Wajax (TSE:WJX) Stock Price Breaks Above 200-Day Moving Average - Here's Why

Key Points

• Wajax shares broke above their 200-day moving average, reaching C$36.29 compared with the C$31.75 average, on trading volume of 35,316 shares.
• Analyst sentiment is broadly positive, with an average “Moderate Buy” rating and a C$37.50 target price. National Bank raised its target to C$42, while Stifel Nicolaus maintained a C$45 target and “buy” rating.
• Wajax reported quarterly revenue of C$515.67 million and EPS of C$0.82, with a 12.07% return on equity and 3.18% net margin; analysts expect full-year EPS of C$3.49.

Wajax Co. (TSE:WJX - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of C$31.75 and traded as high as C$36.29. Wajax shares last traded at C$36.29, with a volume of 35,316 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on WJX. Stifel Nicolaus set a C$45.00 target price on shares of Wajax and gave the stock a "buy" rating in a research note on Wednesday, September 30th. National Bank Financial increased their target price on Wajax from C$36.00 to C$42.00 and gave the company an "outperform" rating in a research note on Thursday, October 15th. TD reduced their target price on Wajax from C$35.00 to C$34.00 and set a "hold" rating for the company in a report on Monday, August 10th. Finally, Scotiabank reduced their target price on Wajax from C$37.00 to C$36.00 and set a "sector perform" rating for the company in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Wajax has an average rating of "Moderate Buy" and an average target price of C$37.50.

Wajax Stock Down 0.8%

The company has a market cap of C$790.40 million, a P/E ratio of 12.34, a price-to-earnings-growth ratio of 0.50 and a beta of 0.18. The company has a quick ratio of 0.71, a current ratio of 1.92 and a debt-to-equity ratio of 66.87. The company has a fifty day moving average of C$32.90 and a 200 day moving average of C$31.75.

Wajax (TSE:WJX - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported C$0.82 earnings per share (EPS) for the quarter. Wajax had a return on equity of 12.07% and a net margin of 3.18%. The business had revenue of C$515.67 million for the quarter. On average, research analysts anticipate that Wajax Co. will post 3.49 earnings per share for the current fiscal year.

About Wajax

Wajax Corp is a Canadian distributor of industrial components. The company's core business is the sale of parts and service support of equipment, power systems, and industrial components through a network of branches in Canada. Most of its revenue is generated from the sale of equipment which includes machinery and components used for construction purposes and its industrial components find utility in businesses like mining, forestry, and material handling for other industrial purposes. It sells to leading manufacturer brands such as Hitachi, JCB, Bell, Hyster, Palfinger and other similar industries.

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