Worthington Enterprises (NYSE:WOR) Trading Down 4% After Analyst Downgrade

Shares of Worthington Enterprises, Inc. (NYSE:WOR) were down 4% on Thursday after Canaccord Genuity Group lowered their price target on the stock from $64.00 to $52.00. Canaccord Genuity Group currently has a hold rating on the stock. Worthington Enterprises traded as low as $46.16 and last traded at $46.53. Approximately 355,847 shares traded hands during mid-day trading, an increase of 24% from the average daily volume of 286,182 shares. The stock had previously closed at $48.45.

A number of other equities analysts have also issued reports on the stock. The Goldman Sachs Group raised their price target on shares of Worthington Enterprises from $50.00 to $56.00 and gave the stock a “sell” rating in a research report on Friday, March 22nd. StockNews.com downgraded shares of Worthington Enterprises from a “hold” rating to a “sell” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to data from MarketBeat, Worthington Enterprises has an average rating of “Hold” and a consensus target price of $58.00.

Insider Transactions at Worthington Enterprises

In related news, Director Ozey K. Horton, Jr. sold 1,000 shares of the firm’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $61.34, for a total transaction of $61,340.00. Following the sale, the director now owns 40,688 shares in the company, valued at $2,495,801.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 38.50% of the company’s stock.

Hedge Funds Weigh In On Worthington Enterprises

Hedge funds have recently bought and sold shares of the business. Millburn Ridgefield Corp raised its stake in shares of Worthington Enterprises by 55.7% during the 4th quarter. Millburn Ridgefield Corp now owns 576 shares of the industrial products company’s stock worth $33,000 after buying an additional 206 shares during the period. Fidelis Capital Partners LLC acquired a new position in Worthington Enterprises during the first quarter worth $38,000. GAMMA Investing LLC purchased a new position in Worthington Enterprises during the fourth quarter valued at $53,000. Neo Ivy Capital Management acquired a new stake in shares of Worthington Enterprises in the fourth quarter valued at about $81,000. Finally, EntryPoint Capital LLC increased its stake in shares of Worthington Enterprises by 255.3% during the first quarter. EntryPoint Capital LLC now owns 1,723 shares of the industrial products company’s stock worth $107,000 after purchasing an additional 1,238 shares in the last quarter. Hedge funds and other institutional investors own 51.59% of the company’s stock.

Worthington Enterprises Stock Performance

The stock has a market cap of $2.37 billion, a price-to-earnings ratio of 21.42 and a beta of 1.35. The firm’s 50-day moving average is $55.55 and its two-hundred day moving average is $57.90. The company has a current ratio of 3.78, a quick ratio of 2.47 and a debt-to-equity ratio of 0.33.

Worthington Enterprises (NYSE:WOR) last announced its earnings results on Tuesday, June 25th. The industrial products company reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.14). The firm had revenue of $318.80 million for the quarter, compared to analyst estimates of $352.82 million. Worthington Enterprises had a net margin of 3.79% and a return on equity of 15.57%. Worthington Enterprises’s revenue was down 13.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.74 EPS.

About Worthington Enterprises

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.