WD-40 (NASDAQ:WDFC) Announces Quarterly Earnings Results

WD-40 (NASDAQ:WDFC - Get Free Report) released its quarterly earnings data on Tuesday. The specialty chemicals company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.01, Briefing.com reports. The business had revenue of $139.10 million for the quarter, compared to analysts' expectations of $140.51 million. WD-40 had a return on equity of 33.51% and a net margin of 12.57%. The firm's quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.21 EPS. 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 Performance

WDFC traded down $21.93 during mid-day trading on Wednesday, reaching $233.18. 313,229 shares of the company traded hands, compared to its average volume of 135,118. The stock has a market capitalization of $3.16 billion, a P/E ratio of 45.90 and a beta of -0.06. The company has a quick ratio of 1.58, a current ratio of 2.40 and a debt-to-equity ratio of 0.40. The company's fifty day moving average price is $257.70 and its 200-day moving average price is $240.26. WD-40 has a 52-week low of $171.15 and a 52-week high of $278.78.

WD-40 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Friday, April 19th will be paid a dividend of $0.88 per share. The ex-dividend date of this dividend is Thursday, April 18th. This represents a $3.52 dividend on an annualized basis and a yield of 1.51%. WD-40's dividend payout ratio is presently 69.29%.

Insider Buying and Selling at WD-40

In related news, VP Jeffrey G. Lindeman bought 182 shares of the firm's stock in a transaction on Monday, February 12th. The stock was acquired at an average cost of $272.42 per share, for a total transaction of $49,580.44. Following the purchase, the vice president now owns 3,073 shares in the company, valued at $837,146.66. The acquisition was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.65% of the company's stock.

Institutional Investors Weigh In On WD-40

A number of hedge funds have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of WD-40 in the 4th quarter worth $20,289,000. Morgan Stanley increased its stake in shares of WD-40 by 49.5% in the 3rd quarter. Morgan Stanley now owns 313,844 shares of the specialty chemicals company's stock worth $63,786,000 after purchasing an additional 103,949 shares in the last quarter. First Trust Advisors LP increased its stake in shares of WD-40 by 27.4% in the 1st quarter. First Trust Advisors LP now owns 328,113 shares of the specialty chemicals company's stock worth $60,120,000 after purchasing an additional 70,598 shares in the last quarter. Northern Trust Corp increased its stake in shares of WD-40 by 28.3% in the 4th quarter. Northern Trust Corp now owns 195,731 shares of the specialty chemicals company's stock worth $46,793,000 after purchasing an additional 43,179 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of WD-40 by 36.7% in the 2nd quarter. Goldman Sachs Group Inc. now owns 121,804 shares of the specialty chemicals company's stock worth $24,526,000 after purchasing an additional 32,679 shares in the last quarter. 91.52% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, DA Davidson reaffirmed a "buy" rating and issued a $313.00 price objective on shares of WD-40 in a research report on Wednesday.

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.