Profit Investment Management LLC Sells 6,061 Shares of WD-40 (NASDAQ:WDFC)

Profit Investment Management LLC trimmed its holdings in shares of WD-40 (NASDAQ:WDFC) by 37.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,006 shares of the specialty chemicals company’s stock after selling 6,061 shares during the quarter. WD-40 comprises 2.0% of Profit Investment Management LLC’s portfolio, making the stock its 10th biggest holding. Profit Investment Management LLC owned 0.07% of WD-40 worth $2,580,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. DekaBank Deutsche Girozentrale acquired a new stake in shares of WD-40 in the first quarter valued at about $34,000. Advisors Asset Management Inc. acquired a new stake in shares of WD-40 in the first quarter valued at about $43,000. Covestor Ltd grew its position in shares of WD-40 by 57.7% in the first quarter. Covestor Ltd now owns 216 shares of the specialty chemicals company’s stock valued at $55,000 after purchasing an additional 79 shares during the last quarter. Blue Trust Inc. acquired a new stake in shares of WD-40 in the second quarter valued at about $67,000. Finally, GAMMA Investing LLC grew its position in shares of WD-40 by 34.9% in the third quarter. GAMMA Investing LLC now owns 325 shares of the specialty chemicals company’s stock valued at $84,000 after purchasing an additional 84 shares during the last quarter. 91.52% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, DA Davidson decreased their target price on WD-40 from $313.00 to $303.00 and set a “buy” rating on the stock in a research report on Thursday, July 11th.

WD-40 Stock Performance

WDFC stock traded up $2.26 during trading on Friday, reaching $259.52. 3,445 shares of the stock were exchanged, compared to its average volume of 105,585. WD-40 has a twelve month low of $194.09 and a twelve month high of $278.78. The company has a market capitalization of $3.52 billion, a P/E ratio of 50.54 and a beta of -0.08. The stock has a 50 day simple moving average of $255.49 and a 200-day simple moving average of $242.04. The company has a current ratio of 2.27, a quick ratio of 1.56 and a debt-to-equity ratio of 0.40.

WD-40 (NASDAQ:WDFC) last released its earnings results on Wednesday, July 10th. The specialty chemicals company reported $1.46 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.07. WD-40 had a return on equity of 32.43% and a net margin of 12.07%. The business had revenue of $155.05 million for the quarter, compared to the consensus estimate of $145.80 million. During the same period last year, the business earned $1.38 earnings per share. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that WD-40 will post 5.22 earnings per share for the current year.

WD-40 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 18th will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date of this dividend is Friday, October 18th. WD-40’s dividend payout ratio is 69.16%.

About WD-40

WD-40 Company develops and sells maintenance products, and homecare and cleaning products in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company provides multi-purpose maintenance products that include aerosol sprays, non-aerosol trigger sprays, precision pens, and in liquid-bulk form products under the WD-40 Multi-Use brand name; specialty maintenance products, such as penetrants, degreasers, corrosion inhibitors, greases, lubricants, and rust removers under the WD-40 Specialist brand; and bike-specific products.