Canaccord Genuity Group Forecasts Strong Price Appreciation for Worthington Enterprises (NYSE:WOR) Stock

Worthington Enterprises (NYSE:WOR) had its target price boosted by Canaccord Genuity Group from $46.00 to $49.00 in a research report report published on Thursday morning,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the industrial products company’s stock.

A number of other research firms have also recently weighed in on WOR. StockNews.com raised shares of Worthington Enterprises from a “sell” rating to a “hold” rating in a research report on Wednesday, September 25th. Canaccord Genuity Group dropped their price objective on Worthington Enterprises from $52.00 to $46.00 and set a “hold” rating on the stock in a research note on Thursday, September 26th.

Worthington Enterprises Stock Performance

Shares of WOR opened at $40.78 on Thursday. The stock has a 50 day moving average of $40.38 and a 200 day moving average of $44.17. The company has a market capitalization of $2.05 billion, a price-to-earnings ratio of 53.66 and a beta of 1.26. Worthington Enterprises has a 12 month low of $37.88 and a 12 month high of $69.96. The company has a current ratio of 3.47, a quick ratio of 2.34 and a debt-to-equity ratio of 0.33.

Worthington Enterprises (NYSE:WOR) last announced its earnings results on Tuesday, December 17th. The industrial products company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.08. The firm had revenue of $274.05 million during the quarter, compared to analyst estimates of $273.77 million. Worthington Enterprises had a return on equity of 12.23% and a net margin of 1.96%. The business’s revenue was down 8.1% compared to the same quarter last year. During the same period last year, the firm posted $0.78 EPS.

Worthington Enterprises Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.67%. Worthington Enterprises’s dividend payout ratio is presently 81.93%.

Insider Activity

In related news, CFO Joseph B. Hayek acquired 2,500 shares of the firm’s stock in a transaction that occurred on Friday, October 11th. The shares were bought at an average cost of $40.21 per share, for a total transaction of $100,525.00. Following the purchase, the chief financial officer now owns 168,875 shares in the company, valued at $6,790,463.75. This trade represents a 1.50 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 37.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC bought a new position in shares of Worthington Enterprises in the third quarter valued at approximately $3,663,000. Franklin Resources Inc. boosted its holdings in Worthington Enterprises by 7.5% in the 3rd quarter. Franklin Resources Inc. now owns 18,604 shares of the industrial products company’s stock valued at $751,000 after purchasing an additional 1,293 shares during the period. Coldstream Capital Management Inc. increased its holdings in shares of Worthington Enterprises by 10.8% in the third quarter. Coldstream Capital Management Inc. now owns 25,684 shares of the industrial products company’s stock worth $1,065,000 after purchasing an additional 2,498 shares during the period. Geode Capital Management LLC raised its position in shares of Worthington Enterprises by 3.3% in the third quarter. Geode Capital Management LLC now owns 813,828 shares of the industrial products company’s stock worth $33,739,000 after buying an additional 25,824 shares in the last quarter. Finally, Barclays PLC boosted its stake in Worthington Enterprises by 24.8% during the third quarter. Barclays PLC now owns 128,158 shares of the industrial products company’s stock valued at $5,312,000 after buying an additional 25,453 shares during the period. Hedge funds and other institutional investors own 51.59% of the company’s stock.

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.