Millennium Management LLC Decreases Stake in WD-40 Company $WDFC

Key Points

• Millennium Management LLC has decreased its stake in WD-40 Company by 16.9%, owning 131,415 shares worth approximately $32 million after selling 26,741 shares in the first quarter.
• WD-40's recent earnings report indicated $1.54 earnings per share (EPS), surpassing expectations of $1.40, with a revenue of $156.92 million.
• The company declared a quarterly dividend of $0.94 per share, representing an annualized yield of 1.8% and a payout ratio of 59.21%.

Millennium Management LLC lowered its stake in WD-40 Company (NASDAQ:WDFC - Free Report) by 16.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 131,415 shares of the specialty chemicals company's stock after selling 26,741 shares during the period. Millennium Management LLC owned 0.97% of WD-40 worth $32,065,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ameriflex Group Inc. purchased a new position in shares of WD-40 in the fourth quarter worth $25,000. Versant Capital Management Inc raised its holdings in shares of WD-40 by 96.1% in the first quarter. Versant Capital Management Inc now owns 149 shares of the specialty chemicals company's stock worth $36,000 after buying an additional 73 shares during the last quarter. Golden State Wealth Management LLC raised its holdings in shares of WD-40 by 210.6% in the first quarter. Golden State Wealth Management LLC now owns 146 shares of the specialty chemicals company's stock worth $36,000 after buying an additional 99 shares during the last quarter. Parallel Advisors LLC raised its holdings in shares of WD-40 by 82.6% in the first quarter. Parallel Advisors LLC now owns 157 shares of the specialty chemicals company's stock worth $38,000 after buying an additional 71 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of WD-40 by 420.0% in the first quarter. Farther Finance Advisors LLC now owns 156 shares of the specialty chemicals company's stock worth $38,000 after buying an additional 126 shares during the last quarter. Hedge funds and other institutional investors own 91.52% of the company's stock.

Wall Street Analyst Weigh In

Separately, DA Davidson reduced their target price on shares of WD-40 from $322.00 to $300.00 and set a "buy" rating for the company in a report on Friday, July 11th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $290.00.

WD-40 Trading Down 2.2%

Shares of WD-40 stock opened at $210.50 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.84 and a quick ratio of 2.02. The firm has a fifty day moving average price of $220.20 and a 200 day moving average price of $230.60. WD-40 Company has a 1 year low of $208.00 and a 1 year high of $292.36. The stock has a market cap of $2.85 billion, a PE ratio of 33.15 and a beta of 0.13.

WD-40 (NASDAQ:WDFC - Get Free Report) last issued its earnings results on Thursday, July 10th. The specialty chemicals company reported $1.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.14. The firm had revenue of $156.92 million during the quarter, compared to analysts' expectations of $160.60 million. WD-40 had a net margin of 14.13% and a return on equity of 31.23%. The firm's revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.46 earnings per share. Equities research analysts predict that WD-40 Company will post 5.42 earnings per share for the current year.

WD-40 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Friday, July 18th were given a dividend of $0.94 per share. This represents a $3.76 annualized dividend and a yield of 1.8%. The ex-dividend date was Friday, July 18th. WD-40's dividend payout ratio (DPR) is currently 59.21%.

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.

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