Worthington Enterprises (NYSE:WOR) Hits New 1-Year High – Here’s What Happened

Worthington Enterprises, Inc. (NYSE:WOR)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $70.91 and last traded at $61.12, with a volume of 950395 shares traded. The stock had previously closed at $60.15.

Wall Street Analyst Weigh In

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

Worthington Enterprises Price Performance

The firm has a fifty day moving average price of $56.51 and a two-hundred day moving average price of $47.38. The company has a quick ratio of 2.60, a current ratio of 3.51 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $3.05 billion, a P/E ratio of 32.00 and a beta of 1.19.

Worthington Enterprises (NYSE:WOR) last released its quarterly earnings data on Tuesday, June 24th. The industrial products company reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.22. The business had revenue of $317.88 million during the quarter, compared to analyst estimates of $300.96 million. Worthington Enterprises had a net margin of 8.33% and a return on equity of 16.75%. Worthington Enterprises’s revenue was down .3% compared to the same quarter last year. During the same period last year, the business earned $0.74 EPS. On average, analysts expect that Worthington Enterprises, Inc. will post 2.67 EPS for the current year.

Worthington Enterprises Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.24%. This is an increase from Worthington Enterprises’s previous quarterly dividend of $0.17. Worthington Enterprises’s dividend payout ratio (DPR) is 57.63%.

Hedge Funds Weigh In On Worthington Enterprises

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers increased its holdings in shares of Worthington Enterprises by 9.7% in the 4th quarter. Rhumbline Advisers now owns 107,490 shares of the industrial products company’s stock worth $4,311,000 after purchasing an additional 9,539 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Worthington Enterprises by 3.3% during the fourth quarter. Principal Financial Group Inc. now owns 151,998 shares of the industrial products company’s stock valued at $6,097,000 after buying an additional 4,803 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Worthington Enterprises by 3.6% in the 4th quarter. Bank of New York Mellon Corp now owns 414,546 shares of the industrial products company’s stock worth $16,627,000 after buying an additional 14,328 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in Worthington Enterprises in the 4th quarter worth about $478,000. Finally, VELA Investment Management LLC purchased a new position in Worthington Enterprises in the 4th quarter worth about $1,224,000. 51.59% of the stock is owned by institutional investors.

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.