Worthington Enterprises, Inc. (NYSE:WOR) Announces Quarterly Dividend of $0.19

Worthington Enterprises, Inc. (NYSE:WOR) declared a quarterly dividend on Tuesday, June 24th, RTT News reports. Investors of record on Monday, September 15th will be given a dividend of 0.19 per share by the industrial products company on Monday, September 29th. This represents a $0.76 dividend on an annualized basis and a yield of 1.27%. This is a 11.8% increase from Worthington Enterprises’s previous quarterly dividend of $0.17.

Worthington Enterprises has a payout ratio of 19.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Worthington Enterprises to earn $3.08 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 22.1%.

Worthington Enterprises Stock Up 1.1%

Shares of Worthington Enterprises stock traded up $0.64 during trading hours on Tuesday, reaching $59.84. The company’s stock had a trading volume of 227,261 shares, compared to its average volume of 304,028. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.60 and a current ratio of 3.51. The stock’s fifty day simple moving average is $56.26 and its two-hundred day simple moving average is $47.29. The company has a market capitalization of $2.99 billion, a P/E ratio of 50.71 and a beta of 1.19. Worthington Enterprises has a one year low of $37.88 and a one year high of $61.71.

Worthington Enterprises (NYSE:WOR) last announced its quarterly earnings results on Tuesday, March 25th. The industrial products company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.18. Worthington Enterprises had a return on equity of 15.16% and a net margin of 5.23%. The business had revenue of $304.52 million during the quarter, compared to the consensus estimate of $289.09 million. During the same quarter in the prior year, the company posted $0.80 earnings per share. Worthington Enterprises’s revenue was down 3.9% compared to the same quarter last year. On average, research analysts forecast that Worthington Enterprises will post 2.67 earnings per share for the current year.

Hedge Funds Weigh In On Worthington Enterprises

Hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC grew its holdings in shares of Worthington Enterprises by 54.9% during the 1st quarter. Millennium Management LLC now owns 352,486 shares of the industrial products company’s stock worth $17,656,000 after acquiring an additional 124,867 shares during the period. AQR Capital Management LLC bought a new position in shares of Worthington Enterprises in the 1st quarter worth about $533,000. Goldman Sachs Group Inc. grew its holdings in Worthington Enterprises by 3.5% in the first quarter. Goldman Sachs Group Inc. now owns 222,461 shares of the industrial products company’s stock worth $11,143,000 after purchasing an additional 7,575 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Worthington Enterprises by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,704 shares of the industrial products company’s stock valued at $937,000 after purchasing an additional 793 shares in the last quarter. Finally, Royal Bank of Canada lifted its holdings in shares of Worthington Enterprises by 4.5% during the first quarter. Royal Bank of Canada now owns 12,967 shares of the industrial products company’s stock valued at $650,000 after purchasing an additional 554 shares during the last quarter. Institutional investors own 51.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on WOR shares. The Goldman Sachs Group lifted their target price on shares of Worthington Enterprises from $39.00 to $44.00 and gave the stock a “sell” rating in a research note on Thursday, April 3rd. Canaccord Genuity Group raised Worthington Enterprises from a “hold” rating to a “buy” rating and raised their price target for the company from $54.00 to $67.00 in a report on Monday, May 5th. One analyst has rated the stock with a sell rating, two have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Worthington Enterprises has a consensus rating of “Hold” and a consensus target price of $52.33.

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.