Scotiabank Cuts Wajax (TSE:WJX) Price Target to C$36.00

Wajax (TSE:WJX) had its price target lowered by equities research analysts at Scotiabank from C$37.00 to C$36.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s price objective suggests a potential upside of 16.54% from the company’s current price.

Several other equities analysts have also recently weighed in on the company. National Bank Financial lowered their price target on Wajax from C$37.00 to C$34.00 and set an “outperform” rating on the stock in a report on Wednesday, May 6th. TD reduced their price objective on Wajax from C$35.00 to C$33.00 and set a “hold” rating for the company in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Wajax currently has a consensus rating of “Hold” and an average price target of C$34.20.

Wajax Stock Performance

Shares of WJX traded down C$0.23 during mid-day trading on Tuesday, hitting C$30.89. 41,064 shares of the company traded hands, compared to its average volume of 67,370. The stock has a market cap of C$672.78 million, a price-to-earnings ratio of 11.07, a P/E/G ratio of 0.50 and a beta of 0.45. The stock has a 50-day moving average price of C$29.85 and a two-hundred day moving average price of C$30.13. Wajax has a 1 year low of C$21.80 and a 1 year high of C$34.88. The company has a debt-to-equity ratio of 72.41, a quick ratio of 0.71 and a current ratio of 1.88.

Wajax (TSE:WJX) last issued its earnings results on Monday, May 4th. The company reported C$0.65 earnings per share (EPS) for the quarter. Wajax had a net margin of 2.97% and a return on equity of 11.63%. The company had revenue of C$502.07 million for the quarter. Equities analysts anticipate that Wajax will post 3.4850136 earnings per share for the current year.

Insider Activity at Wajax

In related news, Director Thomas Malcolm Alford purchased 5,000 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was acquired at an average price of C$29.15 per share, with a total value of C$145,750.00. Following the completion of the acquisition, the director owned 5,000 shares of the company’s stock, valued at approximately C$145,750. This trade represents a ∞ increase in their position. Also, Director Jane Craighead acquired 1,100 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was bought at an average cost of C$28.84 per share, for a total transaction of C$31,724.00. Following the purchase, the director directly owned 11,900 shares of the company’s stock, valued at approximately C$343,196. This trade represents a 10.19% increase in their ownership of the stock. Over the last three months, insiders have purchased 18,153 shares of company stock worth $535,312. Corporate 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.