Worthington Enterprises (NYSE:WOR) Stock Price Down 5% – Here’s What Happened

Worthington Enterprises, Inc. (NYSE:WOR)’s stock price traded down 5% during mid-day trading on Wednesday . The company traded as low as $39.37 and last traded at $39.54. Approximately 83,211 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 287,416 shares. The stock had previously closed at $41.61.

Analysts Set New Price Targets

A number of research firms have weighed in on WOR. The Goldman Sachs Group cut their target price on shares of Worthington Enterprises from $56.00 to $43.00 and set a “sell” rating for the company in a research report on Tuesday, July 2nd. StockNews.com upgraded Worthington Enterprises from a “sell” rating to a “hold” rating in a research note on Wednesday, September 25th. Canaccord Genuity Group reissued a “hold” rating and issued a $46.00 target price on shares of Worthington Enterprises in a report on Friday, October 4th. Finally, Canaccord Genuity Group cut their price objective on Worthington Enterprises from $52.00 to $46.00 and set a “hold” rating for the company in a report on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, Worthington Enterprises currently has an average rating of “Hold” and a consensus price target of $45.00.

Worthington Enterprises Stock Performance

The company has a quick ratio of 2.34, a current ratio of 3.47 and a debt-to-equity ratio of 0.33. The stock has a market cap of $1.97 billion, a P/E ratio of 18.83 and a beta of 1.25. The stock has a fifty day simple moving average of $44.19 and a 200-day simple moving average of $50.92.

Worthington Enterprises (NYSE:WOR) last issued its earnings results on Tuesday, September 24th. The industrial products company reported $0.50 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.21). Worthington Enterprises had a net margin of 1.96% and a return on equity of 12.23%. The firm had revenue of $257.31 million during the quarter, compared to the consensus estimate of $296.05 million. During the same period in the previous year, the company posted $2.06 EPS. The firm’s revenue for the quarter was down 17.5% on a year-over-year basis.

Worthington Enterprises Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.73%. Worthington Enterprises’s payout ratio is 30.77%.

Institutional Trading of Worthington Enterprises

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Worthington Enterprises by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 3,901,794 shares of the industrial products company’s stock valued at $224,548,000 after purchasing an additional 242,833 shares during the period. American Century Companies Inc. boosted its position in shares of Worthington Enterprises by 43.7% in the second quarter. American Century Companies Inc. now owns 568,678 shares of the industrial products company’s stock valued at $26,916,000 after acquiring an additional 172,850 shares during the period. Private Wealth Strategies L.L.C. acquired a new position in shares of Worthington Enterprises in the second quarter valued at about $3,913,000. Edgestream Partners L.P. bought a new position in Worthington Enterprises during the second quarter worth about $3,060,000. Finally, Panagora Asset Management Inc. acquired a new stake in Worthington Enterprises in the 2nd quarter worth about $2,044,000. 51.59% of the stock is currently owned by institutional investors and hedge funds.

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.