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

WD-40 (NASDAQ:WDFC) issued its earnings results on Wednesday. The specialty chemicals company reported $1.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.07, Briefing.com reports. WD-40 had a net margin of 12.07% and a return on equity of 32.43%. The company had revenue of $155.05 million for the quarter, compared to analyst estimates of $145.80 million. During the same quarter last year, the firm earned $1.38 EPS. The company’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 Up 4.0 %

Shares of WD-40 stock opened at $228.63 on Friday. The firm has a market cap of $3.10 billion, a PE ratio of 44.92 and a beta of -0.07. The business’s 50 day simple moving average is $226.31 and its 200 day simple moving average is $243.06. 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 has a 52-week low of $194.09 and a 52-week high of $278.78.

WD-40 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 19th will be issued a dividend of $0.88 per share. The ex-dividend date of this dividend is Friday, July 19th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.54%. WD-40’s payout ratio is presently 69.16%.

Wall Street Analyst Weigh In

Separately, DA Davidson lowered their target price on shares of 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 WD-40 stock in a transaction that occurred on Thursday, May 9th. The stock was acquired 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 of the company’s stock, valued at approximately $623,053.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other WD-40 news, CEO Steven A. Brass purchased 432 shares of the stock in a transaction on Tuesday, April 16th. The shares were purchased at an average price of $232.22 per share, with a total value of $100,319.04. Following the completion of the transaction, the chief executive officer now directly owns 20,547 shares in the company, valued at $4,771,424.34. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Sara Kathleen Hyzer acquired 213 shares of the firm’s 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 acquisition, the chief financial officer now owns 2,676 shares of the company’s stock, valued at $623,053.08. The disclosure for this purchase can be found here. Insiders own 0.65% of the company’s stock.

Institutional Investors Weigh In On WD-40

A number of institutional investors have recently made changes to their positions in WDFC. YHB Investment Advisors Inc. acquired a new stake in WD-40 in the 1st quarter worth about $33,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of WD-40 during the 1st quarter worth $34,000. Advisors Asset Management Inc. acquired a new position in WD-40 in the first quarter valued at about $43,000. GAMMA Investing LLC bought a new position in WD-40 in the 4th quarter valued at about $44,000. Finally, Covestor Ltd raised its position in shares of WD-40 by 57.7% in the 1st 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. Institutional investors own 91.52% of the company’s stock.

About WD-40

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.