WD-40 (NASDAQ:WDFC) Issues Earnings Results, Beats Estimates By $0.07 EPS

WD-40 (NASDAQ:WDFC) released its quarterly earnings data on Wednesday. The specialty chemicals company reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.39 by $0.07, Briefing.com reports. The firm had revenue of $155.05 million for the quarter, compared to analyst estimates of $145.80 million. WD-40 had a net margin of 12.07% and a return on equity of 32.43%. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.38 EPS. 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 WDFC opened at $228.63 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.56 and a current ratio of 2.27. The firm has a market cap of $3.10 billion, a PE ratio of 44.92 and a beta of -0.07. The firm’s 50 day moving average price is $226.31 and its 200 day moving average price is $243.06. WD-40 has a twelve month low of $194.09 and a twelve month high of $278.78.

WD-40 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 19th will be paid a $0.88 dividend. The ex-dividend date of this dividend is Friday, July 19th. This represents a $3.52 annualized dividend and a dividend yield of 1.54%. WD-40’s payout ratio is 69.16%.

Analyst Upgrades and Downgrades

Separately, DA Davidson cut their price objective on WD-40 from $313.00 to $303.00 and set a “buy” rating for the company in a report on Thursday.

Insiders Place Their Bets

In other WD-40 news, CFO Sara Kathleen Hyzer purchased 213 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were acquired at an average price of $232.83 per share, for a total transaction of $49,592.79. Following the acquisition, the chief financial officer now owns 2,676 shares of the company’s stock, valued at $623,053.08. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Steven A. Brass bought 432 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was purchased at an average price of $232.22 per share, with a total value of $100,319.04. Following the completion of the transaction, the chief executive officer now directly owns 20,547 shares of the company’s stock, valued at $4,771,424.34. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Sara Kathleen Hyzer purchased 213 shares of the stock in a transaction on Thursday, May 9th. The shares were bought at an average price of $232.83 per share, for a total transaction of $49,592.79. Following the acquisition, the chief financial officer now owns 2,676 shares of the company’s stock, valued at $623,053.08. The disclosure for this purchase can be found here. Insiders own 0.65% of the company’s stock.

Institutional Trading of WD-40

Several large investors have recently modified their holdings of the company. APG Asset Management US Inc. acquired a new position in WD-40 during the 4th quarter worth $38,142,000. Norges Bank acquired a new position in shares of WD-40 during the 4th quarter worth about $19,697,000. Jupiter Asset Management Ltd. bought a new stake in WD-40 during the 1st quarter valued at approximately $20,491,000. Comerica Bank acquired a new stake in WD-40 in the 3rd quarter valued at approximately $6,223,000. Finally, Lord Abbett & CO. LLC bought a new position in WD-40 in the 1st quarter worth approximately $4,180,000. 91.52% 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 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.