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

Worthington Enterprises, Inc. (NYSE:WOR)’s stock price gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. 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 traded.

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

Worthington Enterprises Announces Dividend

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

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. CJS Securities raised 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Worthington Enterprises in a report on Wednesday, October 8th. Canaccord Genuity Group reduced their price objective on Worthington Enterprises from $81.00 to $73.00 and set a “buy” rating on the stock in a research note on Thursday, September 25th. Wall Street Zen lowered shares of Worthington Enterprises from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 11th. Finally, Zacks Research lowered shares of Worthington Enterprises from a “strong-buy” rating to a “hold” rating in a report on Monday, August 25th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Worthington Enterprises presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.33.

Insider Activity at Worthington Enterprises

In related news, Director Michael J. Endres purchased 10,000 shares of Worthington Enterprises stock in a transaction dated Thursday, September 25th. The stock was bought at an average cost of $52.95 per share, with a total value of $529,500.00. Following the purchase, the director owned 95,524 shares in the company, valued at approximately $5,057,995.80. The trade was a 11.69% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Worthington Enterprises

Institutional investors have recently bought and sold shares of the stock. Hantz Financial Services Inc. lifted its position in shares of Worthington Enterprises by 61.0% in the 3rd quarter. Hantz Financial Services Inc. now owns 525 shares of the industrial products company’s stock valued at $29,000 after acquiring an additional 199 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Worthington Enterprises by 693.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 619 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 541 shares during the period. ORG Partners LLC increased its holdings in shares of Worthington Enterprises by 61.0% in the 2nd quarter. ORG Partners LLC now owns 660 shares of the industrial products company’s stock valued at $43,000 after purchasing an additional 250 shares during the period. Ameritas Advisory Services LLC acquired a new stake in shares of Worthington Enterprises during the second quarter worth approximately $46,000. Finally, Quarry LP purchased a new stake in Worthington Enterprises in the 1st quarter worth approximately $49,000. Hedge funds and other institutional investors own 51.59% of the company’s stock.

Worthington Enterprises Stock Performance

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

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.