WD-40 (NASDAQ:WDFC) Issues Quarterly Earnings Results, Beats Estimates By $0.01 EPS

WD-40 (NASDAQ:WDFC) released 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. WD-40 had a return on equity of 33.51% and a net margin of 12.57%. The business had revenue of $139.10 million during the quarter, compared to analyst estimates of $140.51 million. During the same period last year, the business posted $1.21 earnings per share. The company’s quarterly revenue was up 6.8% on a year-over-year basis. 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 Down 1.5 %

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

WD-40 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Friday, April 19th will be issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date of this dividend is Thursday, April 18th. WD-40’s dividend payout ratio is currently 69.29%.

Insider Buying and Selling at WD-40

In other news, VP Jeffrey G. Lindeman acquired 182 shares of the company’s stock in a transaction on Monday, February 12th. The shares were bought at an average cost of $272.42 per share, with a total value of $49,580.44. Following the purchase, the vice president now owns 3,073 shares of the company’s stock, valued at approximately $837,146.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.65% of the company’s stock.

Institutional Investors Weigh In On WD-40

Institutional investors have recently added to or reduced their stakes in the business. Quantbot Technologies LP acquired a new stake in shares of WD-40 in the second quarter valued at about $44,000. Dark Forest Capital Management LP acquired a new stake in shares of WD-40 during the 1st quarter valued at approximately $53,000. Lazard Asset Management LLC boosted its stake in shares of WD-40 by 1,805.3% during the 4th quarter. Lazard Asset Management LLC now owns 362 shares of the specialty chemicals company’s stock worth $58,000 after acquiring an additional 343 shares in the last quarter. State of Wyoming grew its holdings in shares of WD-40 by 122.7% in the 2nd quarter. State of Wyoming now owns 334 shares of the specialty chemicals company’s stock worth $63,000 after acquiring an additional 184 shares during the period. Finally, Steward Partners Investment Advisory LLC increased its stake in WD-40 by 57.3% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 412 shares of the specialty chemicals company’s stock valued at $73,000 after purchasing an additional 150 shares in the last quarter. Hedge funds and other institutional investors own 91.52% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.