Latest Insider Trading Activity: 5 Stocks Executives and Directors are Buying

3. WD-40 Co (NASDAQ:WDFC)

Number of Hedge Fund Investors: 23

Lubricants and penetrating oil company WD-40 Co (NASDAQ:WDFC) is one of the stocks with latest insider purchases. WD-40 Co’s (NASDAQ:WDFC) President and CEO,  Steven A. Brass, bought 432 shares of WD-40 Co (NASDAQ:WDFC) at $232.22 per share. Since then the stock is down 2.5%.

Of the 933 hedge funds tracked by Insider Monkey, 23 hedge funds reported owning stakes in WD-40 Co (NASDAQ:WDFC). The biggest hedge fund stakeholder of WD-40 Co (NASDAQ:WDFC) during this period was Paul Marshall and Ian Wace’s Marshall Wace LLP which had a $31 million stake in WD-40 Co (NASDAQ:WDFC).

Diamond Hill Long-Short Fund stated the following regarding WD-40 Company (NASDAQ:WDFC) in its fourth quarter 2023 investor letter:

“Among our bottom individual contributors in Q4 were our short positions in WD-40 Company (NASDAQ:WDFC) and Bank of Hawaii. WD-40 develops and sells homecare, cleaning and maintenance products. We believe investors have unrealistic expectations for the company’s growth trajectory, viewing it as relatively immune to a cyclical economic slowdown — expectations that seemed to remain undented by relatively mediocre earnings during the quarter. However, given how full the valuation is, we maintain our conviction in our short position.”