Filtration products maker CLARCOR (CLC) has been downgraded by analysts at Robert W. Baird to a neutral rating from outperform. The firm also lowered its price target on the stock to $53 from $66 a share.
The downgrade comes on the heels of CLARCOR reporting Q3 revenue that declined 11% to $357.6 million, and net earnings that fell 13% to $36.4 million. The $0.66 per share in adjusted earnings was significantly below Wall Street expectations. CLARCOR shares closed Thursday down more than 13%.
In Friday’s pre-market session, shares of CLARCOR were unchanged from their Thursday closing price of $48.39, and have a 52-week trading range of $46.79 – $68.72.