Bayforest Capital Ltd Makes New Investment in WD-40 Company (NASDAQ:WDFC)

Key Points

• Bayforest Capital Ltd invested approximately $491,000 in WD-40 Company by purchasing 2,011 shares during the first quarter.
• WD-40 recently reported earnings of $1.54 per share, exceeding analysts' expectations of $1.40, with revenue for the quarter at $156.92 million.
• The company declared a quarterly dividend of $0.94 per share, representing an annualized dividend yield of 1.77%, with an ex-dividend date of July 18th.

Bayforest Capital Ltd purchased a new stake in WD-40 Company (NASDAQ:WDFC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,011 shares of the specialty chemicals company's stock, valued at approximately $491,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its position in shares of WD-40 by 36.7% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,830 shares of the specialty chemicals company's stock worth $447,000 after purchasing an additional 491 shares in the last quarter. KBC Group NV lifted its position in shares of WD-40 by 8.9% during the first quarter. KBC Group NV now owns 597 shares of the specialty chemicals company's stock worth $146,000 after purchasing an additional 49 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of WD-40 by 15.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 4,789 shares of the specialty chemicals company's stock worth $1,168,000 after purchasing an additional 645 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of WD-40 by 37.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,299 shares of the specialty chemicals company's stock worth $563,000 after purchasing an additional 627 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of WD-40 by 17.0% during the first quarter. GAMMA Investing LLC now owns 468 shares of the specialty chemicals company's stock worth $114,000 after purchasing an additional 68 shares in the last quarter. 91.52% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, DA Davidson reduced their target price on shares of WD-40 from $322.00 to $300.00 and set a "buy" rating on the stock in a research report on Friday, July 11th.

WD-40 Trading Up 0.4%

NASDAQ WDFC traded up $0.80 during trading hours on Friday, hitting $215.20. The company's stock had a trading volume of 190,116 shares, compared to its average volume of 192,588. The stock has a fifty day moving average of $232.01 and a 200 day moving average of $233.48. WD-40 Company has a twelve month low of $208.00 and a twelve month high of $292.36. The firm has a market capitalization of $2.91 billion, a P/E ratio of 33.89 and a beta of 0.15. The company has a quick ratio of 2.02, a current ratio of 2.84 and a debt-to-equity ratio of 0.33.

WD-40 (NASDAQ:WDFC - Get Free Report) last announced its quarterly earnings data on Thursday, July 10th. The specialty chemicals company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.14. WD-40 had a net margin of 14.13% and a return on equity of 31.23%. The business had revenue of $156.92 million for the quarter, compared to analyst estimates of $160.60 million. During the same period in the prior year, the business posted $1.46 earnings per share. WD-40's revenue was up 1.2% compared to the same quarter last year. Equities research analysts forecast that WD-40 Company will post 5.42 earnings per share for the current fiscal year.

WD-40 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Friday, July 18th were issued a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, July 18th. WD-40's dividend payout ratio is currently 59.21%.

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.