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

Worthington Enterprises, Inc. (NYSE:WOR) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. 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 traded.

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

Worthington Enterprises Dividend Announcement

The company also recently disclosed 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 1.65%. Worthington Enterprises’s dividend payout ratio is 81.93%.

Wall Street Analyst Weigh In

WOR has been the topic of several recent analyst reports. Canaccord Genuity Group boosted their target price on shares of Worthington Enterprises from $46.00 to $49.00 and gave the company a “hold” rating in a research note on Thursday. StockNews.com raised Worthington Enterprises from a “sell” rating to a “hold” rating in a research note on Wednesday, September 25th. Finally, Canaccord Genuity Group decreased their price objective on Worthington Enterprises from $52.00 to $46.00 and set a “hold” rating for the company in a research report on Thursday, September 26th.

Insider Buying and Selling at Worthington Enterprises

In other news, CFO Joseph B. Hayek acquired 2,500 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The stock was acquired 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 owns 168,875 shares in the company, valued at approximately $6,790,463.75. The trade was a 1.50 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 37.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. KBC Group NV lifted its holdings in shares of Worthington Enterprises by 45.1% during the 3rd quarter. KBC Group NV now owns 1,136 shares of the industrial products company’s stock valued at $47,000 after buying an additional 353 shares during the last quarter. Itau Unibanco Holding S.A. bought a new position in Worthington Enterprises during the second quarter valued at approximately $57,000. nVerses Capital LLC bought a new position in Worthington Enterprises during the third quarter valued at approximately $83,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Worthington Enterprises in the third quarter valued at approximately $85,000. Finally, Point72 DIFC Ltd acquired a new position in shares of Worthington Enterprises during the 3rd quarter worth $110,000. 51.59% of the stock is owned by institutional investors and hedge funds.

Worthington Enterprises Stock Down 2.2 %

The firm has a market cap of $2.07 billion, a P/E ratio of 54.24 and a beta of 1.26. The business’s fifty day moving average price is $40.37 and its two-hundred day moving average price is $44.34. The company has a current ratio of 3.47, a quick ratio of 2.34 and a debt-to-equity ratio of 0.33.

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.