Insider Selling: Worthington Enterprises (NYSE:WOR) Major Shareholder Sells 41,704 Shares of Stock

Worthington Enterprises, Inc. (NYSE:WOR) major shareholder John P/Oh Mcconnell sold 41,704 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $55.85, for a total transaction of $2,329,168.40. Following the completion of the transaction, the insider owned 1,335,648 shares of the company’s stock, valued at approximately $74,595,940.80. This trade represents a 3.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Worthington Enterprises Trading Up 3.3%

WOR traded up $1.86 during midday trading on Tuesday, hitting $58.49. 41,996 shares of the company were exchanged, compared to its average volume of 214,258. The firm’s 50 day moving average price is $56.33 and its 200-day moving average price is $54.76. The company has a quick ratio of 1.43, a current ratio of 2.37 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $2.88 billion, a P/E ratio of 18.63 and a beta of 1.29. Worthington Enterprises, Inc. has a 1-year low of $45.01 and a 1-year high of $67.80.

Worthington Enterprises (NYSE:WOR) last announced its earnings results on Tuesday, June 23rd. The industrial products company reported $0.97 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.07). Worthington Enterprises had a net margin of 11.30% and a return on equity of 16.79%. The company had revenue of $371.46 million during the quarter, compared to the consensus estimate of $386.49 million. During the same quarter in the previous year, the company earned $1.06 earnings per share. The business’s revenue was up 16.9% on a year-over-year basis. As a group, equities analysts forecast that Worthington Enterprises, Inc. will post 3.85 EPS for the current fiscal 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 $0.20 dividend. The ex-dividend date is Tuesday, September 15th. This is an increase from Worthington Enterprises’s previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a yield of 1.4%. Worthington Enterprises’s dividend payout ratio is presently 24.20%.

Institutional Investors Weigh In On Worthington Enterprises

Several institutional investors have recently added to or reduced their stakes in the business. Jupiter Asset Management Ltd. bought a new stake in shares of Worthington Enterprises in the fourth quarter valued at approximately $1,014,000. VELA Investment Management LLC boosted its stake in Worthington Enterprises by 103.0% in the 4th quarter. VELA Investment Management LLC now owns 78,306 shares of the industrial products company’s stock worth $4,038,000 after purchasing an additional 39,725 shares during the period. M&T Bank Corp boosted its position in shares of Worthington Enterprises by 233.4% in the fourth quarter. M&T Bank Corp now owns 32,561 shares of the industrial products company’s stock valued at $1,679,000 after acquiring an additional 22,795 shares during the period. SG Americas Securities LLC grew its position in shares of Worthington Enterprises by 114.5% during the 4th quarter. SG Americas Securities LLC now owns 27,291 shares of the industrial products company’s stock valued at $1,407,000 after purchasing an additional 14,566 shares in the last quarter. Finally, Keybank National Association OH purchased a new position in Worthington Enterprises during the fourth quarter worth about $10,749,000. 51.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on WOR. Weiss Ratings reiterated a “hold (c)” rating on shares of Worthington Enterprises in a report on Friday, July 17th. Wall Street Zen cut Worthington Enterprises from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, Canaccord Genuity Group cut their target price on Worthington Enterprises from $69.00 to $67.00 and set a “buy” rating on the stock in a research note on Thursday, June 25th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $65.50.

Worthington Enterprises Company Profile

Worthington Enterprises (NYSE:WOR) is a diversified metal manufacturing company that produces pressure vessels, engineered assemblies and fabricated metal products. The company’s portfolio includes the design and manufacture of cylinders for compressed gases, such as propane, natural gas and hydrogen, as well as transport tanks and other pressure-containment solutions for the industrial gas, energy and transportation markets. In addition to its pressure vessel operations, Worthington Enterprises offers metal processing and distribution services, supplying coil, sheet and plate products to customers across multiple industries.

Founded in 1955 and headquartered in Columbus, Ohio, Worthington Enterprises has grown from a single steel processing facility into a multi?division organization with operations in the United States, Canada and Mexico.