Worthington Enterprises, Inc. (NYSE:WOR) Raises Dividend to $0.19 Per Share

Worthington Enterprises, Inc. (NYSE:WOR) announced a quarterly dividend on Tuesday, June 24th, RTT News reports. Stockholders of record on Monday, September 15th will be given a dividend of 0.19 per share by the industrial products company on Monday, September 29th. This represents a $0.76 annualized dividend and a dividend yield of 1.27%. This is a 11.8% increase from Worthington Enterprises’s previous quarterly dividend of $0.17.

Worthington Enterprises has a dividend payout ratio of 19.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Worthington Enterprises to earn $3.08 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 22.1%.

Worthington Enterprises Stock Performance

Shares of NYSE:WOR traded up $0.64 during mid-day trading on Tuesday, reaching $59.84. 227,261 shares of the company traded hands, compared to its average volume of 304,028. Worthington Enterprises has a 52 week low of $37.88 and a 52 week high of $61.71. The firm has a market cap of $2.99 billion, a PE ratio of 50.71 and a beta of 1.19. The company’s 50 day moving average price is $56.26 and its 200-day moving average price is $47.29. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.51 and a quick ratio of 2.60.

Worthington Enterprises (NYSE:WOR) last announced its quarterly earnings data on Tuesday, March 25th. The industrial products company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.73 by $0.18. Worthington Enterprises had a return on equity of 15.16% and a net margin of 5.23%. The business had revenue of $304.52 million for the quarter, compared to the consensus estimate of $289.09 million. During the same period in the previous year, the business earned $0.80 earnings per share. The business’s revenue was down 3.9% on a year-over-year basis. On average, equities analysts expect that Worthington Enterprises will post 2.67 EPS for the current fiscal year.

Hedge Funds Weigh In On Worthington Enterprises

A number of hedge funds have recently added to or reduced their stakes in WOR. AQR Capital Management LLC bought a new position in shares of Worthington Enterprises in the 1st quarter worth $533,000. Royal Bank of Canada grew its position in shares of Worthington Enterprises by 4.5% in the 1st quarter. Royal Bank of Canada now owns 12,967 shares of the industrial products company’s stock worth $650,000 after buying an additional 554 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Worthington Enterprises by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,704 shares of the industrial products company’s stock worth $937,000 after acquiring an additional 793 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Worthington Enterprises by 3.5% during the first quarter. Goldman Sachs Group Inc. now owns 222,461 shares of the industrial products company’s stock valued at $11,143,000 after acquiring an additional 7,575 shares during the last quarter. Finally, Millennium Management LLC boosted its position in shares of Worthington Enterprises by 54.9% in the 1st quarter. Millennium Management LLC now owns 352,486 shares of the industrial products company’s stock worth $17,656,000 after purchasing an additional 124,867 shares in the last quarter. 51.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on WOR shares. The Goldman Sachs Group lifted their target price on Worthington Enterprises from $39.00 to $44.00 and gave the stock a “sell” rating in a report on Thursday, April 3rd. Canaccord Genuity Group raised shares of Worthington Enterprises from a “hold” rating to a “buy” rating and increased their price target for the company from $54.00 to $67.00 in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, two have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Worthington Enterprises currently has a consensus rating of “Hold” and an average target price of $52.33.

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.