Zacks Investment Research Downgrades WD-40 (WDFC) to Hold

WD-40 (NASDAQ:WDFC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “WD-40 Company is a tribe of passionate, committed professionals, all dedicated to the same goal: to create positive lasting memories in every interaction they have. They’re a global marketing organization dedicated to creating positive lasting memories by developing and selling products that solve problems in workshops, factories and homes around the world. They offer multi-purpose maintenance products, including aerosol sprays, non-aerosol trigger sprays, and in liquid form under the WD-40 Multi-Use brand for various consumer uses; and specialty maintenance products that comprise penetrants, degreasers, corrosion inhibitors, lubricants, and rust removers under the WD-40 Specialist brand name. The company also provides products under the WD-40 Bike product brand consisting of wet and dry chain lubricants, heavy-duty degreasers, and foaming wash products for avid and recreational cyclists, bike enthusiasts, and mechanics; multi-purpose and specialty drip oils, and spray lubricant products. “

Several other equities analysts have also recently issued reports on WDFC. BidaskClub cut WD-40 from a “buy” rating to a “hold” rating in a report on Thursday, February 14th. ValuEngine upgraded WD-40 from a “buy” rating to a “strong-buy” rating in a report on Monday, February 4th. Finally, DA Davidson began coverage on WD-40 in a report on Friday, December 7th. They issued a “buy” rating on the stock. Four investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. WD-40 has a consensus rating of “Buy” and a consensus target price of $149.67.

WD-40 stock opened at $176.26 on Wednesday. The stock has a market capitalization of $2.44 billion, a P/E ratio of 42.68, a PEG ratio of 3.87 and a beta of 0.25. WD-40 has a 12-month low of $125.70 and a 12-month high of $187.50. The company has a current ratio of 2.19, a quick ratio of 1.60 and a debt-to-equity ratio of 0.41.

WD-40 (NASDAQ:WDFC) last posted its quarterly earnings results on Wednesday, January 9th. The specialty chemicals company reported $0.95 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.95. The business had revenue of $101.30 million for the quarter, compared to analysts’ expectations of $99.10 million. WD-40 had a return on equity of 38.51% and a net margin of 15.98%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.90 earnings per share. As a group, equities analysts predict that WD-40 will post 4.56 earnings per share for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in WD-40 by 0.6% in the fourth quarter. BlackRock Inc. now owns 1,997,399 shares of the specialty chemicals company’s stock valued at $366,042,000 after buying an additional 12,358 shares during the period. Vanguard Group Inc. lifted its stake in WD-40 by 1.7% in the third quarter. Vanguard Group Inc. now owns 1,370,237 shares of the specialty chemicals company’s stock valued at $235,818,000 after buying an additional 23,118 shares during the period. Vanguard Group Inc lifted its stake in WD-40 by 1.7% in the third quarter. Vanguard Group Inc now owns 1,370,237 shares of the specialty chemicals company’s stock valued at $235,818,000 after buying an additional 23,118 shares during the period. Parnassus Investments CA lifted its stake in WD-40 by 0.6% in the fourth quarter. Parnassus Investments CA now owns 1,331,349 shares of the specialty chemicals company’s stock valued at $243,983,000 after buying an additional 8,593 shares during the period. Finally, Kayne Anderson Rudnick Investment Management LLC lifted its stake in WD-40 by 0.9% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 466,551 shares of the specialty chemicals company’s stock valued at $85,501,000 after buying an additional 4,253 shares during the period. 90.72% of the stock is currently owned by hedge funds and other institutional investors.

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 offers multi-purpose maintenance products, including aerosol sprays, non-aerosol trigger sprays, and in liquid-bulk form products under the WD-40 Multi-Use brand name for various consumer uses and industrial applications; specialty maintenance products, such as penetrants, degreasers, corrosion inhibitors, greases, lubricants, and rust removers under the WD-40 Specialist brand; and bicycle maintenance products comprising wet and dry chain lubricants, chain cleaners and degreasers, and foaming wash products for avid and recreational cyclists, bike enthusiasts, and mechanics under the WD-40 Bike brand name.

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