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

WD-40 (NASDAQ:WDFC) announced its quarterly earnings results on Wednesday. The specialty chemicals company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.07, Briefing.com reports. WD-40 had a return on equity of 32.43% and a net margin of 12.07%. The company had revenue of $155.05 million during the quarter, compared to the consensus estimate of $145.80 million. During the same period in the previous year, the business earned $1.38 EPS. WD-40’s revenue for the quarter was up 9.4% on a year-over-year basis. 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 Stock Performance

Shares of NASDAQ WDFC traded up $2.32 during trading hours on Friday, reaching $230.95. The stock had a trading volume of 3,475 shares, compared to its average volume of 114,687. The firm has a 50-day moving average of $226.31 and a 200-day moving average of $243.06. The firm has a market cap of $3.13 billion, a price-to-earnings ratio of 44.92 and a beta of -0.07. The company has a current ratio of 2.27, a quick ratio of 1.56 and a debt-to-equity ratio of 0.40. WD-40 has a fifty-two week low of $194.09 and a fifty-two week high of $278.78.

WD-40 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 19th will be issued a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend is Friday, July 19th. WD-40’s payout ratio is currently 69.16%.

Analyst Upgrades and Downgrades

Separately, DA Davidson lowered their price target 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 bought 213 shares of the stock in a transaction dated Thursday, May 9th. The shares were acquired at an average cost of $232.83 per share, for a total transaction of $49,592.79. Following the completion of the transaction, the chief financial officer now owns 2,676 shares in the company, valued at approximately $623,053.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Steven A. Brass acquired 432 shares of WD-40 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 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sara Kathleen Hyzer bought 213 shares of the 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 in the company, valued at approximately $623,053.08. The disclosure for this purchase can be found here. 0.65% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On WD-40

Several hedge funds have recently modified their holdings of WDFC. YHB Investment Advisors Inc. purchased a new stake in shares of WD-40 during the 1st quarter worth $33,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of WD-40 in the first quarter valued at about $34,000. GAMMA Investing LLC purchased a new stake in WD-40 during the fourth quarter worth about $44,000. Advisors Asset Management Inc. acquired a new position in WD-40 during the first quarter worth about $43,000. Finally, Covestor Ltd increased its holdings in WD-40 by 57.7% in the first quarter. Covestor Ltd now owns 216 shares of the specialty chemicals company’s stock valued at $55,000 after buying an additional 79 shares in the last quarter. 91.52% of the stock is owned by institutional investors and hedge funds.

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.