Worthington Enterprises (NYSE:WOR) Shares Gap Down – Here’s Why

Worthington Enterprises, Inc. (NYSE:WOR) gapped down prior to trading on Wednesday. The stock had previously closed at $62.67, but opened at $59.78. Worthington Enterprises shares last traded at $59.5850, with a volume of 10,410 shares.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on WOR. Weiss Ratings raised shares of Worthington Enterprises from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, October 8th. Canaccord Genuity Group increased their price target on shares of Worthington Enterprises from $67.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, September 24th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $75.00.

Worthington Enterprises Trading Up 0.2%

The company has a market cap of $2.87 billion, a P/E ratio of 16.98 and a beta of 1.30. The company has a quick ratio of 1.53, a current ratio of 2.67 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average price of $61.26 and a two-hundred day moving average price of $56.81.

Worthington Enterprises (NYSE:WOR) last posted its quarterly earnings results on Tuesday, September 22nd. The industrial products company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.07. The business had revenue of $343.89 million for the quarter, compared to analysts’ expectations of $331.26 million. Worthington Enterprises had a return on equity of 16.71% and a net margin of 11.50%. The firm’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.74 earnings per share. On average, analysts predict that Worthington Enterprises, Inc. will post 3.80 EPS for the current year.

Worthington Enterprises Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 29th. Shareholders of record on Tuesday, December 15th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, December 15th. This represents a $0.80 dividend on an annualized basis and a yield of 1.4%. Worthington Enterprises’s dividend payout ratio is presently 24.17%.

Insider Activity

In other news, major shareholder John McConnell sold 42,491 shares of the firm’s stock in a transaction dated Monday, September 28th. The shares were sold at an average price of $60.43, for a total value of $2,567,731.13. Following the transaction, the insider owned 1,335,648 shares of the company’s stock, valued at approximately $80,713,208.64. This trade represents a 3.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in WOR. BlackRock Inc. bought a new position in shares of Worthington Enterprises in the 2nd quarter worth $283,372,000. Windsor Advisory Group LLC bought a new stake in Worthington Enterprises in the second quarter valued at about $20,945,000. Bank of New York Mellon Corp acquired a new position in Worthington Enterprises in the second quarter valued at about $18,376,000. Bank of America Corp DE acquired a new position in Worthington Enterprises in the second quarter valued at about $10,939,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in Worthington Enterprises in the third quarter valued at about $10,843,000. Institutional investors and hedge funds own 51.59% of the company’s stock.

About Worthington Enterprises

Worthington Enterprises designs and manufactures products for building and construction, consumer markets, and sustainable energy applications. Its offerings include pressure cylinders used for propane, industrial gases, and other applications, as well as products for residential water systems and construction. The company’s consumer products include outdoor living and heating products, hand torches, and fuel cylinders. Its portfolio also includes equipment and components intended for applications such as compressed natural gas and hydrogen storage.