Wajax (TSE:WJX) Trading Down 10.8% – Should You Sell?

Shares of Wajax Co. (TSE:WJX) dropped 10.8% on Friday . The company traded as low as C$30.00 and last traded at C$30.55. 125,679 shares were traded during trading, an increase of 86% from the average daily volume of 67,661 shares. The stock had previously closed at C$34.26.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. National Bank Financial reduced 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 report on Wednesday, May 6th. Scotiabank cut their price objective on shares of Wajax from C$37.00 to C$36.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 7th. Finally, TD reduced their price objective on shares of Wajax from C$35.00 to C$33.00 and set a “hold” rating for the company in a research note on Wednesday, May 6th. 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 stock has a consensus rating of “Hold” and an average price target of C$34.20.

Wajax Stock Performance

The company has a quick ratio of 0.71, a current ratio of 1.88 and a debt-to-equity ratio of 72.41. The company has a market capitalization of C$663.20 million, a PE ratio of 10.91, a PEG ratio of 0.50 and a beta of 0.44. The business has a 50 day simple moving average of C$31.46 and a 200 day simple moving average of C$30.98.

Wajax (TSE:WJX) last issued its quarterly earnings results on Thursday, August 6th. The company reported C$0.82 earnings per share for the quarter. Wajax had a return on equity of 11.63% and a net margin of 2.97%.The business had revenue of C$515.67 million for the quarter. Equities research analysts predict that Wajax Co. will post 3.4850136 EPS for the current fiscal year.

Insider Activity at Wajax

In other news, Director Jane Craighead bought 1,100 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was purchased at an average price of C$28.84 per share, with a total value of C$31,724.00. Following the completion of the acquisition, the director directly owned 11,900 shares of the company’s stock, valued at C$343,196. This trade represents a 10.19% increase in their position. 0.97% of the stock is owned by company insiders.

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.