Wajax (TSE:WJX) Stock Price Up 11.5% Following Analyst Upgrade

Wajax Co. (TSE:WJX)’s share price traded up 11.5% on Tuesday after BMO Capital Markets raised their price target on the stock from C$20.00 to C$22.00. The stock traded as high as C$20.55 and last traded at C$20.34. 84,667 shares traded hands during mid-day trading, an increase of 30% from the average session volume of 64,959 shares. The stock had previously closed at C$18.24.

A number of other research analysts also recently commented on WJX. Scotiabank downgraded Wajax from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from C$24.00 to C$22.00 in a research note on Wednesday, March 5th. National Bankshares decreased their target price on shares of Wajax from C$22.00 to C$20.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 9th. Finally, TD Securities cut their price target on shares of Wajax from C$22.00 to C$21.00 and set a “buy” rating for the company in a report on Thursday, April 24th.

Wajax Stock Performance

The stock has a market cap of C$452.39 million, a price-to-earnings ratio of 8.48, a P/E/G ratio of 0.50 and a beta of 1.80. The company has a quick ratio of 0.71, a current ratio of 2.10 and a debt-to-equity ratio of 116.61. The company has a 50 day simple moving average of C$17.55 and a 200 day simple moving average of C$20.37.

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.