Worthington Enterprises (NYSE:WOR) Shares Gap Up Following Better-Than-Expected Earnings

Worthington Enterprises, Inc. (NYSE:WOR) 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 changing 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 net margin of 1.96% and a return on equity of 12.23%. The business’s quarterly revenue was down 8.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.78 EPS.

Worthington Enterprises Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.57%. Worthington Enterprises’s payout ratio is currently 89.47%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on WOR shares. Canaccord Genuity Group reissued a “hold” rating and issued a $46.00 price objective on shares of Worthington Enterprises in a research note on Friday, October 4th. StockNews.com raised shares of Worthington Enterprises from a “sell” rating to a “hold” rating in a report on Wednesday, September 25th. Finally, Canaccord Genuity Group decreased their price objective on shares of Worthington Enterprises from $52.00 to $46.00 and set a “hold” rating for the company in a report on Thursday, September 26th.

Insider Buying and Selling at Worthington Enterprises

In related news, CFO Joseph B. Hayek acquired 2,500 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were purchased at an average cost of $40.21 per share, for a total transaction of $100,525.00. Following the completion of the acquisition, 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 37.50% of the company’s stock.

Hedge Funds Weigh In On Worthington Enterprises

Several institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC lifted its stake in Worthington Enterprises by 170.6% during the second quarter. SG Americas Securities LLC now owns 6,429 shares of the industrial products company’s stock worth $304,000 after purchasing an additional 4,053 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in shares of Worthington Enterprises by 2.0% during 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 during the last quarter. Panagora Asset Management Inc. acquired a new position in shares of Worthington Enterprises during the second quarter worth $2,044,000. IFG Advisory LLC lifted its stake in shares of Worthington Enterprises by 30.6% in the 2nd quarter. IFG Advisory LLC now owns 15,666 shares of the industrial products company’s stock valued at $741,000 after acquiring an additional 3,666 shares during the last quarter. Finally, Private Wealth Strategies L.L.C. acquired a new stake in shares of Worthington Enterprises during the 2nd quarter valued at $3,913,000. 51.59% of the stock is currently owned by institutional investors and hedge funds.

Worthington Enterprises Trading Up 13.2 %

The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.34 and a current ratio of 3.47. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of 58.08 and a beta of 1.26. The business has a fifty day simple moving average of $40.28 and a 200-day simple moving average of $44.38.

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.