WD-40 (NASDAQ:WDFC) Issues Earnings Results

WD-40 (NASDAQ:WDFC) released its quarterly earnings results on Wednesday. The specialty chemicals company reported $1.46 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.07, Briefing.com reports. The company had revenue of $155.05 million for the quarter, compared to analyst estimates of $145.80 million. WD-40 had a net margin of 12.07% and a return on equity of 32.43%. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.38 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 Performance

Shares of WD-40 stock traded up $2.32 during midday trading on Friday, hitting $230.95. The company had a trading volume of 3,475 shares, compared to its average volume of 114,687. WD-40 has a 1-year low of $194.09 and a 1-year high of $278.78. The business’s 50 day simple moving average is $226.31 and its two-hundred day simple moving average is $243.06. The stock has a market cap of $3.13 billion, a PE ratio of 44.92 and a beta of -0.07. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.27 and a quick ratio of 1.56.

WD-40 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 19th will be given a $0.88 dividend. The ex-dividend date is Friday, July 19th. This represents a $3.52 annualized dividend and a dividend yield of 1.52%. WD-40’s dividend payout ratio is 69.16%.

Analysts Set New Price Targets

Separately, DA Davidson cut their target price on shares of WD-40 from $313.00 to $303.00 and set a “buy” rating for the company in a research report on Thursday.

Insider Activity at WD-40

In related news, CFO Sara Kathleen Hyzer purchased 213 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were bought at an average cost of $232.83 per share, for a total transaction of $49,592.79. Following the transaction, the chief financial officer now directly owns 2,676 shares of the company’s stock, valued at approximately $623,053.08. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CFO Sara Kathleen Hyzer bought 213 shares of the firm’s stock in a transaction that occurred on Thursday, May 9th. The shares were acquired at an average cost of $232.83 per share, with a total value of $49,592.79. Following the completion of the transaction, the chief financial officer now directly owns 2,676 shares in the company, valued at $623,053.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steven A. Brass purchased 432 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was purchased at an average cost of $232.22 per share, with a total value of $100,319.04. Following the acquisition, the chief executive officer now owns 20,547 shares in the company, valued at $4,771,424.34. The disclosure for this purchase can be found here. Corporate insiders own 0.65% of the company’s stock.

Institutional Investors Weigh In On WD-40

A number of institutional investors have recently bought and sold shares of the business. Glenmede Trust Co. NA boosted its position in shares of WD-40 by 17.8% during the 3rd quarter. Glenmede Trust Co. NA now owns 1,862 shares of the specialty chemicals company’s stock valued at $378,000 after acquiring an additional 281 shares in the last quarter. Comerica Bank bought a new stake in shares of WD-40 in the 3rd quarter valued at approximately $6,223,000. Graham Capital Management L.P. acquired a new position in shares of WD-40 in the 3rd quarter worth approximately $526,000. Whittier Trust Co. lifted its position in shares of WD-40 by 2.7% during the 4th quarter. Whittier Trust Co. now owns 38,095 shares of the specialty chemicals company’s stock worth $9,107,000 after buying an additional 985 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. boosted its stake in WD-40 by 5.0% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 19,263 shares of the specialty chemicals company’s stock valued at $4,605,000 after buying an additional 920 shares in the last quarter. Institutional investors and hedge funds own 91.52% of the company’s stock.

WD-40 Company Profile

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.