WD-40 (NASDAQ:WDFC) Stock Crosses Below Two Hundred Day Moving Average - Here's What Happened

Key Points

• WD-40 shares dipped below their 200-day moving average of $220.04, trading as low as $218.87 and last at $219.50.
• Quarterly EPS of $1.06 missed the $1.13 analyst consensus, while revenue of $176.78 million beat estimates and rose 8.1% year over year.
• Analysts’ consensus rating is Moderate Buy, with a $305 average price target; the company’s quarterly dividend annualizes to $4.08 per share, a 1.9% yield.

WD-40 Company (NASDAQ:WDFC - Get Free Report)'s share price passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $220.04 and traded as low as $218.87. WD-40 shares last traded at $219.50, with a volume of 74,282 shares trading hands.

Wall Street Analysts Forecast Growth

WDFC has been the topic of several research analyst reports. Weiss Ratings cut WD-40 from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, September 18th. Zacks Research lowered WD-40 from a "strong-buy" rating to a "hold" rating in a report on Friday, September 11th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $305.00.

WD-40 Stock Down 2.5%

The company has a market capitalization of $2.94 billion, a price-to-earnings ratio of 36.10 and a beta of 0.27. The company has a current ratio of 2.57, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31. The firm's fifty day simple moving average is $206.18 and its two-hundred day simple moving average is $220.04.

WD-40 (NASDAQ:WDFC - Get Free Report) last issued its quarterly earnings data on Wednesday, October 21st. The specialty chemicals company reported $1.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.13 by ($0.07). WD-40 had a return on equity of 30.84% and a net margin of 11.97%. The business had revenue of $176.78 million for the quarter, compared to analyst estimates of $172.07 million. During the same period in the previous year, the business posted $1.56 earnings per share. The firm's revenue for the quarter was up 8.1% compared to the same quarter last year. Sell-side analysts anticipate that WD-40 Company will post 6.55 EPS for the current year.

WD-40 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Monday, October 19th were given a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Monday, October 19th. WD-40's dividend payout ratio is currently 67.11%.

Hedge Funds Weigh In On WD-40

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WDFC. BlackRock Inc. acquired a new position in WD-40 during the 2nd quarter worth $505,734,000. Advisors Asset Management Inc. purchased a new stake in shares of WD-40 during the 3rd quarter worth $25,854,000. First Trust Advisors LP grew its stake in shares of WD-40 by 41.9% during the first quarter. First Trust Advisors LP now owns 411,312 shares of the specialty chemicals company's stock worth $83,883,000 after purchasing an additional 121,358 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in WD-40 in the second quarter valued at $29,162,000. Finally, Ceredex Value Advisors LLC purchased a new stake in WD-40 during the 2nd quarter worth about $9,155,000. Hedge funds and other institutional investors own 91.52% of the company's stock.

About WD-40

WD-40 Company develops and markets maintenance, cleaning and personal-care products for consumers and industrial users. Its best-known product is WD-40 Multi-Use Product, which is used to protect metal from corrosion, displace moisture, lubricate and loosen stuck parts. The company also sells products under brands including WD-40 Specialist and 3-IN-ONE. Founded in 1953 as Rocket Chemical Company, the business initially developed products for the aerospace industry. Its name later changed to WD-40 Company, reflecting the formula that became its signature product.

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