Wajax (TSE:WJX) Shares Cross Above 200 Day Moving Average – Time to Sell?

Wajax Co. (TSE:WJX) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$29.90 and traded as high as C$30.28. Wajax shares last traded at C$30.25, with a volume of 42,516 shares.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on WJX. TD Securities boosted their price objective on Wajax from C$28.00 to C$34.00 and gave the company a “hold” rating in a report on Wednesday, March 4th. BMO Capital Markets cut their price objective on Wajax from C$40.00 to C$34.00 and set a “market perform” rating on the stock in a research report on Wednesday, March 4th. Scotiabank reduced their target price on Wajax from C$38.00 to C$37.00 and set a “sector perform” rating on the stock in a research note on Tuesday, May 5th. TD decreased their target price on Wajax from C$35.00 to C$33.00 and set a “hold” rating for the company in a research report on Wednesday, May 6th. Finally, National Bank Financial lowered their target price on shares of Wajax from C$37.00 to C$34.00 and set an “outperform” rating for the company in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Wajax presently has an average rating of “Hold” and a consensus target price of C$34.40.

Wajax Stock Up 4.1%

The company has a current ratio of 1.88, a quick ratio of 0.71 and a debt-to-equity ratio of 72.41. The firm has a market cap of C$658.85 million, a PE ratio of 10.84, a P/E/G ratio of 0.50 and a beta of 0.54. The business’s 50-day simple moving average is C$30.30 and its 200 day simple moving average is C$29.90.

Wajax (TSE:WJX) last announced its quarterly earnings results on Monday, May 4th. The company reported C$0.65 earnings per share for the quarter. The firm had revenue of C$502.07 million during the quarter. Wajax had a net margin of 2.97% and a return on equity of 11.63%. As a group, equities research analysts expect that Wajax Co. will post 3.4850136 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Thomas Malcolm Alford purchased 5,000 shares of the business’s stock in a transaction dated Wednesday, May 6th. The shares were acquired at an average cost of C$29.15 per share, for a total transaction of C$145,750.00. Following the acquisition, the director owned 5,000 shares of the company’s stock, valued at C$145,750. The trade was a ∞ increase in their position. Also, Director Terrance Lloyd Mckibbon purchased 6,000 shares of the business’s stock in a transaction dated Wednesday, May 6th. The stock was bought at an average price of C$29.86 per share, for a total transaction of C$179,160.00. Following the completion of the acquisition, the director directly owned 6,000 shares in the company, valued at approximately C$179,160. This trade represents a ∞ increase in their position. Insiders purchased a total of 18,153 shares of company stock worth $535,312 over the last 90 days. Company insiders own 0.97% of the company’s stock.

About Wajax

Wajax Corp is a Canadian distributor of industrial components. The company’s core business is the sale of parts and service support of equipment, power systems, and industrial components through a network of branches in Canada. Most of its revenue is generated from the sale of equipment which includes machinery and components used for construction purposes and its industrial components find utility in businesses like mining, forestry, and material handling for other industrial purposes. It sells to leading manufacturer brands such as Hitachi, JCB, Bell, Hyster, Palfinger and other similar industries.