Worthington Enterprises (NYSE:WOR) Shares Gap Up After Strong Earnings

Worthington Enterprises, Inc. (NYSE:WOR)’s share price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $38.20, but opened at $43.78. Worthington Enterprises shares last traded at $43.24, with a volume of 181,176 shares trading hands.

The industrial products company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.52 by $0.08. The firm had revenue of $274.05 million for the quarter, compared to the consensus estimate of $273.77 million. Worthington Enterprises had a return on equity of 12.23% and a net margin of 1.96%. The business’s quarterly revenue was down 8.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.78 EPS.

Worthington Enterprises Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.57%. Worthington Enterprises’s payout ratio is 89.47%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on WOR. StockNews.com upgraded Worthington Enterprises from a “sell” rating to a “hold” rating in a research report on Wednesday, September 25th. Canaccord Genuity Group restated a “hold” rating and set a $46.00 price target on shares of Worthington Enterprises in a research note on Friday, October 4th. Finally, Canaccord Genuity Group dropped their price objective on shares of Worthington Enterprises from $52.00 to $46.00 and set a “hold” rating on the stock in a research note on Thursday, September 26th.

Insider Transactions at Worthington Enterprises

In related news, CFO Joseph B. Hayek purchased 2,500 shares of the firm’s stock in a transaction dated Friday, October 11th. The stock was bought at an average price of $40.21 per share, for a total transaction of $100,525.00. Following the purchase, the chief financial officer now directly owns 168,875 shares in the company, valued at approximately $6,790,463.75. This trade represents a 1.50 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 37.50% of the company’s stock.

Institutional Investors Weigh In On Worthington Enterprises

Institutional investors have recently made changes to their positions in the stock. Creative Planning boosted its holdings in Worthington Enterprises by 2.0% in the 2nd quarter. Creative Planning now owns 12,160 shares of the industrial products company’s stock valued at $576,000 after purchasing an additional 244 shares during the period. Louisiana State Employees Retirement System raised its position in shares of Worthington Enterprises by 2.0% in the second quarter. Louisiana State Employees Retirement System now owns 15,400 shares of the industrial products company’s stock worth $729,000 after buying an additional 300 shares in the last quarter. KBC Group NV raised its position in shares of Worthington Enterprises by 45.1% in the third quarter. KBC Group NV now owns 1,136 shares of the industrial products company’s stock worth $47,000 after buying an additional 353 shares in the last quarter. Hsbc Holdings PLC grew its position in Worthington Enterprises by 10.9% during the second quarter. Hsbc Holdings PLC now owns 4,531 shares of the industrial products company’s stock worth $214,000 after buying an additional 445 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Worthington Enterprises by 2.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,718 shares of the industrial products company’s stock worth $839,000 after acquiring an additional 462 shares during the last quarter. Hedge funds and other institutional investors own 51.59% of the company’s stock.

Worthington Enterprises Price Performance

The business has a 50 day simple moving average of $40.28 and a two-hundred day simple moving average of $44.38. The firm has a market capitalization of $2.17 billion, a P/E ratio of 58.08 and a beta of 1.26. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.34 and a current ratio of 3.47.

Worthington Enterprises Company Profile

Worthington Enterprises, Inc operates as an industrial manufacturing company. It operates through three segments: Building Products, Consumer Products, and Sustainable Energy Solutions. The Building Products segment sells refrigerant and LPG cylinders, well water and expansion tanks, fire suppression tanks, chemical tanks, and foam and adhesive tanks for gas producers, and distributors.