Wajax (TSE:WJX) Shares Break Above 200 Day Moving Average – Here’s What Happened

Wajax Co. (TSE:WJX)’s share price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of C$31.54 and traded as high as C$37.61. Wajax shares last traded at C$37.05, with a volume of 44,092 shares.

Analyst Upgrades and Downgrades

Several research firms have weighed in on WJX. TD lowered their price objective on shares of Wajax from C$35.00 to C$34.00 and set a “hold” rating for the company in a research report on Monday, August 10th. National Bank Financial upped their price objective on Wajax from C$36.00 to C$42.00 and gave the company an “outperform” rating in a report on Thursday. Scotiabank cut their price target on shares of 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. Finally, Stifel Nicolaus set a C$45.00 price objective on shares of Wajax and gave the stock a “buy” rating in a research note on Wednesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Wajax currently has a consensus rating of “Moderate Buy” and a consensus price target of C$37.50.

Wajax Stock Down 2.1%

The company has a market capitalization of C$816.10 million, a P/E ratio of 12.74, a PEG ratio of 0.50 and a beta of 0.18. The firm’s 50 day moving average price is C$32.35 and its two-hundred day moving average price is C$31.59. The company has a current ratio of 1.92, a quick ratio of 0.71 and a debt-to-equity ratio of 66.87.

Wajax (TSE:WJX) last issued 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 3.18% and a return on equity of 12.07%. Equities research analysts forecast that Wajax Co. will post 3.49 EPS for the current 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.