WD-40 (NASDAQ:WDFC) Posts Earnings Results, Beats Estimates By $0.01 EPS

WD-40 (NASDAQ:WDFC) posted its quarterly earnings results on Tuesday. The specialty chemicals company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.01, Briefing.com reports. The firm had revenue of $139.10 million for the quarter, compared to analysts’ expectations of $140.51 million. WD-40 had a net margin of 12.57% and a return on equity of 33.51%. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.21 earnings per share. WD-40 updated its FY24 guidance to $5.00-$5.30 EPS and its FY 2024 guidance to 5.000-5.300 EPS.

WD-40 Stock Down 8.6 %

Shares of WD-40 stock opened at $233.18 on Thursday. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.40 and a quick ratio of 1.58. WD-40 has a 1 year low of $171.15 and a 1 year high of $278.78. The firm’s 50-day moving average is $257.70 and its two-hundred day moving average is $240.26. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of 45.90 and a beta of -0.06.

WD-40 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Friday, April 19th will be issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.51%. The ex-dividend date is Thursday, April 18th. WD-40’s payout ratio is 69.29%.

Insiders Place Their Bets

In other news, VP Jeffrey G. Lindeman purchased 182 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was acquired at an average cost of $272.42 per share, with a total value of $49,580.44. Following the completion of the transaction, the vice president now owns 3,073 shares in the company, valued at approximately $837,146.66. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.65% of the stock is owned by company insiders.

Institutional Trading of WD-40

Several hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its position in shares of WD-40 by 8.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,155 shares of the specialty chemicals company’s stock valued at $2,189,000 after buying an additional 720 shares during the last quarter. Oarsman Capital Inc. raised its position in shares of WD-40 by 4.1% in the 4th quarter. Oarsman Capital Inc. now owns 1,715 shares of the specialty chemicals company’s stock valued at $410,000 after purchasing an additional 68 shares during the last quarter. Barclays PLC raised its position in shares of WD-40 by 219.0% in the 4th quarter. Barclays PLC now owns 21,349 shares of the specialty chemicals company’s stock valued at $5,104,000 after purchasing an additional 14,657 shares during the last quarter. Vident Advisory LLC purchased a new position in shares of WD-40 in the 4th quarter valued at approximately $228,000. Finally, Nuveen Asset Management LLC raised its position in shares of WD-40 by 18.0% in the 4th quarter. Nuveen Asset Management LLC now owns 50,977 shares of the specialty chemicals company’s stock valued at $12,187,000 after purchasing an additional 7,768 shares during the last quarter. 91.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, DA Davidson restated a “buy” rating and issued a $313.00 price target on shares of WD-40 in a report on Wednesday.

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.