Worthington Enterprises, Inc. $WOR Stake Increased by VELA Investment Management LLC

VELA Investment Management LLC boosted its position in Worthington Enterprises, Inc. (NYSE:WOR) by 5.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 222,561 shares of the industrial products company’s stock after purchasing an additional 10,760 shares during the period. Worthington Enterprises makes up approximately 2.6% of VELA Investment Management LLC’s investment portfolio, making the stock its 3rd biggest holding. VELA Investment Management LLC owned approximately 0.45% of Worthington Enterprises worth $11,965,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of WOR. Allworth Financial LP boosted its stake in shares of Worthington Enterprises by 872.0% during the fourth 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 purchased a new position in Worthington Enterprises in the 1st quarter worth about $25,000. Nykredit A S bought a new stake in Worthington Enterprises during the 2nd quarter valued at about $30,000. McMillan Office Inc. bought a new stake in Worthington Enterprises during the 4th quarter valued at about $31,000. Finally, EverSource Wealth Advisors LLC boosted its position in Worthington Enterprises by 693.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 619 shares of the industrial products company’s stock valued at $39,000 after buying an additional 541 shares during the period. Hedge funds and other institutional investors own 51.59% of the company’s stock.

Worthington Enterprises Stock Performance

Shares of Worthington Enterprises stock opened at $62.41 on Monday. The firm has a market cap of $3.05 billion, a P/E ratio of 19.88 and a beta of 1.30. The company has a current ratio of 2.37, a quick ratio of 1.43 and a debt-to-equity ratio of 0.30. Worthington Enterprises, Inc. has a 12 month low of $45.01 and a 12 month high of $66.47. The stock’s fifty day moving average price is $56.44 and its 200-day moving average price is $55.27.

Worthington Enterprises (NYSE:WOR) last released its quarterly earnings data on Tuesday, June 23rd. The industrial products company reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). Worthington Enterprises had a return on equity of 16.79% and a net margin of 11.30%.The business had revenue of $371.46 million during the quarter, compared to analysts’ expectations of $386.49 million. During the same period last year, the company earned $1.06 earnings per share. The firm’s revenue was up 16.9% compared to the same quarter last year. On average, equities research analysts expect that Worthington Enterprises, Inc. will post 3.85 earnings per share for the current fiscal year.

Worthington Enterprises Increases Dividend

The firm 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 $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Tuesday, September 15th. This is a boost from Worthington Enterprises’s previous quarterly dividend of $0.19. Worthington Enterprises’s dividend payout ratio is currently 24.20%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Worthington Enterprises

In related news, major shareholder John McConnell sold 17,625 shares of Worthington Enterprises stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $53.04, for a total transaction of $934,830.00. Following the transaction, the insider directly owned 1,335,648 shares of the company’s stock, valued at $70,842,769.92. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.50% of the company’s stock.

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.