WD-40 Co. (WDFC) Sees Strong Trading Volume Following Dividend Announcement
Shares of WD-40 Co. (NASDAQ:WDFC) saw unusually-strong trading volume on Wednesday following a dividend announcement from the company. Approximately 236,552 shares were traded during mid-day trading, an increase of 122% from the previous session’s volume of 106,554 shares.The stock last traded at $112.36 and had previously closed at $112.51.
The newly announced dividend which will be paid on Monday, October 31st. Stockholders of record on Friday, October 21st will be issued a $0.42 dividend. The ex-dividend date is Wednesday, October 19th. This represents a $1.68 annualized dividend and a dividend yield of 1.50%. WD-40’s dividend payout ratio is currently 48.70%.
Several analysts have recently commented on WDFC shares. Zacks Investment Research downgraded shares of WD-40 from a “hold” rating to a “sell” rating in a report on Tuesday, September 6th. Jefferies Group began coverage on shares of WD-40 in a report on Thursday, August 25th. They issued a “hold” rating and a $120.00 target price for the company. Finally, B. Riley restated a “neutral” rating and set a $106.00 price target on shares of WD-40 in a research report on Wednesday, July 6th.
The firm has a 50-day moving average price of $115.75 and a 200 day moving average price of $112.52. The firm has a market capitalization of $1.60 billion, a PE ratio of 32.57 and a beta of 0.71.
In other WD-40 news, VP Jay Rembolt sold 570 shares of the business’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $117.00, for a total value of $66,690.00. Following the completion of the transaction, the vice president now owns 34,966 shares of the company’s stock, valued at approximately $4,091,022. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Daniel E. Pittard bought 295 shares of the firm’s stock in a transaction on Monday, September 12th. The stock was acquired at an average cost of $115.00 per share, with a total value of $33,925.00. The disclosure for this purchase can be found here. 3.84% of the stock is owned by company insiders.
Institutional investors have recently modified their holdings of the company. Squarepoint Ops LLC acquired a new position in shares of WD-40 during the first quarter worth $588,000. Magnetar Financial LLC acquired a new position in shares of WD-40 during the first quarter worth $240,000. Renaissance Technologies LLC raised its position in shares of WD-40 by 7.2% in the first quarter. Renaissance Technologies LLC now owns 708,000 shares of the company’s stock worth $76,471,000 after buying an additional 47,400 shares during the period. State Street Corp raised its position in shares of WD-40 by 2.6% in the first quarter. State Street Corp now owns 302,387 shares of the company’s stock worth $32,663,000 after buying an additional 7,553 shares during the period. Finally, BB&T Securities LLC raised its position in shares of WD-40 by 12.6% in the first quarter. BB&T Securities LLC now owns 7,273 shares of the company’s stock worth $785,000 after buying an additional 814 shares during the period. 75.97% of the stock is owned by institutional investors and hedge funds.
WD-40 Company Profile
WD-40 Company, is a global consumer Products Company. As of August 31, 2012, the Company’s products included WD-40 Smart Straw, WD-40 Trigger Pro, 3-IN-ONE Professional Garage Door Lube, Spot Shot Pet Clean which is a non-aerosol Spot Shot trigger product, and a mildew stain remover under the X-14 brand.
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