WD-40 (NASDAQ:WDFC) Issues Earnings Results

WD-40 (NASDAQ:WDFC) announced its quarterly earnings results on Tuesday. The specialty chemicals company reported $1.14 EPS for the quarter, topping the consensus estimate of $1.13 by $0.01, Briefing.com reports. The company had revenue of $139.10 million during the quarter, compared to analyst estimates of $140.51 million. WD-40 had a return on equity of 33.51% and a net margin of 12.57%. The firm’s revenue was up 6.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.21 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

WD-40 stock opened at $255.11 on Wednesday. The stock has a market cap of $3.46 billion, a P/E ratio of 50.22 and a beta of -0.06. The stock has a 50 day moving average of $258.21 and a 200-day moving average of $240.31. The company has a current ratio of 2.40, a quick ratio of 1.58 and a debt-to-equity ratio of 0.40. WD-40 has a 52 week low of $163.82 and a 52 week high of $278.78.

WD-40 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Friday, April 19th will be paid a $0.88 dividend. The ex-dividend date is Thursday, April 18th. This represents a $3.52 annualized dividend and a dividend yield of 1.38%. WD-40’s dividend payout ratio (DPR) is presently 69.29%.

Analyst Ratings Changes

Separately, DA Davidson reaffirmed a “buy” rating and issued a $313.00 target price on shares of WD-40 in a research report on Wednesday.

Insider Activity

In related news, VP Jeffrey G. Lindeman purchased 182 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were acquired at an average cost of $272.42 per share, for a total transaction of $49,580.44. Following the transaction, the vice president now owns 3,073 shares of the company’s stock, valued at $837,146.66. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.65% of the company’s stock.

Institutional Trading of WD-40

Several hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in WD-40 during the fourth quarter valued at approximately $20,289,000. Morgan Stanley boosted its position in shares of WD-40 by 49.5% in the 3rd quarter. Morgan Stanley now owns 313,844 shares of the specialty chemicals company’s stock valued at $63,786,000 after purchasing an additional 103,949 shares during the period. First Trust Advisors LP increased its stake in WD-40 by 27.4% in the 1st quarter. First Trust Advisors LP now owns 328,113 shares of the specialty chemicals company’s stock worth $60,120,000 after purchasing an additional 70,598 shares in the last quarter. Northern Trust Corp raised its holdings in WD-40 by 28.3% during the 4th quarter. Northern Trust Corp now owns 195,731 shares of the specialty chemicals company’s stock worth $46,793,000 after buying an additional 43,179 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in WD-40 by 36.7% during the second quarter. Goldman Sachs Group Inc. now owns 121,804 shares of the specialty chemicals company’s stock valued at $24,526,000 after buying an additional 32,679 shares in the last quarter. Institutional investors own 91.52% of the company’s stock.

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.