WD-40 (NASDAQ:WDFC – Get Rating) updated its earnings guidance for fiscal 2023 on Thursday. The company provided earnings guidance of $5.09 to $5.24 per share for the period, versus the consensus estimate of earnings per share of $5.73. The company released a revenue forecast of $545.00 million to $570.00 million, compared to the consensus revenue estimate of $546.75 million.
Wall Street analysts predict growth
Several research analysts have recently published reports on the company. TheStreet upgraded WD-40 from a b- to a c+ rating in a Friday, July 8 research note. StockNews.com began covering WD-40 in a research report on Wednesday, October 12. They set a holding rating for the company. BWS Financial began covering WD-40 in a research report on Thursday, July 14. They set a sell rating and price target of $88.00 for the business. Finally, DA Davidson raised its price target on WD-40 from $205.00 to $207.00 and gave the company a Buy rating in a Thursday, October 20 research report.
WD-40 stock up 1.6%
Shares of WDFC opened at $158.16 on Thursday. The stock has a market capitalization of $2.16 billion, a P/E ratio of 32.28 and a beta of -0.18. WD-40 has a 12-month low of $145.16 and a 12-month high of $255.31. The stock has a 50-day moving average of $182.35 and a 200-day moving average of $184.90. The company has a current ratio of 2.25, a quick ratio of 1.31 and a debt ratio of 0.57.
WD-40 (NASDAQ:WDFC – Get Rating) last released quarterly earnings data on Wednesday, October 19. The specialty chemicals company reported EPS of $1.08 for the quarter, missing analyst consensus estimates of $1.22 per ($0.14). The company posted revenue of $130.40 million in the quarter, compared to $131.10 million expected by analysts. WD-40 had a net margin of 12.98% and a return on equity of 34.48%. The company’s quarterly revenue increased by 13.2% compared to the same quarter last year. In the same quarter last year, the company earned earnings per share of $0.61. As a group, sell-side analysts expect WD-40 to post an EPS of 5.24 for the current year.
WD-40 Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, October 31. Shareholders of record on Friday, October 21 will receive a dividend of $0.78. This represents a dividend of $3.12 on an annualized basis and a dividend yield of 1.97%. The ex-dividend date is Thursday, October 20. The dividend payout ratio (DPR) of WD-40 is currently 63.67%.
Insider activity
In other news, Director Geoffrey Holdsworth sold 2,652 shares of WD-40 in a trade that took place on Monday, October 24. The stock was sold at an average price of $152.12, for a total value of $403,422.24. Following the sale, the director now directly owns 6,061 shares of the company, valued at $921,999.32. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. In other news, Director Geoffrey Holdsworth sold 2,652 shares of WD-40 in a trade that took place on Monday, October 24. The stock was sold at an average price of $152.12, for a total value of $403,422.24. Following the sale, the director now directly owns 6,061 shares of the company, valued at $921,999.32. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, manager Eric Etchart purchased 500 shares in a trade dated Thursday, August 4. The shares were purchased at an average cost of $177.60 per share, for a total transaction of $88,800.00. Following the completion of the purchase, the director now directly owns 5,692 shares of the company, valued at $1,010,899.20. Disclosure of this purchase can be found here. Insiders of the company own 1.33% of the shares of the company.
Institutional trade of WD-40
Institutional investors have recently changed their positions in the company. Quantbot Technologies LP acquired a new position in WD-40 during the second quarter worth $44,000. Point72 Hong Kong Ltd acquired a new position in WD-40 during the second quarter worth $107,000. Centiva Capital LP increased its stake in WD-40 by 47.8% during the second quarter. Centiva Capital LP now owns 1,871 shares of the specialty chemicals company worth $377,000 after buying 605 additional shares in the last quarter. Baird Financial Group Inc. increased its stake in WD-40 by 3.2% during the first quarter. Baird Financial Group Inc. now owns 2,075 shares of the specialty chemicals company worth $380,000 after buying 65 more shares in the last quarter. Finally, US Bancorp DE increased its stake in WD-40 by 3.2% during the first quarter. US Bancorp DE now owns 2,249 shares of the specialty chemicals company worth $412,000 after buying 69 more shares in the last quarter. 93.52% of the shares are held by institutional investors and hedge funds.
About WD-40
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WD-40 Company develops and sells janitorial, home care and cleaning products in the Americas, Europe, Middle East, Africa and Asia-Pacific. The company provides multi-purpose cleaning products that include aerosol, non-aerosol trigger spray and bulk liquid products under the WD-40 Multi-Use brand; and specialty maintenance products, such as penetrants, degreasers, corrosion inhibitors, greases, lubricants and rust removers under the WD-40 Specialist brand, as well as various products under the WD-40 Bike brand.
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