Worthington Enterprises, Inc. (NYSE:WOR – Get Free Report)’s stock price traded up 7.9% during mid-day trading on Wednesday . The stock traded as high as $59.79 and last traded at $58.6750. 62,326 shares were traded during mid-day trading, a decline of 72% from the average session volume of 222,182 shares. The stock had previously closed at $54.36.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on WOR. Wall Street Zen cut shares of Worthington Enterprises from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Canaccord Genuity Group decreased their target price on shares of Worthington Enterprises from $69.00 to $67.00 and set a “buy” rating for the company in a research report on Thursday, June 25th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Worthington Enterprises in a research note on Friday, July 17th. Two investment 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 company currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.50.
Check Out Our Latest Stock Analysis on WOR
Worthington Enterprises Trading Up 9.4%
Worthington Enterprises (NYSE:WOR – Get Free Report) last posted its quarterly earnings data on Tuesday, June 23rd. The industrial products company reported $0.97 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 the consensus estimate of $386.49 million. Worthington Enterprises had a return on equity of 16.79% and a net margin of 11.30%.The firm’s quarterly revenue was up 16.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.06 EPS. As a group, sell-side analysts predict that Worthington Enterprises, Inc. will post 3.85 EPS for the current year.
Worthington Enterprises Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Tuesday, September 15th. This is a positive change from Worthington Enterprises’s previous quarterly dividend of $0.19. Worthington Enterprises’s dividend payout ratio is currently 24.20%.
Insider Buying and Selling at Worthington Enterprises
In other news, major shareholder John McConnell sold 41,704 shares of the firm’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $55.85, for a total transaction of $2,329,168.40. Following the completion of the transaction, the insider owned 1,335,648 shares in the company, valued at approximately $74,595,940.80. This trade represents a 3.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.50% of the company’s stock.
Institutional Trading of Worthington Enterprises
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP grew its position in Worthington Enterprises by 872.0% in the fourth quarter. Allworth Financial LP now owns 486 shares of the industrial products company’s stock worth $25,000 after buying an additional 436 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Worthington Enterprises during the 1st quarter valued at $25,000. Nykredit A S acquired a new stake in shares of Worthington Enterprises during the 2nd quarter valued at $30,000. Public Employees Retirement System of Ohio bought a new stake in shares of Worthington Enterprises during the 2nd quarter worth $35,000. Finally, Parallel Advisors LLC grew 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 worth $38,000 after acquiring an additional 263 shares during the last quarter. 51.59% of the stock is owned by institutional investors and hedge funds.
About Worthington Enterprises
Worthington Enterprises, Inc (NYSE: WOR) is a diversified manufacturer and branded products company focused primarily on consumer and building-product markets. The company develops, manufactures and markets products used by consumers, contractors and other professional customers.
Its consumer products activities include outdoor living, lawn and garden, tools and related products. Its portfolio has included brands such as Bernzomatic, Balloon Time, Mag-Torch and General Tools, although its product portfolio may change as the company manages its businesses and brands.
Worthington Enterprises also participates in the building-products industry, supplying products used in commercial and residential construction.
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