WD-40 (NASDAQ:WDFC) Issues FY24 Earnings Guidance

WD-40 (NASDAQ:WDFC) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $5.00-$5.30 for the period, compared to the consensus EPS estimate of $5.13. The company issued revenue guidance of $570-$600 million, compared to the consensus revenue estimate of $577.89 million. WD-40 also updated its FY 2024 guidance to 5.000-5.300 EPS.

WD-40 Trading Up 3.6 %

Shares of NASDAQ:WDFC opened at $241.51 on Friday. The company has a current ratio of 2.27, a quick ratio of 1.58 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $3.27 billion, a PE ratio of 48.21 and a beta of -0.06. WD-40 has a 12-month low of $172.97 and a 12-month high of $278.78. The business’s fifty day simple moving average is $257.31 and its 200-day simple moving average is $240.27.

WD-40 (NASDAQ:WDFC) last posted its quarterly earnings data on Tuesday, April 9th. The specialty chemicals company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.01. The firm had revenue of $139.10 million during the quarter, compared to analysts’ expectations of $140.51 million. WD-40 had a return on equity of 32.30% and a net margin of 12.19%. The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.21 EPS. As a group, equities research analysts predict that WD-40 will post 5.22 earnings per share for the current fiscal year.

WD-40 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Friday, April 19th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Thursday, April 18th. This represents a $3.52 dividend on an annualized basis and a yield of 1.46%. WD-40’s dividend payout ratio is currently 70.26%.

Analyst Upgrades and Downgrades

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

Insider Activity

In related news, VP Jeffrey G. Lindeman acquired 182 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was 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 approximately $837,146.66. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.65% of the company’s stock.

Hedge Funds Weigh In On WD-40

Several institutional investors and hedge funds have recently modified their holdings of WDFC. Norges Bank purchased a new position in shares of WD-40 in the 4th quarter valued at about $20,289,000. Morgan Stanley increased its stake in WD-40 by 49.5% during the 3rd quarter. Morgan Stanley now owns 313,844 shares of the specialty chemicals company’s stock worth $63,786,000 after buying an additional 103,949 shares in the last quarter. First Trust Advisors LP increased its stake in 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 worth $60,120,000 after buying an additional 70,598 shares in the last quarter. Northern Trust Corp increased its stake in WD-40 by 28.3% during the 4th quarter. Northern Trust Corp now owns 195,731 shares of the specialty chemicals company’s stock worth $46,793,000 after buying an additional 43,179 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake 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 worth $24,526,000 after buying an additional 32,679 shares in the last quarter. Institutional investors and hedge funds own 91.52% of the company’s stock.

About WD-40

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.