Cullen Investment Group LTD. Reduces Stock Position in WD-40 (NASDAQ:WDFC)

Cullen Investment Group LTD. reduced its position in shares of WD-40 (NASDAQ:WDFC) by 2.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,159 shares of the specialty chemicals company’s stock after selling 47 shares during the period. Cullen Investment Group LTD.’s holdings in WD-40 were worth $474,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of WDFC. Vanguard Group Inc. increased its stake in shares of WD-40 by 0.4% during the first quarter. Vanguard Group Inc. now owns 1,623,994 shares of the specialty chemicals company’s stock valued at $411,374,000 after purchasing an additional 6,532 shares in the last quarter. Conestoga Capital Advisors LLC boosted its holdings in WD-40 by 0.6% in the first quarter. Conestoga Capital Advisors LLC now owns 316,272 shares of the specialty chemicals company’s stock worth $80,115,000 after purchasing an additional 1,910 shares during the last quarter. APG Asset Management US Inc. purchased a new stake in WD-40 in the fourth quarter worth approximately $38,142,000. Charles Schwab Investment Management Inc. boosted its holdings in WD-40 by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 136,121 shares of the specialty chemicals company’s stock worth $32,542,000 after purchasing an additional 2,765 shares during the last quarter. Finally, Norges Bank purchased a new stake in WD-40 in the fourth quarter worth approximately $19,697,000. 91.52% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at WD-40

In other WD-40 news, CFO Sara Kathleen Hyzer bought 213 shares of WD-40 stock in a transaction dated Thursday, May 9th. The shares were purchased at an average cost of $232.83 per share, for a total transaction of $49,592.79. Following the acquisition, the chief financial officer now directly owns 2,676 shares in the company, valued at approximately $623,053.08. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.65% of the company’s stock.

WD-40 Stock Performance

Shares of WD-40 stock traded down $0.94 on Friday, hitting $255.96. 89,131 shares of the company’s stock were exchanged, compared to its average volume of 149,762. The stock has a market capitalization of $3.47 billion, a PE ratio of 50.29 and a beta of -0.08. WD-40 has a 1 year low of $194.09 and a 1 year high of $278.78. The company has a 50-day simple moving average of $233.03 and a 200-day simple moving average of $243.86. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.56 and a current ratio of 2.27.

WD-40 (NASDAQ:WDFC) last announced its quarterly earnings results on Wednesday, July 10th. The specialty chemicals company reported $1.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.07. The company had revenue of $155.05 million for the quarter, compared to the consensus estimate of $145.80 million. WD-40 had a net margin of 12.07% and a return on equity of 32.43%. WD-40’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.38 EPS. As a group, equities analysts anticipate that WD-40 will post 5.22 EPS for the current year.

WD-40 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 19th were issued a $0.88 dividend. The ex-dividend date of this dividend was Friday, July 19th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.38%. WD-40’s dividend payout ratio (DPR) is presently 69.16%.

Analysts Set New Price Targets

Separately, DA Davidson dropped their price target on shares of WD-40 from $313.00 to $303.00 and set a “buy” rating on the stock in a research note on Thursday, July 11th.

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.