WD-40 (NASDAQ:WDFC) Issues FY 2024 Earnings Guidance

WD-40 (NASDAQ:WDFC) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 5.000-5.300 for the period, compared to the consensus EPS estimate of 5.120. The company issued revenue guidance of $570.0 million-$600.0 million, compared to the consensus revenue estimate of $577.8 million. WD-40 also updated its FY24 guidance to $5.00-$5.30 EPS.

Analyst Upgrades and Downgrades

Separately, DA Davidson reaffirmed a buy rating and set a $313.00 target price on shares of WD-40 in a report on Tuesday, March 5th.

WD-40 Stock Performance

WD-40 stock traded down $3.92 during midday trading on Tuesday, hitting $255.11. 341,648 shares of the company were exchanged, compared to its average volume of 132,383. The firm has a market capitalization of $3.46 billion, a PE ratio of 50.22 and a beta of -0.06. WD-40 has a fifty-two week low of $163.82 and a fifty-two week high of $278.78. The business has a fifty day simple moving average of $258.21 and a two-hundred day simple moving average of $240.31. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.58 and a current ratio of 2.40.

WD-40 (NASDAQ:WDFC) last issued its quarterly earnings results on Tuesday, January 9th. The specialty chemicals company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.28. The company had revenue of $140.40 million for the quarter, compared to the consensus estimate of $134.40 million. WD-40 had a return on equity of 33.51% and a net margin of 12.57%. WD-40’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.02 earnings per share. On average, sell-side analysts forecast that WD-40 will post 5.13 earnings per share for the current year.

WD-40 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Friday, April 19th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Thursday, April 18th. This represents a $3.52 dividend on an annualized basis and a yield of 1.38%. WD-40’s dividend payout ratio is currently 69.29%.

Insiders Place Their Bets

In other news, VP Jeffrey G. Lindeman bought 182 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were acquired at an average price of $272.42 per share, for a total transaction of $49,580.44. Following the completion of the transaction, the vice president now directly owns 3,073 shares in the company, valued at approximately $837,146.66. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.65% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On WD-40

Several hedge funds and other institutional investors have recently made changes to their positions in the company. CIBC Private Wealth Group LLC purchased a new position in WD-40 during the fourth quarter worth approximately $228,000. Advisor Partners II LLC acquired a new stake in WD-40 during the first quarter worth $216,000. Argent Trust Co acquired a new stake in WD-40 during the first quarter worth $209,000. AQR Capital Management LLC acquired a new stake in WD-40 during the third quarter worth $207,000. Finally, Tower Research Capital LLC TRC increased its stake in WD-40 by 213.5% during the third quarter. Tower Research Capital LLC TRC now owns 699 shares of the specialty chemicals company’s stock worth $142,000 after acquiring an additional 476 shares during the last quarter. Hedge funds and other institutional investors own 91.52% of the company’s stock.

About WD-40

WD-40 Company develops and sells maintenance products, and homecare and cleaning products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides multi-purpose maintenance products that include aerosol sprays, non-aerosol trigger sprays, precision pens, and in liquid-bulk form products under the WD-40 Multi-Use brand name; specialty maintenance products, such as penetrants, degreasers, corrosion inhibitors, greases, lubricants, and rust removers under the WD-40 Specialist brand; and bike-specific products.