WD-40 (NASDAQ:WDFC) Releases Quarterly Earnings Results

WD-40 (NASDAQ:WDFC) posted its quarterly earnings data on Wednesday. The specialty chemicals company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.07, Briefing.com reports. The business had revenue of $155.05 million for the quarter, compared to analyst estimates of $145.80 million. WD-40 had a return on equity of 32.43% and a net margin of 12.07%. The company’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company 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 WD-40 stock opened at $228.63 on Friday. 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 company has a fifty day simple moving average of $226.31 and a 200-day simple moving average of $243.06. 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 has a 12-month low of $194.09 and a 12-month high of $278.78.

WD-40 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 19th will be issued a dividend of $0.88 per share. The ex-dividend date of this dividend is Friday, July 19th. This represents a $3.52 dividend on an annualized basis and a yield of 1.54%. WD-40’s payout ratio is currently 69.16%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of WDFC. APG Asset Management US Inc. acquired a new position in WD-40 in the 4th quarter valued at $38,142,000. Norges Bank acquired a new position in shares of WD-40 during the fourth quarter worth about $19,697,000. Jupiter Asset Management Ltd. purchased a new position in WD-40 during the first quarter worth about $20,491,000. Comerica Bank acquired a new stake in WD-40 in the third quarter valued at about $6,223,000. Finally, Lord Abbett & CO. LLC purchased a new stake in WD-40 in the 1st quarter valued at approximately $4,180,000. Institutional investors and hedge funds own 91.52% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.