Wajax (TSE:WJX) Trading Down 12.9% on Analyst Downgrade

Wajax Co. (TSE:WJX)’s stock price dropped 12.9% during trading on Tuesday after National Bank Financial lowered their price target on the stock from C$37.00 to C$34.00. National Bank Financial currently has an outperform rating on the stock. Wajax traded as low as C$29.16 and last traded at C$29.57. Approximately 71,013 shares traded hands during trading, an increase of 29% from the average daily volume of 55,241 shares. The stock had previously closed at C$33.94.

Several other research firms also recently commented on WJX. Scotiabank decreased their price target on shares of Wajax from C$38.00 to C$37.00 and set a “sector perform” rating on the stock in a research note on Tuesday. BMO Capital Markets cut their price target on shares of Wajax from C$40.00 to C$34.00 and set a “market perform” rating on the stock in a report on Wednesday, March 4th. TD cut their price target on shares of Wajax from C$35.00 to C$33.00 and set a “hold” rating on the stock in a report on Wednesday. Finally, TD Securities boosted their target price on shares of Wajax from C$28.00 to C$34.00 and gave the company a “hold” rating in a report on Wednesday, March 4th. One investment analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of C$34.40.

Wajax Price Performance

The company has a quick ratio of 0.71, a current ratio of 1.88 and a debt-to-equity ratio of 72.41. The firm’s 50 day simple moving average is C$32.21 and its 200 day simple moving average is C$29.24. The company has a market capitalization of C$640.79 million, a PE ratio of 10.53, a price-to-earnings-growth ratio of 0.50 and a beta of 0.59.

Wajax (TSE:WJX) last posted its quarterly earnings results on Monday, May 4th. The company reported C$0.65 EPS for the quarter. Wajax had a net margin of 2.97% and a return on equity of 11.63%. The company had revenue of C$502.07 million for the quarter. As a group, research analysts anticipate that Wajax Co. will post 3.4850136 EPS for the current fiscal year.

About Wajax

Wajax Corp is a Canadian distributor of industrial components. The company’s core business is the sale of parts and service support of equipment, power systems, and industrial components through a network of branches in Canada. Most of its revenue is generated from the sale of equipment which includes machinery and components used for construction purposes and its industrial components find utility in businesses like mining, forestry, and material handling for other industrial purposes. It sells to leading manufacturer brands such as Hitachi, JCB, Bell, Hyster, Palfinger and other similar industries.