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

Wajax Co. (TSE:WJX) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of C$30.90 and traded as high as C$34.84. Wajax shares last traded at C$34.48, with a volume of 83,553 shares.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on WJX shares. National Bank Financial cut their price objective on Wajax from C$37.00 to C$34.00 and set an “outperform” rating for the company in a research report on Wednesday, May 6th. Scotiabank lowered 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 note on Tuesday, July 7th. Finally, TD lowered their target price 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 assigned a Hold rating to the company. Based on data from MarketBeat, Wajax has a consensus rating of “Hold” and a consensus target price of C$34.20.

Wajax Trading Down 1.7%

The company has a quick ratio of 0.71, a current ratio of 1.88 and a debt-to-equity ratio of 72.41. The business has a 50-day simple moving average of C$31.36 and a 200-day simple moving average of C$30.94. The company has a market cap of C$746.18 million, a PE ratio of 12.28, a price-to-earnings-growth ratio of 0.50 and a beta of 0.44.

Wajax (TSE:WJX) last released its quarterly earnings results on Thursday, August 6th. The company reported C$0.82 EPS for the quarter. The business had revenue of C$515.67 million during the quarter. Wajax had a return on equity of 11.63% and a net margin of 2.97%. On average, analysts predict that Wajax Co. will post 3.4850136 EPS for the current fiscal year.

Insider Activity at Wajax

In other Wajax news, Director Jane Craighead acquired 1,100 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was purchased at an average price of C$28.84 per share, for a total transaction of C$31,724.00. Following the completion of the acquisition, the director owned 11,900 shares of the company’s stock, valued at approximately C$343,196. This trade represents a 10.19% increase in their position. Insiders have purchased a total of 1,853 shares of company stock valued at $53,528 over the last ninety days. 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.