WD-40 (NASDAQ:WDFC) Shares Gap Up After Earnings Beat

WD-40 (NASDAQ:WDFC) shares gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $219.75, but opened at $248.00. WD-40 shares last traded at $225.81, with a volume of 172,200 shares.

The specialty chemicals company reported $1.46 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.07. The business had revenue of $155.05 million during the quarter, compared to analysts’ expectations of $145.80 million. WD-40 had a return on equity of 32.43% and a net margin of 12.07%. The business’s revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the business posted $1.38 EPS.

WD-40 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 19th will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date is Friday, July 19th. WD-40’s payout ratio is presently 69.16%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

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

Hedge Funds Weigh In On WD-40

Hedge funds have recently modified their holdings of the stock. Comerica Bank purchased a new position in shares of WD-40 in the 3rd quarter valued at approximately $6,223,000. Graham Capital Management L.P. acquired a new stake in WD-40 in the 3rd quarter valued at $526,000. Whittier Trust Co. grew its stake in WD-40 by 2.7% in the 4th quarter. Whittier Trust Co. now owns 38,095 shares of the specialty chemicals company’s stock valued at $9,107,000 after acquiring an additional 985 shares during the period. Whittier Trust Co. of Nevada Inc. grew its stake in WD-40 by 5.0% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 19,263 shares of the specialty chemicals company’s stock valued at $4,605,000 after acquiring an additional 920 shares during the period. Finally, SkyOak Wealth LLC acquired a new stake in WD-40 during the 4th quarter worth $299,000. Hedge funds and other institutional investors own 91.52% of the company’s stock.

WD-40 Stock Performance

The company has a current ratio of 2.27, a quick ratio of 1.56 and a debt-to-equity ratio of 0.40. The firm has a fifty day moving average price of $226.51 and a 200 day moving average price of $243.06. The firm has a market cap of $3.25 billion, a PE ratio of 47.13 and a beta of -0.07.

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.