Wajax (TSE:WJX) Trading Down 12% After Analyst Downgrade

Shares of Wajax Co. (TSE:WJX - Get Free Report) traded down 12% on Wednesday after TD Securities lowered their price target on the stock from C$24.00 to C$22.00. TD Securities currently has a buy rating on the stock. Wajax traded as low as C$16.50 and last traded at C$17.30. 315,979 shares traded hands during trading, an increase of 429% from the average session volume of 59,744 shares. The stock had previously closed at C$19.65.

Other research analysts have also recently issued reports about the company. BMO Capital Markets lowered their price objective on Wajax from C$28.00 to C$24.00 in a research report on Wednesday, November 6th. Scotiabank cut Wajax from an "outperform" rating to a "sector perform" rating and lowered their price objective for the company from C$24.00 to C$22.00 in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of C$23.50.

Wajax Price Performance

The firm has a 50 day moving average of C$20.57 and a 200-day moving average of C$22.68. The company has a market cap of C$411.30 million, a P/E ratio of 7.71, a P/E/G ratio of 0.50 and a beta of 1.80. The company has a current ratio of 2.10, a quick ratio of 0.71 and a debt-to-equity ratio of 116.61.

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.