The WD-40 Co. (WDFC) Sees Large Volume Increase Following Dividend Announcement

The WD-40 Co. (WDFC) Sees Large Volume Increase Following Dividend Announcement

WD-40 Co. (NASDAQ:WDFC) saw strong trading volume on Wednesday after the company announced a dividend. 236,552 shares traded hands during 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. Shareholders of record on Friday, October 21st will be given a $0.42 dividend. The ex-dividend date of this dividend is Wednesday, October 19th. This represents a $1.68 annualized dividend and a yield of 1.50%. WD-40’s payout ratio is 48.70%.

Several research analysts have issued reports on the company. Zacks Investment Research cut WD-40 from a “hold” rating to a “sell” rating in a research report on Tuesday, September 6th. Jefferies Group started coverage on WD-40 in a research note on Thursday, August 25th. They issued a “hold” rating and a $120.00 price objective on the stock. Finally, B. Riley reaffirmed a “neutral” rating and issued a $106.00 price objective on shares of WD-40 in a research note on Monday, July 11th.

The company has a market cap of $1.60 billion, a PE ratio of 32.57 and a beta of 0.71. The company has a 50-day moving average of $115.57 and a 200-day moving average of $112.52.

In related news, Director Geoffrey Holdsworth sold 1,427 shares of the company’s stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $120.27, for a total transaction of $171,625.29. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Daniel E. Pittard bought 295 shares of WD-40 stock in a transaction that occurred on Monday, September 12th. The shares were acquired at an average cost of $115.00 per share, for a total transaction of $33,925.00. The disclosure for this purchase can be found here. Corporate insiders own 3.84% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in WDFC. Capstone Asset Management Co. raised its position in shares of WD-40 by 0.4% in the third quarter. Capstone Asset Management Co. now owns 5,265 shares of the company’s stock valued at $592,000 after buying an additional 20 shares in the last quarter. Segall Bryant & Hamill LLC raised its position in shares of WD-40 by 1.3% in the second quarter. Segall Bryant & Hamill LLC now owns 3,429 shares of the company’s stock valued at $403,000 after buying an additional 43 shares in the last quarter. PineBridge Investments L.P. raised its position in shares of WD-40 by 3.2% in the second quarter. PineBridge Investments L.P. now owns 1,689 shares of the company’s stock valued at $198,000 after buying an additional 53 shares in the last quarter. BB&T Securities LLC raised its position in shares of WD-40 by 0.9% in the second quarter. BB&T Securities LLC now owns 7,338 shares of the company’s stock valued at $861,000 after buying an additional 65 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of WD-40 by 2.6% in the first quarter. JPMorgan Chase & Co. now owns 8,819 shares of the company’s stock valued at $952,000 after buying an additional 221 shares in the last quarter. 75.97% of the stock is currently owned by institutional investors.

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