Wajax (TSE:WJX) Reaches New 1-Year High – Still a Buy?

Wajax Co. (TSE:WJX)’s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$34.90 and last traded at C$34.81, with a volume of 13498 shares. The stock had previously closed at C$34.48.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on WJX. TD reduced their price target on Wajax from C$35.00 to C$33.00 and set a “hold” rating for the company in a report on Wednesday, May 6th. National Bank Financial dropped their price objective 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. Finally, Scotiabank cut their target price on Wajax from C$37.00 to C$36.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of C$34.20.

Wajax Trading Down 10.8%

The business’s 50 day moving average price is C$31.46 and its two-hundred day moving average price is C$30.98. The company has a debt-to-equity ratio of 72.41, a quick ratio of 0.71 and a current ratio of 1.88. The company has a market capitalization of C$665.38 million, a price-to-earnings ratio of 10.95, a price-to-earnings-growth ratio of 0.50 and a beta of 0.44.

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

Insider Activity

In related news, Director Jane Craighead purchased 1,100 shares of Wajax stock in a transaction on Tuesday, May 26th. The stock was bought at an average price of C$28.84 per share, with a total value of C$31,724.00. Following the completion of the transaction, the director directly owned 11,900 shares of the company’s stock, valued at approximately C$343,196. This represents a 10.19% increase in their ownership of the stock. Insiders own 0.97% of the company’s stock.

About Wajax

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.