Summit Global Investments Takes $969,000 Position in Worthington Enterprises, Inc. $WOR

Summit Global Investments purchased a new position in shares of Worthington Enterprises, Inc. (NYSE:WOR) in the 2nd quarter, Holdings Channel reports. The fund purchased 18,023 shares of the industrial products company’s stock, valued at approximately $969,000.

Several other hedge funds have also recently bought and sold shares of WOR. Allworth Financial LP boosted its stake in Worthington Enterprises by 872.0% during the 4th quarter. Allworth Financial LP now owns 486 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 436 shares during the period. Cassaday & Co Wealth Management LLC bought a new stake in shares of Worthington Enterprises during the first quarter valued at approximately $25,000. McMillan Office Inc. bought a new stake in shares of Worthington Enterprises during the fourth quarter valued at approximately $31,000. Farther Finance Advisors LLC boosted its position in shares of Worthington Enterprises by 81.3% during the fourth quarter. Farther Finance Advisors LLC now owns 678 shares of the industrial products company’s stock worth $35,000 after buying an additional 304 shares during the period. Finally, Parallel Advisors LLC boosted its position in shares of Worthington Enterprises by 57.3% during the first quarter. Parallel Advisors LLC now owns 722 shares of the industrial products company’s stock worth $38,000 after buying an additional 263 shares during the period. 51.59% of the stock is currently owned by institutional investors.

Worthington Enterprises Trading Up 1.1%

Worthington Enterprises stock opened at $58.80 on Friday. The firm has a 50 day simple moving average of $56.70 and a 200-day simple moving average of $55.15. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.37 and a quick ratio of 1.43. The stock has a market capitalization of $2.88 billion, a PE ratio of 18.73 and a beta of 1.28. Worthington Enterprises, Inc. has a 12-month low of $45.01 and a 12-month high of $67.80.

Worthington Enterprises (NYSE:WOR) last posted its quarterly earnings data on Tuesday, June 23rd. The industrial products company reported $0.97 EPS for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $386.49 million. During the same quarter in the prior year, the business earned $1.06 EPS. Worthington Enterprises’s revenue was up 16.9% compared to the same quarter last year. As a group, equities research analysts expect that Worthington Enterprises, Inc. will post 3.85 EPS for the current fiscal year.

Worthington Enterprises Increases Dividend

The company also recently declared 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. 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 annualized dividend and a dividend yield of 1.4%. Worthington Enterprises’s payout ratio is 24.20%.

Insider Activity

In other news, major shareholder John P/Oh Mcconnell sold 41,704 shares of the business’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $55.85, for a total value of $2,329,168.40. Following the sale, the insider owned 1,335,648 shares of the company’s stock, valued at approximately $74,595,940.80. The trade was a 3.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.40% of the company’s stock.

Analyst Upgrades and Downgrades

WOR has been the subject of a number of recent analyst reports. Wall Street Zen lowered Worthington Enterprises from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Weiss Ratings reiterated a “hold (c)” rating on shares of Worthington Enterprises in a research report on Friday, July 17th. Finally, Canaccord Genuity Group reduced their price target on Worthington Enterprises from $69.00 to $67.00 and set a “buy” rating for the company in a research report 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 stock. Based on data from MarketBeat, the company presently has an average 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.