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

Worthington Enterprises, Inc. (NYSE:WOR) shares gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $41.63, but opened at $43.52. Worthington Enterprises shares last traded at $49.90, with a volume of 317,196 shares traded.

The industrial products company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.73 by $0.18. Worthington Enterprises had a net margin of 3.66% and a return on equity of 14.70%. The business had revenue of $304.52 million for the quarter, compared to analysts’ expectations of $289.09 million. During the same quarter last year, the company posted $0.80 earnings per share. The company’s quarterly revenue was down 3.9% compared to the same quarter last year.

Worthington Enterprises Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 13th will be issued a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.32%. Worthington Enterprises’s dividend payout ratio is presently 57.63%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on WOR shares. Canaccord Genuity Group raised their price target on shares of Worthington Enterprises from $49.00 to $54.00 and gave the stock a “hold” rating in a research report on Thursday. Seaport Res Ptn upgraded shares of Worthington Enterprises to a “strong-buy” rating in a research note on Wednesday, January 29th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $47.67.

Institutional Trading of Worthington Enterprises

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. boosted its stake in Worthington Enterprises by 9.7% during the 4th quarter. Pacer Advisors Inc. now owns 1,770,924 shares of the industrial products company’s stock valued at $71,032,000 after purchasing an additional 156,762 shares in the last quarter. Balyasny Asset Management L.P. grew its holdings in Worthington Enterprises by 236.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 222,281 shares of the industrial products company’s stock worth $8,916,000 after acquiring an additional 156,173 shares during the period. Fisher Asset Management LLC grew its holdings in Worthington Enterprises by 187.9% during the fourth quarter. Fisher Asset Management LLC now owns 202,305 shares of the industrial products company’s stock worth $8,114,000 after acquiring an additional 132,040 shares during the period. Lord Abbett & CO. LLC raised its position in Worthington Enterprises by 132.4% in the fourth quarter. Lord Abbett & CO. LLC now owns 205,330 shares of the industrial products company’s stock worth $8,236,000 after acquiring an additional 116,964 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in Worthington Enterprises by 151.9% in the 4th quarter. Marshall Wace LLP now owns 181,650 shares of the industrial products company’s stock valued at $7,286,000 after acquiring an additional 109,525 shares during the last quarter. 51.59% of the stock is currently owned by institutional investors.

Worthington Enterprises Stock Performance

The company’s 50-day moving average price is $42.22 and its two-hundred day moving average price is $41.45. The company has a market cap of $2.59 billion, a P/E ratio of 62.25 and a beta of 1.21. The company has a current ratio of 3.56, a quick ratio of 2.50 and a debt-to-equity ratio of 0.32.

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.