WD-40 Bumps Up Quarterly Dividend By 7.5%


WD-40 Co., which develops and sells maintenance, homecare, and cleaning products, has raised its quarterly cash dividend by 7.5% to $0.72 per share from $0.67 per share.

WD-40 (WDFC) plans to pay the new dividend on April 30 to shareholders of record as of April 16.

The company’s annual dividend of $2.88 per share reflects a dividend yield of 0.97%.

Earlier, the company reported better-than-expected 1Q results and announced fiscal 2021 revenue guidance that topped the Street’s estimates. 1Q revenues grew 26% to $124.6 million and exceeded the consensus estimates of $106.9 million. Earnings soared 95.5% year-over-year to $1.72 per share. Analysts were expecting EPS of $1.03 per share.

The company forecasted fiscal 2021 revenues to be in the range of $435-470 million, compared to the Street’s estimates of $426.2 million. (See WD-40 stock analysis on TipRanks)

On Feb. 19, D.A. Davidson analyst Linda Bolton Weiser downgraded the stock to Hold from Buy, citing its high valuation. Weiser added that the company faces tougher comps, while its margins could remain pressured, owing to higher costs.

Weiser maintained a price target of $353, which implies upside potential of about 19% to current levels. Shares have gained 65.4% in the last year.

From TipRanks’ Smart Score ranking, WD-40 gets a 4 out of 10, suggesting that the stock is likely to perform in-line with market expectations.

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