Vestcor Inc Trims Stake in WD-40 Company (NASDAQ:WDFC)

Key Points

• Vestcor Inc significantly reduced its stake in WD-40 Company by 94.6%, selling 2,244 shares and retaining only 127 shares valued at $31,000.
• WD-40 reported earnings per share of $1.54, exceeding analysts' expectations, alongside a 1.2% year-over-year revenue increase to $156.92 million.
• The company announced a quarterly dividend of $0.94, resulting in an annualized dividend yield of 1.7% and a payout ratio of 59.21%.

Vestcor Inc lowered its holdings in shares of WD-40 Company (NASDAQ:WDFC - Free Report) by 94.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 127 shares of the specialty chemicals company's stock after selling 2,244 shares during the period. Vestcor Inc's holdings in WD-40 were worth $31,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in WD-40 by 28,448.0% in the first quarter. GAMMA Investing LLC now owns 114,192 shares of the specialty chemicals company's stock worth $27,863,000 after purchasing an additional 113,792 shares during the period. Millennium Management LLC lifted its position in WD-40 by 206.9% during the fourth quarter. Millennium Management LLC now owns 158,156 shares of the specialty chemicals company's stock valued at $38,381,000 after purchasing an additional 106,617 shares during the period. Raymond James Financial Inc. bought a new position in WD-40 during the fourth quarter valued at approximately $17,903,000. GCQ FUNDS MANAGEMENT PTY Ltd lifted its position in WD-40 by 245.0% during the first quarter. GCQ FUNDS MANAGEMENT PTY Ltd now owns 64,423 shares of the specialty chemicals company's stock valued at $15,719,000 after purchasing an additional 45,747 shares during the period. Finally, Balyasny Asset Management L.P. bought a new position in WD-40 during the fourth quarter valued at approximately $10,179,000. Institutional investors own 91.52% of the company's stock.

WD-40 Price Performance

Shares of WDFC stock traded down $0.96 on Friday, hitting $219.48. 66,097 shares of the stock traded hands, compared to its average volume of 183,066. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 34.56 and a beta of 0.15. WD-40 Company has a 52 week low of $208.00 and a 52 week high of $292.36. The firm has a 50 day simple moving average of $229.65 and a two-hundred day simple moving average of $233.02. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.84 and a quick ratio of 2.02.

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

WD-40 Announces Dividend

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

Wall Street Analyst Weigh In

Separately, DA Davidson decreased their price target 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.

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.