State of Michigan Retirement System Decreases Holdings in Valvoline Inc. (NYSE:VVV)

Posted by Defense World Staff on Jul 23rd, 2023

State of Michigan Retirement System trimmed its position in shares of Valvoline Inc. (NYSE:VVV – Free Report) by 3.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 43,415 shares of the basic materials company’s stock after selling 1,700 shares during the period. State of Michigan Retirement System’s holdings in Valvoline were worth $1,517,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Ellevest Inc. raised its holdings in shares of Valvoline by 109.6% during the 4th quarter. Ellevest Inc. now owns 918 shares of the basic materials company’s stock valued at $30,000 after buying an additional 480 shares in the last quarter. CoreCap Advisors LLC purchased a new position in shares of Valvoline during the 4th quarter valued at about $37,000. Quadrant Capital Group LLC raised its holdings in shares of Valvoline by 52.2% during the 4th quarter. Quadrant Capital Group LLC now owns 1,230 shares of the basic materials company’s stock valued at $40,000 after buying an additional 422 shares in the last quarter. Ronald Blue Trust Inc. grew its position in Valvoline by 63.4% during the 4th quarter. Ronald Blue Trust Inc. now owns 1,616 shares of the basic materials company’s stock worth $41,000 after acquiring an additional 627 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in Valvoline during the 4th quarter worth approximately $65,000. 93.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

VVV has been the topic of several recent research reports. Seaport Res Ptn lowered Valvoline from a “buy” rating to a “neutral” rating in a research report on Monday, June 12th. JPMorgan Chase & Co. lowered Valvoline from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $41.00 to $39.00 in a research report on Friday, June 2nd. Stephens initiated coverage on Valvoline in a research report on Friday, June 23rd. They set an “overweight” rating and a $43.00 price target on the stock. StockNews.com upgraded Valvoline from a “sell” rating to a “hold” rating in a research report on Thursday, May 11th. Finally, Morgan Stanley assumed coverage on Valvoline in a research report on Monday, June 12th. They set an “equal weight” rating and a $40.00 price target on the stock. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $40.40.

Valvoline Price Performance

Shares of VVV stock opened at $38.41 on Friday. The firm has a market cap of $6.37 billion, a P/E ratio of 4.27 and a beta of 1.33. Valvoline Inc. has a fifty-two week low of $24.40 and a fifty-two week high of $39.67. The business’s 50 day moving average price is $37.62 and its 200-day moving average price is $35.81. The company has a debt-to-equity ratio of 1.15, a quick ratio of 3.90 and a current ratio of 3.95.

Valvoline (NYSE:VVV – Get Free Report) last issued its quarterly earnings data on Wednesday, May 10th. The basic materials company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.01. The firm had revenue of $344.50 million for the quarter, compared to analyst estimates of $347.12 million. Valvoline had a return on equity of 50.51% and a net margin of 79.50%. On average, equities research analysts anticipate that Valvoline Inc. will post 1.12 earnings per share for the current year.

Insider Activity

In other news, SVP Heidi J. Matheys sold 2,546 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $38.64, for a total value of $98,377.44. Following the completion of the transaction, the senior vice president now owns 37,159 shares in the company, valued at approximately $1,435,823.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.99% of the stock is currently owned by company insiders.

Valvoline Company Profile

(Free Report)

Valvoline Inc provides automotive services through retail stores in the United States and Canada. It offers cabin air filter, battery replacement, and tire rotation services for various vehicles. As of September 30, 2022, it operated 1,700 system-wide service center stores. The company was founded in 1866 and is headquartered in Lexington, Kentucky.