Wajax (TSE:WJX) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• Wajax shares moved above their 200-day moving average during Thursday trading, with the stock reaching as high as C$34.14 and last trading at C$33.97.
• Analyst sentiment remains mixed but cautious: the stock has a consensus Hold rating and an average target price of C$34.20, while several firms recently trimmed their price targets.
• The company reported Q1 earnings of C$0.65 per share on revenue of C$502.07 million, and insiders have been buying shares in recent months, including two directors who purchased stock in May.

Shares of Wajax Co. (TSE:WJX - Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$30.39 and traded as high as C$34.14. Wajax shares last traded at C$33.97, with a volume of 59,405 shares trading hands.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Scotiabank cut their target price on Wajax from C$37.00 to C$36.00 and set a "sector perform" rating on the stock in a research note on Tuesday, July 7th. National Bank Financial decreased their price target on Wajax from C$37.00 to C$34.00 and set an "outperform" rating for the company in a research note on Wednesday, May 6th. Finally, TD lowered their price target on Wajax from C$35.00 to C$33.00 and set a "hold" rating on the stock in a report on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of C$34.20.

Wajax Price Performance

The business's 50 day moving average price is C$29.95 and its 200 day moving average price is C$30.39. The stock has a market capitalization of C$739.87 million, a P/E ratio of 12.18, a price-to-earnings-growth ratio of 0.50 and a beta of 0.45. The company has a debt-to-equity ratio of 72.41, a current ratio of 1.88 and a quick ratio of 0.71.

Wajax (TSE:WJX - Get Free Report) last issued its quarterly earnings data on Monday, May 4th. The company reported C$0.65 earnings per share for the quarter. Wajax had a net margin of 2.97% and a return on equity of 11.63%. The company had revenue of C$502.07 million for the quarter. Sell-side analysts forecast that Wajax Co. will post 3.4850136 EPS for the current year.

Insider Buying and Selling at Wajax

In other news, Director Terrance Lloyd Mckibbon purchased 6,000 shares of the company's stock in a transaction dated Wednesday, May 6th. The shares were purchased at an average cost of C$29.86 per share, for a total transaction of C$179,160.00. Following the purchase, the director directly owned 6,000 shares in the company, valued at approximately C$179,160. This represents a ∞ increase in their position. Also, Director Thomas Malcolm Alford purchased 5,000 shares of the company's stock in a transaction dated Wednesday, May 6th. The stock was purchased at an average price of C$29.15 per share, for a total transaction of C$145,750.00. Following the completion of the purchase, the director owned 5,000 shares in the company, valued at approximately C$145,750. The trade was a ∞ increase in their ownership of the stock. In the last ninety days, insiders purchased 18,153 shares of company stock worth $535,312. Insiders own 0.97% of the company's stock.

Wajax Company Profile

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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