VELA Investment Management LLC boosted its stake in shares of Worthington Enterprises, Inc. (NYSE:WOR – Free Report) by 5.1% during the second quarter, Holdings Channel.com reports. The firm owned 222,561 shares of the industrial products company’s stock after purchasing an additional 10,760 shares during the quarter. Worthington Enterprises makes up about 2.6% of VELA Investment Management LLC’s investment portfolio, making the stock its 3rd biggest position. VELA Investment Management LLC’s holdings in Worthington Enterprises were worth $11,965,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in WOR. ProShare Advisors LLC raised its holdings in Worthington Enterprises by 3.2% in the fourth quarter. ProShare Advisors LLC now owns 6,114 shares of the industrial products company’s stock worth $315,000 after purchasing an additional 189 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of Worthington Enterprises by 57.3% in the 1st quarter. Parallel Advisors LLC now owns 722 shares of the industrial products company’s stock valued at $38,000 after buying an additional 263 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Worthington Enterprises by 6.1% in the 1st quarter. Sei Investments Co. now owns 4,601 shares of the industrial products company’s stock valued at $240,000 after buying an additional 264 shares in the last quarter. Boothbay Fund Management LLC grew its position in shares of Worthington Enterprises by 7.5% in the 3rd quarter. Boothbay Fund Management LLC now owns 4,685 shares of the industrial products company’s stock worth $260,000 after buying an additional 326 shares during the last quarter. Finally, Amundi grew its position in shares of Worthington Enterprises by 6.5% in the 3rd quarter. Amundi now owns 6,099 shares of the industrial products company’s stock worth $338,000 after buying an additional 372 shares during the last quarter. Hedge funds and other institutional investors own 51.59% of the company’s stock.
Analyst Upgrades and Downgrades
WOR has been the subject of several recent analyst reports. Canaccord Genuity Group reduced their price objective on shares of Worthington Enterprises from $69.00 to $67.00 and set a “buy” rating for the company in a research note on Thursday, June 25th. Wall Street Zen downgraded shares of Worthington Enterprises from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Worthington Enterprises in a report on Friday, July 17th. Two equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $65.50.
Insider Buying and Selling at Worthington Enterprises
In other news, major shareholder John McConnell sold 41,704 shares of the stock in a transaction dated 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 transaction, the insider directly owned 1,335,648 shares of the company’s stock, valued at approximately $74,595,940.80. This represents a 3.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.50% of the company’s stock.
Worthington Enterprises Price Performance
Shares of WOR opened at $62.41 on Monday. The firm has a market capitalization of $3.05 billion, a PE ratio of 19.88 and a beta of 1.30. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.37 and a quick ratio of 1.43. Worthington Enterprises, Inc. has a 1-year low of $45.01 and a 1-year high of $66.47. The company’s fifty day moving average price is $56.44 and its 200-day moving average price is $55.27.
Worthington Enterprises (NYSE:WOR – Get Free Report) last issued its earnings results on Tuesday, June 23rd. The industrial products company reported $0.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07). The firm had revenue of $371.46 million during the quarter, compared to analysts’ expectations of $386.49 million. Worthington Enterprises had a return on equity of 16.79% and a net margin of 11.30%.The business’s revenue was up 16.9% on a year-over-year basis. During the same quarter last year, the business earned $1.06 EPS. On average, equities research analysts predict that Worthington Enterprises, Inc. will post 3.85 EPS for the current year.
Worthington Enterprises Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.3%. The ex-dividend date is Tuesday, September 15th. This is a boost from Worthington Enterprises’s previous quarterly dividend of $0.19. Worthington Enterprises’s dividend payout ratio (DPR) is presently 24.20%.
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.
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