WD-40 (NASDAQ:WDFC) Releases Quarterly Earnings Results, Beats Estimates By $0.75 EPS

WD-40 (NASDAQ:WDFC) released its quarterly earnings results on Thursday. The specialty chemicals company reported $2.33 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.75, FiscalAI reports. The firm had revenue of $195.12 million for the quarter, compared to analysts’ expectations of $172.79 million. WD-40 had a return on equity of 30.23% and a net margin of 12.57%.

WD-40 Stock Performance

NASDAQ:WDFC traded down $7.17 during mid-day trading on Thursday, hitting $239.42. 259,856 shares of the company traded hands, compared to its average volume of 175,375. The company has a quick ratio of 1.98, a current ratio of 2.83 and a debt-to-equity ratio of 0.32. The stock’s fifty day moving average price is $218.43 and its 200-day moving average price is $218.65. The firm has a market cap of $3.22 billion, a price-to-earnings ratio of 40.72 and a beta of 0.26. WD-40 has a one year low of $175.38 and a one year high of $253.24.

WD-40 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 17th will be issued a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, July 17th. WD-40’s payout ratio is currently 69.39%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Weiss Ratings cut WD-40 from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, May 26th. Northcoast Research upgraded WD-40 to a “strong-buy” rating in a research note on Wednesday, June 24th. DA Davidson cut their price target on WD-40 from $300.00 to $270.00 and set a “buy” rating for the company in a research note on Friday, April 10th. Finally, William Blair assumed coverage on shares of WD-40 in a research report on Monday, April 6th. They set an “outperform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $270.00.

Institutional Trading of WD-40

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Janney Montgomery Scott LLC increased its holdings in shares of WD-40 by 3.3% in the 4th quarter. Janney Montgomery Scott LLC now owns 1,829 shares of the specialty chemicals company’s stock worth $360,000 after buying an additional 59 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of WD-40 by 26.0% in the 4th quarter. Advisors Asset Management Inc. now owns 359 shares of the specialty chemicals company’s stock valued at $71,000 after acquiring an additional 74 shares during the last quarter. Inspire Investing LLC grew its position in WD-40 by 3.5% in the fourth quarter. Inspire Investing LLC now owns 2,366 shares of the specialty chemicals company’s stock worth $466,000 after acquiring an additional 81 shares in the last quarter. M&T Bank Corp grew its position in WD-40 by 7.1% in the second quarter. M&T Bank Corp now owns 1,349 shares of the specialty chemicals company’s stock worth $308,000 after acquiring an additional 89 shares in the last quarter. Finally, NewEdge Advisors LLC increased its stake in WD-40 by 6.6% during the first quarter. NewEdge Advisors LLC now owns 1,578 shares of the specialty chemicals company’s stock worth $385,000 after acquiring an additional 98 shares during the last quarter. 91.52% of the stock is owned by hedge funds and other institutional investors.

About WD-40

WD-40 Company, headquartered in San Diego, California, is best known for its flagship WD-40® Multi-Use Product, a water-displacing spray used for lubrication, rust prevention and cleaning. Since its introduction in 1953 by the Rocket Chemical Company, the WD-40 brand has become a household and industrial staple. Over time, the company has broadened its portfolio to include complementary maintenance and cleaning brands such as 3-IN-ONE® oils, Lava® hand cleaners, Solvol® solvents, Spot Shot® stain removers and X-14® cleaning products.

WD-40 Company distributes its products in more than 176 countries through retail, industrial and automotive channels.