WD-40 (NASDAQ:WDFC) Releases Earnings Results

WD-40 (NASDAQ:WDFC) posted its 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 firm had revenue of $155.05 million for the quarter, compared to analysts’ expectations of $145.80 million. WD-40 had a return on equity of 32.43% and a net margin of 12.07%. The company’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm earned $1.38 EPS. 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 Price Performance

WDFC stock traded up $8.99 during trading on Friday, hitting $237.62. The stock had a trading volume of 37,341 shares, compared to its average volume of 114,939. WD-40 has a twelve month low of $194.09 and a twelve month high of $278.78. The company’s 50-day moving average price is $226.31 and its two-hundred day moving average price is $243.06. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.27 and a quick ratio of 1.56. The stock has a market capitalization of $3.22 billion, a P/E ratio of 44.92 and a beta of -0.07.

WD-40 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 19th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Friday, July 19th. This represents a $3.52 annualized dividend and a dividend yield of 1.48%. WD-40’s dividend payout ratio (DPR) is presently 69.16%.

Insider Buying and Selling at WD-40

In other WD-40 news, CEO Steven A. Brass bought 432 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was acquired at an average price of $232.22 per share, with a total value of $100,319.04. Following the completion of the acquisition, the chief executive officer now directly owns 20,547 shares of the company’s stock, valued at $4,771,424.34. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Sara Kathleen Hyzer purchased 213 shares of WD-40 stock in a transaction dated Thursday, May 9th. The shares were acquired at an average price of $232.83 per share, for a total transaction of $49,592.79. Following the acquisition, the chief financial officer now directly owns 2,676 shares in the company, valued at $623,053.08. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CEO Steven A. Brass acquired 432 shares of the company’s stock in a transaction that occurred 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 directly owns 20,547 shares of the company’s stock, valued at approximately $4,771,424.34. The disclosure for this purchase can be found here. Insiders own 0.65% of the company’s stock.

Institutional Trading of WD-40

Hedge funds have recently made changes to their positions in the company. YHB Investment Advisors Inc. purchased a new stake in WD-40 in the first quarter valued at $33,000. DekaBank Deutsche Girozentrale acquired a new position in WD-40 in the first quarter valued at about $34,000. GAMMA Investing LLC purchased a new position in WD-40 during the fourth quarter worth about $44,000. Advisors Asset Management Inc. purchased a new stake in shares of WD-40 in the 1st quarter valued at approximately $43,000. Finally, Covestor Ltd lifted its holdings in shares of WD-40 by 57.7% in the 1st quarter. Covestor Ltd now owns 216 shares of the specialty chemicals company’s stock worth $55,000 after acquiring an additional 79 shares during the last quarter. Hedge funds and other institutional investors own 91.52% of the company’s stock.

Wall Street Analyst Weigh In

Separately, DA Davidson dropped their price objective on WD-40 from $313.00 to $303.00 and set a “buy” rating on the stock in a report on Thursday.

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.