Wajax (TSE:WJX) Stock Breaks Below 50 Day Moving Average – What’s Next?

Wajax Co. (TSE:WJX) shares passed below its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of C$33.71 and traded as low as C$30.05. Wajax shares last traded at C$32.87, with a volume of 305,510 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have recently commented on WJX. Stifel Nicolaus set a C$45.00 price target on Wajax and gave the stock a “buy” rating in a report on Wednesday, September 30th. National Bank Financial boosted their target price on shares of Wajax from C$36.00 to C$42.00 and gave the stock an “outperform” rating in a research report on Thursday, October 15th. Scotiabank dropped their target price on shares of Wajax from C$37.00 to C$36.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 7th. Finally, TD cut their target price on shares of Wajax from C$35.00 to C$34.00 and set a “hold” rating for the company in a research note on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Wajax has a consensus rating of “Moderate Buy” and an average target price of C$37.50.

Wajax Trading Down 2.6%

The company has a debt-to-equity ratio of 66.87, a current ratio of 1.92 and a quick ratio of 0.71. The company’s 50 day moving average is C$33.71 and its two-hundred day moving average is C$31.64. The firm has a market cap of C$715.91 million, a P/E ratio of 11.18, a PEG ratio of 0.50 and a beta of 0.19.

Wajax (TSE:WJX) last issued its quarterly earnings results on Monday, November 2nd. The company reported C$0.59 earnings per share (EPS) for the quarter. Wajax had a return on equity of 12.07% and a net margin of 3.18%. The firm had revenue of C$477.80 million for the quarter. On average, sell-side analysts predict that Wajax Co. will post 3.49 earnings per share for the current year.

Wajax Company Profile

Wajax Corp is a Canadian distributor of industrial components. The company’s core business is the sale of parts and service support of equipment, power systems, and industrial components through a network of branches in Canada. Most of its revenue is generated from the sale of equipment which includes machinery and components used for construction purposes and its industrial components find utility in businesses like mining, forestry, and material handling for other industrial purposes. It sells to leading manufacturer brands such as Hitachi, JCB, Bell, Hyster, Palfinger and other similar industries.