WD-40 (NASDAQ:WDFC) Releases FY 2024 Earnings Guidance

WD-40 (NASDAQ:WDFC) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 5.000-5.300 for the period, compared to the consensus estimate of 5.120. The company issued revenue guidance of $570.0 million-$600.0 million, compared to the consensus revenue estimate of $577.8 million. WD-40 also updated its FY24 guidance to $5.00-$5.30 EPS.

WD-40 Stock Down 1.5 %

WD-40 stock traded down $3.92 during trading hours on Tuesday, hitting $255.11. 341,648 shares of the stock traded hands, compared to its average volume of 132,383. The firm’s 50-day moving average price is $258.21 and its two-hundred day moving average price is $240.31. The company has a current ratio of 2.40, a quick ratio of 1.58 and a debt-to-equity ratio of 0.40. The company has a market cap of $3.46 billion, a PE ratio of 50.22 and a beta of -0.06. WD-40 has a one year low of $163.82 and a one year high of $278.78.

WD-40 (NASDAQ:WDFC) last released its earnings results on Tuesday, January 9th. The specialty chemicals company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.28. WD-40 had a net margin of 12.57% and a return on equity of 33.51%. The firm had revenue of $140.40 million during the quarter, compared to analyst estimates of $134.40 million. During the same period last year, the business earned $1.02 earnings per share. The business’s revenue was up 12.4% on a year-over-year basis. On average, research analysts forecast that WD-40 will post 5.13 EPS for the current year.

WD-40 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Friday, April 19th will be issued a dividend of $0.88 per share. The ex-dividend date of this dividend is Thursday, April 18th. This represents a $3.52 annualized dividend and a dividend yield of 1.38%. WD-40’s payout ratio is 69.29%.

Wall Street Analysts Forecast Growth

Separately, DA Davidson restated a buy rating and issued a $313.00 price objective on shares of WD-40 in a report on Tuesday, March 5th.

Insider Buying and Selling

In other news, VP Jeffrey G. Lindeman acquired 182 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was bought at an average cost of $272.42 per share, for a total transaction of $49,580.44. Following the acquisition, the vice president now directly owns 3,073 shares in the company, valued at $837,146.66. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On WD-40

A number of hedge funds have recently added to or reduced their stakes in WDFC. JPMorgan Chase & Co. raised its stake in WD-40 by 7.7% during the 1st quarter. JPMorgan Chase & Co. now owns 27,928 shares of the specialty chemicals company’s stock valued at $5,117,000 after buying an additional 1,991 shares during the last quarter. US Bancorp DE raised its stake in WD-40 by 3.2% during the 1st quarter. US Bancorp DE now owns 2,249 shares of the specialty chemicals company’s stock valued at $412,000 after buying an additional 69 shares during the last quarter. HighTower Advisors LLC grew its position in shares of WD-40 by 5.4% during the 1st quarter. HighTower Advisors LLC now owns 4,069 shares of the specialty chemicals company’s stock valued at $734,000 after acquiring an additional 208 shares during the period. Citigroup Inc. grew its position in shares of WD-40 by 5.3% during the 1st quarter. Citigroup Inc. now owns 13,825 shares of the specialty chemicals company’s stock valued at $2,533,000 after acquiring an additional 690 shares during the period. Finally, MetLife Investment Management LLC grew its position in shares of WD-40 by 57.7% during the 1st quarter. MetLife Investment Management LLC now owns 7,416 shares of the specialty chemicals company’s stock valued at $1,359,000 after acquiring an additional 2,713 shares during the period. 91.52% 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 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.