Worthington Enterprises (NYSE:WOR) Shares Gap Down – Here’s Why

Worthington Enterprises, Inc. (NYSE:WOR) gapped down before the market opened on Wednesday. The stock had previously closed at $62.67, but opened at $59.78. Worthington Enterprises shares last traded at $59.5850, with a volume of 10,410 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts have commented on WOR shares. Canaccord Genuity Group upped their target price on shares of Worthington Enterprises from $67.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, September 24th. Weiss Ratings raised shares of Worthington Enterprises from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Worthington Enterprises currently has a consensus rating of “Moderate Buy” and an average price target of $75.00.

Worthington Enterprises Stock Down 3.4%

The firm has a market capitalization of $2.87 billion, a P/E ratio of 17.61 and a beta of 1.30. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.53 and a current ratio of 2.67. The firm’s 50-day moving average is $61.27 and its 200 day moving average is $56.76.

Worthington Enterprises (NYSE:WOR) last released its earnings results on Tuesday, September 22nd. The industrial products company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.07. Worthington Enterprises had a return on equity of 16.71% and a net margin of 11.50%. The firm had revenue of $343.89 million during the quarter, compared to analysts’ expectations of $331.26 million. During the same quarter in the prior year, the company earned $0.74 EPS. The company’s revenue was up 13.2% on a year-over-year basis. As a group, equities research analysts predict that Worthington Enterprises, Inc. will post 3.80 EPS for the current fiscal year.

Worthington Enterprises Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 29th. Investors of record on Tuesday, December 15th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.4%. The ex-dividend date is Tuesday, December 15th. Worthington Enterprises’s dividend payout ratio is presently 24.17%.

Insider Buying and Selling

In related news, major shareholder John McConnell sold 42,491 shares of the stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $60.43, for a total transaction of $2,567,731.13. Following the completion of the transaction, the insider directly owned 1,335,648 shares of the company’s stock, valued at approximately $80,713,208.64. This represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Worthington Enterprises

Several large investors have recently made changes to their positions in WOR. BlackRock Inc. acquired a new stake in shares of Worthington Enterprises in the 2nd quarter valued at approximately $283,372,000. Fort Washington Investment Advisors Inc. OH increased its holdings in Worthington Enterprises by 1.6% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 537,773 shares of the industrial products company’s stock worth $32,019,000 after buying an additional 8,560 shares during the last quarter. Windsor Advisory Group LLC increased its holdings in Worthington Enterprises by 23.5% during the first quarter. Windsor Advisory Group LLC now owns 459,633 shares of the industrial products company’s stock worth $23,965,000 after buying an additional 87,351 shares during the last quarter. Fisher Asset Management LLC raised its position in Worthington Enterprises by 7.1% during the third quarter. Fisher Asset Management LLC now owns 457,693 shares of the industrial products company’s stock worth $27,251,000 after acquiring an additional 30,174 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Worthington Enterprises during the second quarter worth $18,376,000. Institutional investors and hedge funds own 51.59% of the company’s stock.

About Worthington Enterprises

Worthington Enterprises designs and manufactures products for building and construction, consumer markets, and sustainable energy applications. Its offerings include pressure cylinders used for propane, industrial gases, and other applications, as well as products for residential water systems and construction. The company’s consumer products include outdoor living and heating products, hand torches, and fuel cylinders. Its portfolio also includes equipment and components intended for applications such as compressed natural gas and hydrogen storage.