Worthington Enterprises (NYSE:WOR) Shares Gap Down Following Weak Earnings

Shares of Worthington Enterprises, Inc. (NYSE:WOR) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $56.29, but opened at $51.25. Worthington Enterprises shares last traded at $54.1350, with a volume of 65,611 shares changing hands.

The industrial products company reported $0.65 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.06). The firm had revenue of $327.45 million for the quarter, compared to analysts’ expectations of $310.60 million. Worthington Enterprises had a net margin of 8.91% and a return on equity of 17.70%. The business’s revenue for the quarter was up 19.5% compared to the same quarter last year. During the same period last year, the company posted $0.60 earnings per share.

Worthington Enterprises Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, March 13th. Worthington Enterprises’s dividend payout ratio is 35.68%.

Analysts Set New Price Targets

Several research analysts have weighed in on WOR shares. CJS Securities upgraded shares of Worthington Enterprises from a “market perform” rating to an “outperform” rating and set a $64.00 price target on the stock in a research report on Wednesday, September 24th. Canaccord Genuity Group decreased their target price on Worthington Enterprises from $81.00 to $73.00 and set a “buy” rating on the stock in a research report on Thursday, September 25th. Wall Street Zen downgraded Worthington Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 11th. Zacks Research lowered shares of Worthington Enterprises from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 25th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Worthington Enterprises in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $62.33.

Insider Buying and Selling at Worthington Enterprises

In other Worthington Enterprises news, Director Michael J. Endres bought 10,000 shares of Worthington Enterprises stock in a transaction that occurred on Thursday, September 25th. The stock was purchased at an average price of $52.95 per share, with a total value of $529,500.00. Following the completion of the acquisition, the director directly owned 95,524 shares in the company, valued at approximately $5,057,995.80. This trade represents a 11.69% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Worthington Enterprises

Several hedge funds have recently modified their holdings of WOR. Teacher Retirement System of Texas lifted its position in Worthington Enterprises by 3.6% in the second quarter. Teacher Retirement System of Texas now owns 4,930 shares of the industrial products company’s stock valued at $314,000 after acquiring an additional 173 shares during the last quarter. Hantz Financial Services Inc. lifted its position in Worthington Enterprises by 61.0% during the 3rd quarter. Hantz Financial Services Inc. now owns 525 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 199 shares during the period. CWM LLC grew its position in Worthington Enterprises by 33.5% in the 2nd quarter. CWM LLC now owns 813 shares of the industrial products company’s stock valued at $52,000 after buying an additional 204 shares during the last quarter. VELA Investment Management LLC increased its stake in shares of Worthington Enterprises by 0.7% during the second quarter. VELA Investment Management LLC now owns 31,363 shares of the industrial products company’s stock worth $1,996,000 after acquiring an additional 213 shares during the period. Finally, ORG Partners LLC boosted its holdings in Worthington Enterprises by 61.0% during the second quarter. ORG Partners LLC now owns 660 shares of the industrial products company’s stock worth $43,000 after buying an additional 250 shares in the last quarter. 51.59% of the stock is owned by hedge funds and other institutional investors.

Worthington Enterprises Stock Performance

The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.24 and a current ratio of 3.30. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of 25.39 and a beta of 1.33. The stock’s 50-day moving average price is $55.66 and its 200-day moving average price is $59.80.

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.