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

Key Points

• Wajax shares rose above their 200-day moving average, trading as high as C$34.74 and last changing hands at C$34.63, up about 2.1% on the day.
• Analysts remain cautious overall, with the stock carrying a consensus Hold rating and an average price target of C$34.20 after several firms trimmed their targets.
• Recent insider buying included purchases by two directors in May, and insiders have bought 18,153 shares over the last three months, suggesting some confidence in the company.

Wajax Co. (TSE:WJX - Get Free Report)'s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$30.66 and traded as high as C$34.74. Wajax shares last traded at C$34.63, with a volume of 43,936 shares trading hands.

Analysts Set New Price Targets

WJX has been the subject of several research analyst reports. Scotiabank decreased their price objective 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. TD dropped 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 price target on Wajax from C$37.00 to C$34.00 and set an "outperform" rating for the company in a report on Wednesday, May 6th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of C$34.20.

Wajax Stock Up 2.1%

The firm has a fifty day moving average price of C$30.61 and a 200 day moving average price of C$30.66. The firm has a market capitalization of C$754.24 million, a price-to-earnings ratio of 12.41, a PEG ratio of 0.50 and a beta of 0.45. The company has a debt-to-equity ratio of 72.41, a quick ratio of 0.71 and a current ratio of 1.88.

Wajax (TSE:WJX - Get Free Report) last issued its earnings results on Monday, May 4th. The company reported C$0.65 EPS 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. As a group, sell-side analysts expect that Wajax Co. will post 3.4850136 EPS for the current fiscal year.

Insider Buying and Selling at Wajax

In related news, Director Terrance Lloyd Mckibbon bought 6,000 shares of the company's stock in a transaction on Wednesday, May 6th. The stock was bought at an average cost of C$29.86 per share, with a total value of C$179,160.00. Following the completion of the acquisition, the director 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 Wajax stock in a transaction dated Wednesday, May 6th. The shares were bought at an average price of C$29.15 per share, with a total value of C$145,750.00. Following the completion of the transaction, the director owned 5,000 shares in the company, valued at approximately C$145,750. This trade represents a ∞ increase in their position. Over the last three months, insiders purchased 18,153 shares of company stock valued at $535,312. Corporate 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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