Wajax (TSE:WJX) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Shares of Wajax Co. (TSE:WJX) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of C$30.39 and traded as high as C$34.14. Wajax shares last traded at C$33.97, with a volume of 59,405 shares traded.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Scotiabank decreased their target price on shares of Wajax from C$37.00 to C$36.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 7th. National Bank Financial cut their price target on shares of Wajax from C$37.00 to C$34.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 6th. 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 company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of C$34.20.

Wajax Price Performance

The stock has a market cap of C$750.10 million, a price-to-earnings ratio of 12.34, a price-to-earnings-growth ratio of 0.50 and a beta of 0.45. 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 company has a 50-day simple moving average of C$30.05 and a two-hundred day simple moving average of C$30.42.

Wajax (TSE:WJX) last released its 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. As a group, equities research analysts forecast that Wajax Co. will post 3.4850136 EPS for the current year.

Insider Activity

In other news, Director Terrance Lloyd Mckibbon bought 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The stock was acquired at an average cost of C$29.86 per share, for a total transaction of C$179,160.00. Following the purchase, the director owned 6,000 shares of the company’s stock, valued at approximately C$179,160. This trade represents a ∞ increase in their position. Also, Director Jane Craighead purchased 1,100 shares of Wajax stock in a transaction that occurred on Tuesday, May 26th. The shares were acquired at an average price of C$28.84 per share, with a total value of C$31,724.00. Following 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. Insiders bought a total of 18,153 shares of company stock valued at $535,312 in the last quarter. Company 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.