Investment firm Everett Harris & Co. CA has made a significant move in the first quarter by purchasing a new stake in WD-40, as reported in its latest Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,000 shares of the specialty chemicals company’s stock, with an estimated value of approximately $1,068,000.
This development comes after WD-40 released its quarterly earnings data on April 6th. The company reported an earnings per share (EPS) of $1.21 for the quarter, surpassing analysts’ consensus estimates of $1.15 by $0.06. Additionally, WD-40 generated $130.19 million in revenue during the quarter, which exceeded analyst predictions of $125.80 million.
WD-40 demonstrated a return on equity of 30.96% and a net margin of 11.74%. Furthermore, the company’s revenue for the quarter saw a slight increase of 0.2% compared to the same period last year when it posted EPS of $1.41. Analysts believe that WD-40 will likely achieve an EPS of 4.95 by the end of this year.
Market research reports have also shed light on WD-40’s standing and potential growth prospects within the industry. StockNews.com initiated coverage on WD-40 and assigned a “hold” rating for the company on May 18th. Additionally, DA Davidson released a research note suggesting that investors buy WD-40 shares while increasing their price target from $197 to $228 on April 21st.
These developments indicate that there is growing interest in and positive sentiment surrounding WD-40 within the investment community. Such endorsements from reputable sources like Everett Harris & Co., StockNews.com, and DA Davidson may further bolster confidence in WD-40’s future performance and attract more investors.
Overall, with its strong earnings performance, favorable revenue growth, positive research reports, and increased institutional investments, WD-40 appears to be on a promising trajectory. Investors who are keen on the specialty chemicals industry might find WD-40 an intriguing prospect for their portfolios.
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Institutional Investors and Hedge Funds Show Interest in WD-40 as Company Sees Growth Potential
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”WDFC” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]WD-40, the specialty chemicals company known for its multi-purpose product of the same name, has recently caught the attention of several institutional investors and hedge funds. These investors have either increased or reduced their stakes in WD-40, showcasing a significant level of interest in the company.
One notable investor is Legato Capital Management LLC, which purchased a new position in WD-40 during the fourth quarter of last year. The investment was valued at approximately $303,000. Another investor, Envestnet Asset Management Inc., increased its position in WD-40 by 6.2% during the same period. This resulted in Envestnet gaining ownership of 32,656 shares worth $5,264,000.
Crestmont Private Wealth LLC also made a move to invest in WD-40 during the fourth quarter. This new position had a value of $221,000. ProShare Advisors LLC followed suit and increased its stake by 26%. As a result, ProShare Advisors now owns 54,833 shares worth $8,840,000.
Conestoga Capital Advisors LLC is another institutional investor that grew its position in WD-40 by 0.8% during the first quarter. The company now holds 293,949 shares valued at an impressive $52,338,000.
Overall, hedge funds and institutional investors own around 92.33% of WD-40’s stock. This is remarkable as it indicates the positive sentiment surrounding the company among industry professionals.
On Friday morning NASDAQ:WDFC opened at $189.86 per share. With a market capitalization of $2.58 billion and a price-to-earnings ratio of 43.35, WD-40 remains an attractive investment option for many discerning investors.
The stock’s performance over time has displayed mixed results; while it has reached highs such as $209.64 per share within the past year, it has also experienced lows of $145.16. WD-40 currently has a 50-day moving average of $190.61 and a 200-day moving average of $179.91.
Several research reports have been published on WD-40, providing investors with valuable analysis and recommendations. StockNews.com covered the company in a research report, suggesting a “hold” rating for its stock. Meanwhile, DA Davidson raised its price target for WD-40 from $197.00 to $228.00 and bestowed a “buy” rating upon the company.
Additionally, WD-40 recently announced a quarterly dividend that will be paid out on Monday, July 31st. Shareholders of record as at Friday, July 14th will receive a dividend of $0.83 per share. With an annualized dividend payout ratio (DPR) of 75.80%, WD-40 is committed to rewarding its shareholders.
In terms of insider trading activity, CFO Sara Kathleen Hyzer made notable purchases of WD-40’s stock back in April. She bought a total of 168 shares at an average price of $179.08 per share, resulting in a transaction worth $30,085.44.
Following this acquisition, Hyzer now holds 1,530 shares valued at approximately $273,992.40.
Insider Patricia Q. Olsem took the opposite approach and sold 420 shares on June 14th at an average price of $200 per share.
As a result of this transaction, Olsem currently possesses 2,323 shares worth around $464,600.
In the last 90 days alone, insiders have purchased a total of 950 shares worth $170,126.
It is interesting to note that insiders own around 1.50% of the overall stock value.
These recent investments by institutional investors and hedge funds indicate their confidence in WD-40’s potential for growth and profitability. As the company continues to provide innovative solutions and maintain its strong market presence, it will undoubtedly attract further attention from investors seeking a reliable and lucrative investment option.
