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

WD-40 (NASDAQ:WDFC) posted 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 company 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%. WD-40’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.38 earnings per share. 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 Trading Up 4.0 %

Shares of WDFC stock 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 fifty day moving average of $226.31 and a 200-day moving average of $243.06. WD-40 has a 52-week low of $194.09 and a 52-week high of $278.78. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of 44.92 and a beta of -0.07.

WD-40 Dividend Announcement

The firm 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 annualized dividend and a yield of 1.54%. The ex-dividend date of this dividend is Friday, July 19th. WD-40’s dividend payout ratio (DPR) is presently 69.16%.

Insider Activity

In other WD-40 news, CEO Steven A. Brass purchased 432 shares of the business’s stock in a transaction on Tuesday, April 16th. The stock was purchased at an average price of $232.22 per share, for a total transaction of $100,319.04. Following the completion of the purchase, the chief executive officer now directly owns 20,547 shares in the company, valued at $4,771,424.34. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Steven A. Brass acquired 432 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was purchased at an average cost of $232.22 per share, for a total transaction of $100,319.04. Following the completion of the purchase, the chief executive officer now directly owns 20,547 shares of the company’s stock, valued at approximately $4,771,424.34. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Sara Kathleen Hyzer acquired 213 shares of the business’s stock in a transaction on Thursday, May 9th. The shares were bought at an average cost of $232.83 per share, with a total value 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. 0.65% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Sequoia Financial Advisors LLC acquired a new position in WD-40 during the 4th quarter worth about $510,000. GSA Capital Partners LLP lifted its holdings in WD-40 by 40.6% during the 4th quarter. GSA Capital Partners LLP now owns 13,279 shares of the specialty chemicals company’s stock worth $3,175,000 after buying an additional 3,833 shares in the last quarter. Jump Financial LLC boosted its position in WD-40 by 475.2% in the 4th quarter. Jump Financial LLC now owns 8,478 shares of the specialty chemicals company’s stock valued at $2,027,000 after buying an additional 7,004 shares during the last quarter. Profit Investment Management LLC acquired a new stake in shares of WD-40 in the 4th quarter valued at $2,892,000. Finally, PineStone Asset Management Inc. raised its position in shares of WD-40 by 25.5% during the fourth quarter. PineStone Asset Management Inc. now owns 34,000 shares of the specialty chemicals company’s stock worth $8,128,000 after acquiring an additional 6,900 shares during the last quarter. 91.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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.