Worthington Enterprises (NYSE:WOR) Shares Gap Down After Earnings Miss

Shares of Worthington Enterprises, Inc. (NYSE:WOR) gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $61.49, but opened at $54.40. Worthington Enterprises shares last traded at $55.87, with a volume of 49,064 shares.

The industrial products company reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.07). Worthington Enterprises had a return on equity of 17.74% and a net margin of 8.42%.The business had revenue of $371.46 million for the quarter, compared to analysts’ expectations of $386.49 million. During the same quarter in the prior year, the firm earned $1.06 earnings per share. Worthington Enterprises’s revenue for the quarter was up 16.9% compared to the same quarter last year.

Worthington Enterprises Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.4%. This is a boost from Worthington Enterprises’s previous quarterly dividend of $0.19. The ex-dividend date is Tuesday, September 15th. Worthington Enterprises’s payout ratio is presently 33.78%.

Analysts Set New Price Targets

WOR has been the topic of a number of research analyst reports. Canaccord Genuity Group reiterated a “buy” rating and set a $69.00 price objective on shares of Worthington Enterprises in a research note on Thursday, March 26th. Wall Street Zen raised shares of Worthington Enterprises from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Worthington Enterprises in a research note on Monday, April 20th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $61.00.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of WOR. Allworth Financial LP grew its position in shares of Worthington Enterprises by 872.0% during the 4th quarter. Allworth Financial LP now owns 486 shares of the industrial products company’s stock valued at $25,000 after buying an additional 436 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new position in Worthington Enterprises in the first quarter worth about $25,000. McMillan Office Inc. acquired a new position in Worthington Enterprises in the fourth quarter valued at approximately $31,000. Farther Finance Advisors LLC grew its holdings in shares of Worthington Enterprises by 81.3% during the fourth quarter. Farther Finance Advisors LLC now owns 678 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 304 shares during the last quarter. Finally, Parallel Advisors LLC grew its holdings in shares of Worthington Enterprises by 57.3% during the first quarter. Parallel Advisors LLC now owns 722 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 263 shares during the last quarter. 51.59% of the stock is currently owned by institutional investors.

Worthington Enterprises Price Performance

The company has a current ratio of 2.36, a quick ratio of 1.44 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average price of $56.26 and a two-hundred day moving average price of $54.62. The firm has a market capitalization of $2.76 billion, a price-to-earnings ratio of 24.89 and a beta of 1.28.

Worthington Enterprises Company Profile

Worthington Enterprises (NYSE:WOR) is a diversified metal manufacturing company that produces pressure vessels, engineered assemblies and fabricated metal products. The company’s portfolio includes the design and manufacture of cylinders for compressed gases, such as propane, natural gas and hydrogen, as well as transport tanks and other pressure-containment solutions for the industrial gas, energy and transportation markets. In addition to its pressure vessel operations, Worthington Enterprises offers metal processing and distribution services, supplying coil, sheet and plate products to customers across multiple industries.

Founded in 1955 and headquartered in Columbus, Ohio, Worthington Enterprises has grown from a single steel processing facility into a multi‐division organization with operations in the United States, Canada and Mexico.