corp raised 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 during the last quarter. Finally, Mawer Investment Management Ltd. raised its holdings in shares of Valvoline by 40.5% in the second quarter. Mawer Investment Management Ltd. now owns 424,327 shares of the basic materials company’s stock valued at $18,331,000 after purchasing an additional 122,344 shares during the last quarter. 96.13% of the stock is currently owned by institutional investors and hedge funds.

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.