Wajax (TSE:WJX) Stock Price Down 12.9% - Here's What Happened

Key Points

• Wajax shares fell about 13% intraday to roughly C$29.57 (low C$29.16) on Tuesday, with volume of 71,013 shares—about 29% above the average session volume.
• Analysts have mixed views after recent updates—several price-target changes and one upgrade—but the consensus rating remains Hold with an average price target of C$35.75.
• Wajax reported quarterly EPS of C$0.65 on C$502.07 million in revenue; the company has a market cap around C$643 million and a trailing P/E of 11.42.

Wajax Co. (TSE:WJX - Get Free Report) traded down 12.9% during mid-day trading on Tuesday . The company traded as low as C$29.16 and last traded at C$29.57. 71,013 shares were traded during mid-day trading, an increase of 29% from the average session volume of 55,241 shares. The stock had previously closed at C$33.94.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. National Bank Financial raised shares of Wajax from a "hold" rating to an "outperform" rating and boosted their price objective for the company from C$27.00 to C$37.00 in a report on Tuesday, March 3rd. Scotiabank lifted their price target on Wajax from C$34.00 to C$38.00 and gave the stock a "sector perform" rating in a research report on Tuesday, April 28th. TD Securities boosted their price target on Wajax from C$28.00 to C$34.00 and gave the company a "hold" rating in a research note on Wednesday, March 4th. Finally, BMO Capital Markets cut their price objective on Wajax from C$40.00 to C$34.00 and set a "market perform" rating on the stock in a report on Wednesday, March 4th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Wajax currently has a consensus rating of "Hold" and an average price target of C$35.75.

Wajax Trading Down 13.2%

The firm has a market cap of C$642.98 million, a PE ratio of 11.42, a price-to-earnings-growth ratio of 0.50 and a beta of 0.59. The company has a 50-day simple moving average of C$32.32 and a 200 day simple moving average of C$29.10. The company has a current ratio of 2.14, a quick ratio of 0.71 and a debt-to-equity ratio of 78.49.

Wajax (TSE:WJX - Get Free Report) last posted its earnings results on Monday, May 4th. The company reported C$0.65 earnings per share for the quarter. Wajax had a net margin of 2.68% and a return on equity of 10.91%. The firm had revenue of C$502.07 million during the quarter. As a group, sell-side analysts forecast that Wajax Co. will post 3.4850136 earnings per share for the current fiscal year.

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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