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

WD-40 (NASDAQ:WDFC) released its quarterly earnings results on Tuesday. The specialty chemicals company reported $1.14 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.01, Briefing.com reports. WD-40 had a net margin of 12.57% and a return on equity of 33.51%. The business had revenue of $139.10 million for the quarter, compared to analysts’ expectations of $140.51 million. During the same quarter in the previous year, the business posted $1.21 earnings per share. The firm’s revenue for the quarter was up 6.8% 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

Shares of NASDAQ WDFC opened at $255.11 on Wednesday. WD-40 has a 12-month low of $163.82 and a 12-month high of $278.78. The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of 50.22 and a beta of -0.06. The company has a current ratio of 2.40, a quick ratio of 1.58 and a debt-to-equity ratio of 0.40. The firm has a 50 day moving average of $258.21 and a 200 day moving average of $240.31.

WD-40 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Friday, April 19th will be given a $0.88 dividend. The ex-dividend date of this dividend is Thursday, April 18th. This represents a $3.52 annualized dividend and a yield of 1.38%. WD-40’s payout ratio is 69.29%.

Analyst Upgrades and Downgrades

Separately, DA Davidson restated a “buy” rating and set a $313.00 price objective on shares of WD-40 in a research note on Wednesday.

Insider Activity

In related news, VP Jeffrey G. Lindeman purchased 182 shares of WD-40 stock in a transaction on Monday, February 12th. The stock was acquired at an average price of $272.42 per share, for a total transaction of $49,580.44. Following the completion of the transaction, the vice president now directly owns 3,073 shares in the company, valued at approximately $837,146.66. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.65% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in WD-40 during the 4th quarter valued at $20,289,000. Morgan Stanley grew its position in shares of WD-40 by 49.5% during the 3rd quarter. Morgan Stanley now owns 313,844 shares of the specialty chemicals company’s stock valued at $63,786,000 after acquiring an additional 103,949 shares during the period. First Trust Advisors LP lifted its holdings in WD-40 by 27.4% during the first quarter. First Trust Advisors LP now owns 328,113 shares of the specialty chemicals company’s stock valued at $60,120,000 after purchasing an additional 70,598 shares in the last quarter. Northern Trust Corp lifted its position in shares of WD-40 by 28.3% in the fourth quarter. Northern Trust Corp now owns 195,731 shares of the specialty chemicals company’s stock valued at $46,793,000 after acquiring an additional 43,179 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of WD-40 by 36.7% in the second quarter. Goldman Sachs Group Inc. now owns 121,804 shares of the specialty chemicals company’s stock worth $24,526,000 after buying an additional 32,679 shares in the last quarter. Institutional investors 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.