Wajax (TSE:WJX) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Wajax Co. (TSE:WJX)’s share price crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of C$30.01 and traded as high as C$30.80. Wajax shares last traded at C$30.69, with a volume of 26,765 shares.

Analysts Set New Price Targets

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

Wajax Trading Up 0.7%

The firm has a market capitalization of C$668.43 million, a PE ratio of 11.00, a P/E/G ratio of 0.50 and a beta of 0.54. The company has a debt-to-equity ratio of 72.41, a quick ratio of 0.71 and a current ratio of 1.88. The firm has a fifty day moving average of C$30.03 and a 200 day moving average of C$30.01.

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

Insiders Place Their Bets

In other news, Director Thomas Malcolm Alford acquired 5,000 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average cost of C$29.15 per share, with a total value of C$145,750.00. Following the completion of the acquisition, the director directly owned 5,000 shares in the company, valued at C$145,750. This represents a ∞ increase in their ownership of the stock. Also, Director Terrance Lloyd Mckibbon purchased 6,000 shares of the stock in a transaction dated Wednesday, May 6th. The stock was purchased at an average price of C$29.86 per share, with a total value 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. The trade was a ∞ increase in their position. Insiders purchased a total of 18,153 shares of company stock valued at $535,312 in the last ninety days. Corporate insiders own 0.97% of the company’s stock.

Wajax Company Profile

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.