Worthington Enterprises (NYSE:WOR) Stock Price Up 7.9% – Here’s Why

Worthington Enterprises, Inc. (NYSE:WOR) was up 7.9% on Wednesday . The company traded as high as $59.79 and last traded at $58.6750. Approximately 62,326 shares were traded during trading, a decline of 72% from the average session volume of 222,182 shares. The stock had previously closed at $54.36.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on WOR. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Worthington Enterprises in a research note on Friday, July 17th. Canaccord Genuity Group cut their price target on shares of Worthington Enterprises from $69.00 to $67.00 and set a “buy” rating for the company in a report on Thursday, June 25th. Finally, Wall Street Zen lowered shares of Worthington Enterprises from a “buy” rating to a “hold” rating in a research report on Saturday, June 27th. Two analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $65.50.

Worthington Enterprises Stock Up 2.0%

The business has a fifty day moving average of $57.33 and a 200 day moving average of $55.39. The company has a market capitalization of $2.94 billion, a PE ratio of 19.12 and a beta of 1.30. The company has a current ratio of 2.37, a quick ratio of 1.43 and a debt-to-equity ratio of 0.30.

Worthington Enterprises (NYSE:WOR) last issued its quarterly earnings results on Tuesday, June 23rd. The industrial products company reported $0.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). The business had revenue of $371.46 million for the quarter, compared to analysts’ expectations of $386.49 million. Worthington Enterprises had a return on equity of 16.79% and a net margin of 11.30%.The firm’s revenue for the quarter was up 16.9% on a year-over-year basis. During the same quarter last year, the company earned $1.06 earnings per share. Equities research analysts anticipate that Worthington Enterprises, Inc. will post 3.85 EPS for the current year.

Worthington Enterprises Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.20 per share. This is a boost from Worthington Enterprises’s previous quarterly dividend of $0.19. The ex-dividend date is Tuesday, September 15th. This represents a $0.80 dividend on an annualized basis and a yield of 1.3%. Worthington Enterprises’s dividend payout ratio (DPR) is currently 25.48%.

Insider Transactions at Worthington Enterprises

In other Worthington Enterprises news, major shareholder John McConnell sold 17,625 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $53.04, for a total value of $934,830.00. Following the completion of the transaction, the insider owned 1,335,648 shares of the company’s stock, valued at $70,842,769.92. This trade represents a 1.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 2.50% of the stock is currently owned by company insiders.

Institutional Trading of Worthington Enterprises

A number of large investors have recently modified their holdings of WOR. BlackRock Inc. purchased a new stake in shares of Worthington Enterprises in the 2nd quarter valued at approximately $283,372,000. Windsor Advisory Group LLC lifted its position in shares of Worthington Enterprises by 23.5% during the 1st quarter. Windsor Advisory Group LLC now owns 459,633 shares of the industrial products company’s stock worth $23,965,000 after purchasing an additional 87,351 shares during the last quarter. Fort Washington Investment Advisors Inc. OH acquired a new position in shares of Worthington Enterprises during the first quarter worth $23,824,000. Fisher Asset Management LLC grew its stake in shares of Worthington Enterprises by 27.1% during the fourth quarter. Fisher Asset Management LLC now owns 436,731 shares of the industrial products company’s stock worth $22,522,000 after purchasing an additional 93,140 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Worthington Enterprises in the second quarter valued at $18,376,000. Hedge funds and other institutional investors own 51.59% of the company’s stock.

Worthington Enterprises Company Profile

Worthington Enterprises, Inc (NYSE: WOR) is a diversified manufacturer and branded products company focused primarily on consumer and building-product markets. The company develops, manufactures and markets products used by consumers, contractors and other professional customers.

Its consumer products activities include outdoor living, lawn and garden, tools and related products. Its portfolio has included brands such as Bernzomatic, Balloon Time, Mag-Torch and General Tools, although its product portfolio may change as the company manages its businesses and brands.

Worthington Enterprises also participates in the building-products industry, supplying products used in commercial and residential construction.