WD-40 (NASDAQ:WDFC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Sunday.
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 brokerages have also commented on WDFC. BidaskClub lowered shares of WD-40 from a “buy” rating to a “hold” rating in a report on Tuesday, December 12th. B. Riley restated a “hold” rating and issued a $125.00 price objective on shares of WD-40 in a report on Thursday. Finally, FBR & Co restated a “neutral” rating and issued a $122.00 price objective (up from $115.00) on shares of WD-40 in a report on Friday, October 20th. Five investment analysts have rated the stock with a hold rating, WD-40 presently has an average rating of “Hold” and an average price target of $123.75.
WD-40 (NASDAQ:WDFC) last issued its quarterly earnings data on Tuesday, January 9th. The specialty chemicals company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.83 by $0.07. WD-40 had a net margin of 13.84% and a return on equity of 39.23%. The firm had revenue of $97.60 million for the quarter, compared to analyst estimates of $93.00 million. During the same period in the prior year, the business posted $0.82 EPS. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. research analysts anticipate that WD-40 will post 3.94 earnings per share for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in WD-40 by 1.0% during the 2nd quarter. Vanguard Group Inc. now owns 1,238,670 shares of the specialty chemicals company’s stock worth $136,687,000 after buying an additional 12,813 shares during the period. Neuberger Berman Group LLC increased its stake in WD-40 by 13.4% during the 3rd quarter. Neuberger Berman Group LLC now owns 670,480 shares of the specialty chemicals company’s stock worth $75,027,000 after buying an additional 79,356 shares during the period. State Street Corp increased its stake in WD-40 by 2.9% during the 2nd quarter. State Street Corp now owns 373,496 shares of the specialty chemicals company’s stock worth $41,210,000 after buying an additional 10,595 shares during the period. Conestoga Capital Advisors LLC increased its stake in WD-40 by 62.7% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 312,775 shares of the specialty chemicals company’s stock worth $35,000,000 after buying an additional 120,575 shares during the period. Finally, Northern Trust Corp increased its stake in WD-40 by 0.9% during the 2nd quarter. Northern Trust Corp now owns 203,200 shares of the specialty chemicals company’s stock worth $22,423,000 after buying an additional 1,827 shares during the period. 81.47% of the stock is currently owned by hedge funds and other institutional investors.
TRADEMARK VIOLATION WARNING: This article was first reported by American Banking News and is the property of of American Banking News. If you are viewing this article on another site, it was copied illegally and reposted in violation of US & international copyright & trademark laws. The correct version of this article can be viewed at https://www.americanbankingnews.com/2018/01/21/zacks-investment-research-downgrades-wd-40-wdfc-to-hold.html.
WD-40 Company is a global company engaged in developing and selling products, which solve problems in workshops, factories and homes. The Company’s segments include the Americas; Europe, Middle East and Africa (EMEA), and Asia-Pacific. The Company’s Americas segment includes the United States, Canada and Latin America.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for WD-40 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WD-40 and related companies with MarketBeat.com's FREE daily email newsletter.