Wajax (TSE:WJX) Share Price Crosses Above 200 Day Moving Average - Should You Sell?

Key Points

• Wajax shares rose 6.3% and crossed above their 200-day moving average of C$30.90, reaching C$34.84 before closing at C$34.48.
• Analyst sentiment remains cautious: the consensus rating is “Hold”, with an average price target of C$34.20. Scotiabank, TD and National Bank Financial recently lowered their targets.
• Wajax reported quarterly EPS of C$0.65 on revenue of C$502.07 million, while insiders bought 3,753 shares during the last quarter, including a 1,100-share purchase by director Jane Craighead.

Wajax Co. (TSE:WJX - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$30.90 and traded as high as C$34.84. Wajax shares last traded at C$34.48, with a volume of 83,553 shares trading hands.

Analyst Ratings Changes

Several brokerages have commented on WJX. Scotiabank lowered their price objective on shares of 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. TD reduced their target price 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. Finally, National Bank Financial decreased their target price on Wajax from C$37.00 to C$34.00 and set an "outperform" rating for the company in a research report on Wednesday, May 6th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of C$34.20.

Wajax Trading Up 6.3%

The stock's fifty day simple moving average is C$31.24 and its two-hundred day simple moving average is C$30.90. The firm has a market cap of C$750.97 million, a PE ratio of 12.36, a PEG ratio of 0.50 and a beta of 0.44. The company has a quick ratio of 0.71, a current ratio of 1.88 and a debt-to-equity ratio of 72.41.

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

Insider Transactions at Wajax

In other news, Director Jane Craighead acquired 1,100 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were bought at an average cost of C$28.84 per share, with a total value of C$31,724.00. Following the transaction, the director owned 11,900 shares of the company's stock, valued at C$343,196. This trade represents a 10.19% increase in their position. In the last quarter, insiders have bought 3,753 shares of company stock valued at $109,650. 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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