WD-40 (NASDAQ:WDFC) Upgraded by Northcoast Research to Strong-Buy Rating

Northcoast Research upgraded shares of WD-40 (NASDAQ:WDFC) to a strong-buy rating in a research report sent to investors on Wednesday,Zacks.com reports.

A number of other analysts have also weighed in on the company. Weiss Ratings lowered WD-40 from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, May 26th. William Blair began coverage on shares of WD-40 in a research note on Monday, April 6th. They issued an “outperform” rating on the stock. Finally, DA Davidson lowered their price target on shares of WD-40 from $300.00 to $270.00 and set a “buy” rating for the company in a report on Friday, April 10th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $270.00.

WD-40 Trading Up 0.8%

Shares of WDFC stock opened at $246.06 on Wednesday. The stock has a market capitalization of $3.31 billion, a PE ratio of 41.85 and a beta of 0.30. WD-40 has a 1-year low of $175.38 and a 1-year high of $253.24. The business has a 50-day moving average of $213.09 and a 200 day moving average of $215.75. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.83 and a quick ratio of 1.98.

WD-40 (NASDAQ:WDFC) last posted its quarterly earnings results on Thursday, April 9th. The specialty chemicals company reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.11. The business had revenue of $161.67 million for the quarter, compared to analyst estimates of $154.90 million. WD-40 had a return on equity of 30.23% and a net margin of 12.57%.WD-40’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same period last year, the company earned $1.32 EPS. As a group, sell-side analysts anticipate that WD-40 will post 5.99 earnings per share for the current year.

WD-40 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 17th will be given a dividend of $1.02 per share. The ex-dividend date of this dividend is Friday, July 17th. This represents a $4.08 dividend on an annualized basis and a yield of 1.7%. WD-40’s dividend payout ratio is presently 69.39%.

Institutional Investors Weigh In On WD-40

A number of large investors have recently made changes to their positions in the business. Covestor Ltd increased its stake in shares of WD-40 by 9.8% during the fourth quarter. Covestor Ltd now owns 549 shares of the specialty chemicals company’s stock valued at $108,000 after buying an additional 49 shares during the period. Oregon Public Employees Retirement Fund lifted its stake in WD-40 by 1.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,050 shares of the specialty chemicals company’s stock worth $601,000 after acquiring an additional 50 shares during the period. Allworth Financial LP boosted its holdings in WD-40 by 4.4% in the third quarter. Allworth Financial LP now owns 1,317 shares of the specialty chemicals company’s stock valued at $260,000 after acquiring an additional 56 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in WD-40 by 3.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 1,829 shares of the specialty chemicals company’s stock valued at $360,000 after acquiring an additional 59 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in WD-40 by 2.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,659 shares of the specialty chemicals company’s stock valued at $542,000 after purchasing an additional 66 shares during the period. 91.52% of the stock is currently owned by institutional investors.

About WD-40

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.