Wajax (TSE:WJX) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Wajax Co. (TSE:WJX) crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of C$29.81 and traded as high as C$30.16. Wajax shares last traded at C$29.00, with a volume of 60,855 shares.

Analysts Set New Price Targets

A number of brokerages have weighed in on WJX. BMO Capital Markets reduced their price target on shares of Wajax from C$40.00 to C$34.00 and set a “market perform” rating for the company in a report on Wednesday, March 4th. National Bank Financial dropped their price objective on shares of Wajax from C$37.00 to C$34.00 and set an “outperform” rating on the stock in a report on Wednesday, May 6th. Scotiabank cut their price objective on shares of Wajax from C$38.00 to C$37.00 and set a “sector perform” rating for the company in a research report on Tuesday, May 5th. TD Securities increased their target price on shares of Wajax from C$28.00 to C$34.00 and gave the company a “hold” rating in a research note on Wednesday, March 4th. Finally, TD decreased their target price on Wajax from C$35.00 to C$33.00 and set a “hold” rating on the stock in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of C$34.40.

Wajax Stock Up 1.4%

The firm has a market capitalization of C$643.82 million, a price-to-earnings ratio of 10.59, a price-to-earnings-growth ratio of 0.50 and a beta of 0.54. The business has a 50 day moving average of C$30.49 and a 200 day moving average of C$29.83. The company has a debt-to-equity ratio of 72.41, a current ratio of 1.88 and a quick ratio of 0.71.

Wajax (TSE:WJX) last announced its quarterly earnings results on Monday, May 4th. The company reported C$0.65 earnings per share (EPS) for the quarter. Wajax had a net margin of 2.97% and a return on equity of 11.63%. The firm had revenue of C$502.07 million for the quarter. On average, equities analysts anticipate that Wajax Co. will post 3.4850136 EPS for the current year.

Insider Activity

In other Wajax news, Director Thomas Malcolm Alford bought 5,000 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were acquired at an average price of C$29.15 per share, with a total value of C$145,750.00. Following the completion of the purchase, the director directly owned 5,000 shares in the company, valued at C$145,750. The trade was a ∞ increase in their position. Also, Director Terrance Lloyd Mckibbon purchased 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was acquired at an average cost of C$29.86 per share, with a total value of C$179,160.00. Following the transaction, the director directly owned 6,000 shares of the company’s stock, valued at approximately C$179,160. This represents a ∞ increase in their ownership of the stock. In the last three months, insiders have acquired 18,153 shares of company stock worth $535,312. Corporate insiders own 0.97% of the company’s stock.

About Wajax

Wajax Corp is a Canadian distributor of industrial components. The company’s core business is the sale of parts and service support of equipment, power systems, and industrial components through a network of branches in Canada. Most of its revenue is generated from the sale of equipment which includes machinery and components used for construction purposes and its industrial components find utility in businesses like mining, forestry, and material handling for other industrial purposes. It sells to leading manufacturer brands such as Hitachi, JCB, Bell, Hyster, Palfinger and other similar industries.