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

WD-40 (NASDAQ:WDFC) posted its quarterly earnings results on Wednesday. The specialty chemicals company reported $1.46 EPS for the quarter, beating the consensus estimate 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 business had revenue of $155.05 million during the quarter, compared to analysts’ expectations of $145.80 million. During the same period last year, the firm earned $1.38 EPS. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. 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

NASDAQ WDFC opened at $228.63 on Friday. The business has a 50 day moving average price of $226.31 and a 200 day moving average price of $243.06. The company has a market capitalization of $3.10 billion, a P/E ratio of 44.92 and a beta of -0.07. WD-40 has a 1-year low of $194.09 and a 1-year high of $278.78. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.27 and a quick ratio of 1.56.

WD-40 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 19th will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 1.54%. The ex-dividend date is Friday, July 19th. WD-40’s dividend payout ratio (DPR) is 69.16%.

Analyst Upgrades and Downgrades

Separately, DA Davidson reduced their target price 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 acquired 213 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 2,676 shares of the company’s stock, valued at $623,053.08. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Steven A. Brass purchased 432 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was 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 directly owns 20,547 shares in the company, valued at approximately $4,771,424.34. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Sara Kathleen Hyzer bought 213 shares of WD-40 stock in a transaction on Thursday, May 9th. The stock was 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 in the company, 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 Investors Weigh In On WD-40

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in WD-40 by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 1,623,994 shares of the specialty chemicals company’s stock worth $411,374,000 after buying an additional 6,532 shares during the last quarter. Conestoga Capital Advisors LLC boosted its position in shares of 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 acquiring 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 valued at approximately $38,142,000. Charles Schwab Investment Management Inc. increased its position in WD-40 by 2.1% during 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 position in WD-40 during the fourth quarter worth approximately $19,697,000. Institutional investors and hedge funds own 91.52% of the company’s stock.

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.