Wajax (TSE:WJX) Shares Break Above 50-Day Moving Average – What’s Next?

Wajax Co. (TSE:WJX) crossed above its 50-day moving average during trading on Wednesday. The stock has a 50-day moving average of C$34.23 and traded as high as C$35.42. Wajax shares last traded at C$35.24, with a volume of 127,344 shares.

Wall Street Analyst Weigh In

Several analysts have commented on WJX shares. TD raised Wajax from a “hold” rating to a “buy” rating and set a C$41.00 price objective for the company in a research note on Wednesday, November 4th. TD Securities raised Wajax from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 4th. National Bank Financial upped their price target on Wajax from C$36.00 to C$42.00 and gave the stock an “outperform” rating in a research note on Thursday, October 15th. Finally, Stifel Nicolaus set a C$45.00 price target on Wajax and gave the stock a “buy” rating in a report on Wednesday, September 30th. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of C$38.67.

Wajax Trading Up 4.0%

The company has a debt-to-equity ratio of 73.68, a current ratio of 2.03 and a quick ratio of 0.71. The business’s 50 day moving average price is C$34.23 and its 200-day moving average price is C$31.81. The firm has a market capitalization of C$767.53 million, a price-to-earnings ratio of 12.91, a price-to-earnings-growth ratio of 0.50 and a beta of 0.19.

Wajax (TSE:WJX) last announced its quarterly earnings data on Monday, November 2nd. The company reported C$0.59 EPS for the quarter. Wajax had a net margin of 2.96% and a return on equity of 11.04%. The firm had revenue of C$477.80 million during the quarter. Equities analysts forecast that Wajax Co. will post 3.49 EPS for the current fiscal year.

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.