WD-40 (NASDAQ:WDFC) Shares Down 4.7% After Analyst Downgrade

WD-40 Company (NASDAQ:WDFC)’s share price traded down 4.7% on Monday after DA Davidson lowered their price target on the stock from $300.00 to $270.00. DA Davidson currently has a buy rating on the stock. WD-40 traded as low as $202.91 and last traded at $204.03. 204,567 shares traded hands during trading, an increase of 12% from the average session volume of 183,227 shares. The stock had previously closed at $214.01.

Several other research firms have also weighed in on WDFC. Weiss Ratings reiterated a “hold (c)” rating on shares of WD-40 in a report on Wednesday, January 21st. William Blair initiated coverage on shares of WD-40 in a research report on Monday, April 6th. They issued an “outperform” rating for the company. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, WD-40 presently has an average rating of “Moderate Buy” and an average price target of $270.00.

Insiders Place Their Bets

In related news, Director David Pendarvis purchased 424 shares of WD-40 stock in a transaction dated Thursday, February 5th. The stock was bought at an average price of $247.15 per share, for a total transaction of $104,791.60. Following the completion of the acquisition, the director directly owned 6,898 shares of the company’s stock, valued at $1,704,840.70. This represents a 6.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.78% of the company’s stock.

Hedge Funds Weigh In On WD-40

Large investors have recently added to or reduced their stakes in the company. Hsbc Holdings PLC acquired a new stake in shares of WD-40 in the 4th quarter valued at about $637,000. Rockefeller Capital Management L.P. lifted its stake in WD-40 by 7.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,087 shares of the specialty chemicals company’s stock valued at $214,000 after acquiring an additional 78 shares in the last quarter. Corient Private Wealth LLC lifted its stake in WD-40 by 52.0% in the 4th quarter. Corient Private Wealth LLC now owns 9,518 shares of the specialty chemicals company’s stock valued at $1,874,000 after acquiring an additional 3,257 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in WD-40 by 243.2% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 278 shares of the specialty chemicals company’s stock worth $55,000 after acquiring an additional 197 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its stake in shares of WD-40 by 76.3% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 1,946 shares of the specialty chemicals company’s stock worth $383,000 after acquiring an additional 842 shares in the last quarter. Institutional investors own 91.52% of the company’s stock.

WD-40 Stock Down 4.8%

The company has a current ratio of 2.83, a quick ratio of 1.98 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $2.75 billion, a P/E ratio of 34.65 and a beta of 0.25. The firm’s 50 day moving average price is $228.33 and its two-hundred day moving average price is $209.56.

WD-40 (NASDAQ:WDFC) last announced its earnings results on Thursday, April 9th. The specialty chemicals company reported $1.50 EPS for the quarter, topping the consensus estimate of $1.39 by $0.11. WD-40 had a net margin of 12.57% and a return on equity of 30.23%. The business had revenue of $161.67 million during the quarter, compared to analysts’ expectations of $154.90 million. During the same quarter in the prior year, the company posted $1.32 earnings per share. The firm’s revenue was up 10.7% on a year-over-year basis. Equities research analysts forecast that WD-40 Company will post 5.42 EPS for the current year.

WD-40 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Friday, April 17th will be issued a $1.02 dividend. The ex-dividend date is Friday, April 17th. This represents a $4.08 annualized dividend and a dividend yield of 2.0%. WD-40’s dividend payout ratio (DPR) is presently 69.39%.

WD-40 Company Profile

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.