Worthington Enterprises, Inc. $WOR Shares Bought by VELA Investment Management LLC

VELA Investment Management LLC grew its holdings in shares of Worthington Enterprises, Inc. (NYSE:WOR) by 5.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 228,927 shares of the industrial products company’s stock after purchasing an additional 11,818 shares during the period. Worthington Enterprises comprises about 2.6% of VELA Investment Management LLC’s portfolio, making the stock its 3rd biggest position. VELA Investment Management LLC owned about 0.47% of Worthington Enterprises worth $12,307,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Nykredit A S acquired a new stake in shares of Worthington Enterprises during the second quarter worth about $30,000. Hsbc Holdings PLC purchased a new stake in Worthington Enterprises during the 2nd quarter worth approximately $1,115,000. Empowered Funds LLC purchased a new stake in Worthington Enterprises during the 2nd quarter worth approximately $256,000. Public Employees Retirement System of Ohio acquired a new stake in Worthington Enterprises during the 2nd quarter worth approximately $35,000. Finally, Capstone Investment Advisors LLC acquired a new stake in Worthington Enterprises during the 2nd quarter worth approximately $567,000. Institutional investors and hedge funds own 51.59% of the company’s stock.

Worthington Enterprises Price Performance

Shares of NYSE WOR opened at $62.41 on Monday. The stock’s 50-day simple moving average is $56.44 and its 200-day simple moving average is $55.27. The firm has a market capitalization of $3.05 billion, a PE ratio of 19.88 and a beta of 1.30. Worthington Enterprises, Inc. has a fifty-two week low of $45.01 and a fifty-two week high of $66.47. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.43 and a current ratio of 2.37.

Worthington Enterprises (NYSE:WOR) last announced 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 during the quarter, compared to analyst estimates of $386.49 million. Worthington Enterprises had a net margin of 11.30% and a return on equity of 16.79%. The business’s revenue for the quarter was up 16.9% compared to the same quarter last year. During the same period last year, the company earned $1.06 earnings per share. As a group, equities research analysts forecast that Worthington Enterprises, Inc. will post 3.85 EPS for the current fiscal year.

Worthington Enterprises Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.80 annualized dividend and a dividend yield of 1.3%. This is a boost from Worthington Enterprises’s previous quarterly dividend of $0.19. Worthington Enterprises’s payout ratio is presently 24.20%.

Insider Activity

In other news, major shareholder John McConnell sold 41,704 shares of the company’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $55.85, for a total value of $2,329,168.40. Following the completion of the transaction, the insider owned 1,335,648 shares in the company, valued at approximately $74,595,940.80. This represents a 3.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Canaccord Genuity Group dropped their price target on shares of Worthington Enterprises from $69.00 to $67.00 and set a “buy” rating for the company in a research note on Thursday, June 25th. Weiss Ratings reiterated a “hold (c)” rating on shares of Worthington Enterprises in a research note on Friday, July 17th. Finally, Wall Street Zen lowered Worthington Enterprises from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $65.50.

Worthington Enterprises 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.