Worthington Enterprises (NYSE:WOR) Shares Gap Up on Strong Earnings

Worthington Enterprises, Inc. (NYSE:WOR)’s share price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $60.15, but opened at $70.23. Worthington Enterprises shares last traded at $64.66, with a volume of 170,375 shares trading hands.

The industrial products company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.22. The firm had revenue of $317.88 million for the quarter, compared to the consensus estimate of $300.96 million. Worthington Enterprises had a net margin of 8.33% and a return on equity of 16.75%. The firm’s revenue was down .3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.74 earnings per share.

Worthington Enterprises Increases Dividend

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

Analyst Ratings Changes

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

Hedge Funds Weigh In On Worthington Enterprises

Institutional investors have recently modified their holdings of the company. Quadrant Capital Group LLC raised its position in shares of Worthington Enterprises by 121.0% in the fourth quarter. Quadrant Capital Group LLC now owns 831 shares of the industrial products company’s stock valued at $33,000 after buying an additional 455 shares during the last quarter. Quarry LP acquired a new position in shares of Worthington Enterprises in the first quarter valued at approximately $49,000. Anchor Investment Management LLC acquired a new position in shares of Worthington Enterprises in the fourth quarter valued at approximately $40,000. State of Wyoming acquired a new position in shares of Worthington Enterprises in the fourth quarter valued at approximately $51,000. Finally, Summit Securities Group LLC acquired a new position in shares of Worthington Enterprises in the first quarter valued at approximately $75,000. Institutional investors and hedge funds own 51.59% of the company’s stock.

Worthington Enterprises Trading Up 1.6%

The business’s 50-day moving average price is $56.51 and its two-hundred day moving average price is $47.38. The company has a debt-to-equity ratio of 0.31, a current ratio of 3.51 and a quick ratio of 2.60. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of 32.00 and a beta of 1.19.

Worthington Enterprises Company Profile

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.