Whirlpool Corporation (NYSE:WHR) is a good stock to be in now, Charles Payne argued in a recent segment on Fox Business Network.
The comment was made by the Fox Business Network host on Tuesday as the markets were in a pullback after selloffs as people are waiting for quarterly corporate performance reports. The technology industry bore the brunt of the decline but Payne said that Whirlpool Corporation (NYSE:WHR) can be a refuge. He explained:
“I know the market’s a little spooky today but as markets shift into defensive mode, I continue to think a perfect place for you to be and sleep better at night is Whirlpool. The company is trading at a very low valuation and that attracts these big time investors particularly when times get turbulent like they have in the last couple of sessions. The P/E is 10, the PEG ratio 0.56, trading at half the times sells and two times book: all these kind of stuff that big money managers love. By the way, we all know and love the brands: Whirlpool, Maytag, KitchenAid, Jenn-Air, [and]Amana. There’s a whole lot of others they have that are household names overseas as well. Speaking of which, it’s a global play. They have their tentacles everywhere. Market share in North America is number one, number one in Latin America, number three in India, number four in Europe, Middle East and Africa. Mostly though, a lot of room for potential growth in Eastern Europe and those BRIC nations.”
Furthermore, Payne said that Whirlpool Corporation (NYSE:WHR) can benefit from what he said is moralizing demand in the U.S. According to the host, demand for products made by company plunged from 2005 to 2012 which means that there is now an upside momentum. He added that he thinks the company is going to be driven by new construction, existing home sales and replacements of old appliances.
Watch the video below where issues about Whirlpool Corporation (NYSE:WHR) were also discussed.
Whirlpool Corporation (NYSE:WHR) investors includes Edgar Wachenheim’s Greenhaven Associates which reported about 2.37 million shares in the company by the end of the first quarter of the year. Another investor is Crispin Odey’s Odey Asset Management Group which reported about 1.32 million shares in the appliance-maker also during the same period.