WD-40 (NASDAQ:WDFC) Announces Quarterly Earnings Results

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

Shares of WD-40 stock opened at $233.18 on Thursday. The firm has a market cap of $3.16 billion, a PE ratio of 45.90 and a beta of -0.06. WD-40 has a 12-month low of $171.15 and a 12-month high of $278.78. 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’s fifty day simple moving average is $257.70 and its two-hundred day simple moving average is $240.26.

WD-40 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Investors of record on Friday, April 19th will be given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Thursday, April 18th. WD-40’s payout ratio is presently 69.29%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, VP Jeffrey G. Lindeman purchased 182 shares of the business’s stock in a transaction on Monday, February 12th. The shares were acquired at an average price of $272.42 per share, with a total value of $49,580.44. Following the acquisition, the vice president now directly owns 3,073 shares in the company, valued at $837,146.66. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.65% of the company’s stock.

Institutional Investors Weigh In On WD-40

A number of large investors have recently modified their holdings of WDFC. Norges Bank bought a new stake in shares of WD-40 during the 4th quarter valued at about $20,289,000. Morgan Stanley boosted its stake in shares of WD-40 by 49.5% during 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 in the last quarter. First Trust Advisors LP boosted its stake in shares of WD-40 by 27.4% during the 1st quarter. First Trust Advisors LP now owns 328,113 shares of the specialty chemicals company’s stock valued at $60,120,000 after purchasing an additional 70,598 shares in the last quarter. Northern Trust Corp boosted its stake in shares of WD-40 by 28.3% during the 4th quarter. Northern Trust Corp now owns 195,731 shares of the specialty chemicals company’s stock valued at $46,793,000 after purchasing an additional 43,179 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in WD-40 by 36.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 121,804 shares of the specialty chemicals company’s stock valued at $24,526,000 after acquiring an additional 32,679 shares during the period. Institutional investors own 91.52% of the company’s stock.

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.