Zacks Investment Research Upgrades WD-40 Company (WDFC) to Buy
WD-40 Company (NASDAQ:WDFC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage currently has a $120.00 price objective on the specialty chemicals company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.84% from the stock’s previous close.
According to Zacks, “WD-40 Company sells a petroleum-based product, known as WD-40. WD-40 is a multi-purpose product which acts as a lubricant, rust preventative, penetrant, cleaner and moisture displacer. They also sell the 3-IN-ONE Oil. 3-IN-ONE Oil is a lower cost general purpose lubricant that is useful when precise applications of a lubricant are needed. “
A number of other equities analysts also recently commented on WDFC. Jefferies Group LLC reiterated a “hold” rating and issued a $110.00 price target on shares of WD-40 Company in a research note on Friday, March 31st. B. Riley reiterated a “neutral” rating and issued a $119.00 price target on shares of WD-40 Company in a research note on Monday, April 3rd. Finally, BidaskClub upgraded WD-40 Company from a “sell” rating to a “hold” rating in a research note on Saturday, June 10th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $111.50.
Shares of WD-40 Company (WDFC) opened at 106.90 on Thursday. The firm has a market capitalization of $1.50 billion, a PE ratio of 28.88 and a beta of 0.74. The company has a 50 day moving average price of $107.70 and a 200-day moving average price of $108.22. WD-40 Company has a 12 month low of $100.60 and a 12 month high of $121.45.
WD-40 Company (NASDAQ:WDFC) last announced its earnings results on Monday, July 10th. The specialty chemicals company reported $1.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.11. The business had revenue of $98.20 million for the quarter, compared to analyst estimates of $99.09 million. WD-40 Company had a return on equity of 39.64% and a net margin of 13.85%. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.88 earnings per share. Equities research analysts expect that WD-40 Company will post $3.70 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Friday, July 21st will be paid a $0.49 dividend. The ex-dividend date is Wednesday, July 19th. This represents a $1.96 dividend on an annualized basis and a yield of 1.83%. WD-40 Company’s payout ratio is currently 52.97%.
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In other WD-40 Company news, Director Mario L. Crivello sold 4,726 shares of WD-40 Company stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $104.25, for a total value of $492,685.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jay Rembolt sold 615 shares of WD-40 Company stock in a transaction that occurred on Monday, June 19th. The shares were sold at an average price of $112.00, for a total value of $68,880.00. Following the completion of the transaction, the vice president now owns 37,219 shares of the company’s stock, valued at $4,168,528. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 6,580 shares of company stock valued at $696,614. 3.90% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. bought a new position in shares of WD-40 Company during the fourth quarter worth approximately $1,988,000. Comerica Bank increased its position in shares of WD-40 Company by 5.2% in the fourth quarter. Comerica Bank now owns 15,110 shares of the specialty chemicals company’s stock worth $1,554,000 after buying an additional 752 shares during the last quarter. State Street Corp increased its position in shares of WD-40 Company by 8.1% in the fourth quarter. State Street Corp now owns 339,636 shares of the specialty chemicals company’s stock worth $39,699,000 after buying an additional 25,556 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of WD-40 Company by 14.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 5,220 shares of the specialty chemicals company’s stock worth $610,000 after buying an additional 663 shares during the last quarter. Finally, Two Sigma Investments LP bought a new position in shares of WD-40 Company during the fourth quarter worth approximately $757,000. Institutional investors own 82.25% of the company’s stock.
About WD-40 Company
WD-40 Company is a global company engaged in developing and selling products, which solve problems in workshops, factories and homes. The Company’s segments include the Americas; Europe, Middle East and Africa (EMEA), and Asia-Pacific. The Company’s Americas segment includes the United States, Canada and Latin America.
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