WD-40 (NASDAQ:WDFC) Shares Gap Down on Disappointing Earnings

Shares of WD-40 (NASDAQ:WDFC) gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $264.78, but opened at $249.72. WD-40 shares last traded at $253.82, with a volume of 34,306 shares.

The specialty chemicals company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.11). The business had revenue of $156.00 million during the quarter, compared to the consensus estimate of $149.20 million. WD-40 had a net margin of 12.07% and a return on equity of 32.43%. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter last year, the business earned $1.21 EPS.

WD-40 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 18th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Friday, October 18th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.37%. WD-40’s dividend payout ratio (DPR) is 69.16%.

Analyst Ratings Changes

Separately, DA Davidson lowered their price objective on WD-40 from $313.00 to $303.00 and set a “buy” rating for the company in a research report on Thursday, July 11th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. V Square Quantitative Management LLC acquired a new position in shares of WD-40 during the third quarter valued at about $29,000. DekaBank Deutsche Girozentrale bought a new position in shares of WD-40 in the 1st quarter worth $34,000. Advisors Asset Management Inc. bought a new stake in WD-40 during the 1st quarter valued at $43,000. Covestor Ltd lifted its stake in shares of WD-40 by 57.7% in the first quarter. Covestor Ltd now owns 216 shares of the specialty chemicals company’s stock valued at $55,000 after buying an additional 79 shares in the last quarter. Finally, Blue Trust Inc. acquired a new position in shares of WD-40 during the second quarter valued at about $67,000. 91.52% of the stock is owned by institutional investors.

WD-40 Trading Down 2.5 %

The company has a quick ratio of 1.56, a current ratio of 2.27 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $3.49 billion, a P/E ratio of 49.33 and a beta of -0.08. The firm’s 50-day moving average price is $256.52 and its 200 day moving average price is $242.43.

About WD-40

WD-40 Company develops and sells maintenance products, and homecare and cleaning products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides multi-purpose maintenance products that include aerosol sprays, non-aerosol trigger sprays, precision pens, and in liquid-bulk form products under the WD-40 Multi-Use brand name; specialty maintenance products, such as penetrants, degreasers, corrosion inhibitors, greases, lubricants, and rust removers under the WD-40 Specialist brand; and bike-specific products.