DA Davidson Downgrades WD-40 (NASDAQ:WDFC) to Neutral

WD-40 (NASDAQ:WDFC) was downgraded by analysts at DA Davidson from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, January 7th, MarketBeat.com reports. They presently have a $209.00 price objective on the specialty chemicals company’s stock. DA Davidson’s price objective indicates a potential upside of 8.72% from the stock’s current price.

WDFC has been the topic of a number of other research reports. Zacks Investment Research raised shares of WD-40 from a “sell” rating to a “hold” rating in a report on Tuesday, December 24th. BidaskClub lowered shares of WD-40 from a “hold” rating to a “sell” rating in a research report on Saturday, January 4th. Finally, ValuEngine upgraded WD-40 from a “hold” rating to a “buy” rating in a research report on Friday, November 1st.

WD-40 stock traded up $1.84 during midday trading on Tuesday, hitting $192.23. 89 shares of the stock were exchanged, compared to its average volume of 100,502. The company has a quick ratio of 1.30, a current ratio of 1.84 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $2.58 billion, a price-to-earnings ratio of 47.63 and a beta of 0.25. WD-40 has a 52-week low of $153.91 and a 52-week high of $199.48. The business’s 50-day moving average price is $193.41 and its 200-day moving average price is $184.40.

WD-40 (NASDAQ:WDFC) last issued its quarterly earnings results on Thursday, January 9th. The specialty chemicals company reported $0.88 EPS for the quarter, missing the Zacks’ consensus estimate of $0.99 by ($0.11). WD-40 had a net margin of 13.03% and a return on equity of 36.50%. The business had revenue of $98.60 million for the quarter, compared to analysts’ expectations of $104.00 million. During the same period in the previous year, the business posted $0.95 earnings per share. The business’s revenue was down 2.7% compared to the same quarter last year. On average, sell-side analysts predict that WD-40 will post 4.77 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the stock. APG Asset Management N.V. purchased a new stake in WD-40 in the second quarter worth approximately $18,213,000. Morgan Stanley lifted its holdings in WD-40 by 173.0% in the 2nd quarter. Morgan Stanley now owns 106,070 shares of the specialty chemicals company’s stock worth $16,870,000 after purchasing an additional 67,218 shares in the last quarter. Invesco Ltd. lifted its holdings in WD-40 by 40.3% in the 2nd quarter. Invesco Ltd. now owns 231,611 shares of the specialty chemicals company’s stock worth $36,836,000 after purchasing an additional 66,504 shares in the last quarter. Nuveen Asset Management LLC bought a new position in WD-40 in the 2nd quarter worth approximately $8,606,000. Finally, Man Group plc boosted its stake in WD-40 by 27.2% in the 2nd quarter. Man Group plc now owns 190,682 shares of the specialty chemicals company’s stock worth $30,326,000 after purchasing an additional 40,829 shares during the period. 87.40% of the stock is owned by institutional investors.

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 offers multi-purpose maintenance products, including aerosol sprays, non-aerosol trigger sprays, and in liquid-bulk form products under the WD-40 Multi-Use brand name for various consumer uses and industrial applications; specialty maintenance products, such as penetrants, degreasers, corrosion inhibitors, greases, lubricants, and rust removers under the WD-40 Specialist brand; and bicycle maintenance products comprising wet and dry chain lubricants, chain cleaners and degreasers, and foaming wash products for avid and recreational cyclists, bike enthusiasts, and mechanics under the WD-40 Bike brand name.

Read More: Limitations of the P/E Growth ratio

Receive News & Ratings for WD-40 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WD-40 and related companies with MarketBeat.com's FREE daily email newsletter.