Wednesday, November 20, 2013

Whirlpool Corp. Downgraded

Whirlpool Corp. Downgraded to Market Perform at Raymond James (WHR)

Whirlpool Corp. (NYSE:WHR) was downgraded by equities researchers at Raymond James from an “outperform” rating to a “market perform” rating in a research report issued on Tuesday, reports. They currently have a $150.00price target on the stock. Raymond James’ target price would indicate a potential downside of 0.36% from the company’s current price.
The analysts wrote, “Despite a generally in-line October AHAM report, we downgrade WHR from Outperform to Market Perform ahead of what we believe will be increased investor attention/concern around a more promotional Black Friday at retail. We deem the downgrade ‘tactical’ in nature, as we still see a generally favorable 2014 operating environment with flattish price/mix and positive productivity against generally benign raw material inflation. The shares have reached our price target, and are trading in line with the historical median multiple relative to the S&P. The short interest (3%) remains as low as it’s been in a decade, further limiting downside protection.”
Whirlpool Corp. (NYSE:WHR) traded up 0.57% on Tuesday, hitting $151.40. 332,641 shares of thecompany’s stock traded hands. Whirlpool Corp. has a 1-year low of $96.55 and a 1-year high of $152.93. The stock’s 50-day moving average is $142. and its 200-day moving average is $132.5. The company has a market cap of $11.884 billion and a P/E ratio of 15.84.
Whirlpool Corp. (NYSE:WHR) last released its earnings data on Tuesday, October 22nd. The company reported $2.72 EPS for the quarter, beating the Thomson Reuters consensus estimate of $2.61 by $0.11. The company had revenue of $4.68 billion for the quarter, compared to the consensus estimate of $4.74 billion. During the same quarter in the prior year, the company posted $1.80 earnings per share. The company’s quarterly revenue was up 4.2% on a year-over-year basis. On average, analysts predict that Whirlpool Corp. will post $10.09 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Sunday, December 15th. Investors of record on Friday, November 15th will be paid a dividend of $0.63 per share. This represents a $2.50 annualized dividend and a dividend yield of 1.66%. The ex-dividend date is Wednesday, November 13th.
WHR has been the subject of a number of other recent research reports. Analysts at Longbow Research reiterated a “buy” rating on shares of Whirlpool Corp. in a research note to investors on Thursday, November 14th. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Whirlpool Corp. in a research note to investors on Wednesday, October 30th. They now have a $156.00 price target on the stock. Finally, analysts at McLean Capital Management upgraded shares of Whirlpool Corp. from a “sell” rating to a “neutral” rating in a research note to investors on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $154.60.
In other Whirlpool Corp. news, Insider Michael Todman sold 23,943 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $147.82, for a total value of $3,539,254.26. The sale was disclosed in a legal filing with the SEC, which is available at this link.