Worthington Enterprises (NYSE:WOR) Shares Gap Up After Better-Than-Expected Earnings

Worthington Enterprises, Inc. (NYSE:WOR)’s stock price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $41.63, but opened at $43.52. Worthington Enterprises shares last traded at $49.90, with a volume of 317,196 shares trading hands.

The industrial products company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.73 by $0.18. The company had revenue of $304.52 million for the quarter, compared to analysts’ expectations of $289.09 million. Worthington Enterprises had a net margin of 3.66% and a return on equity of 14.70%. The business’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same period last year, the firm earned $0.80 earnings per share.

Worthington Enterprises Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 13th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.37%. Worthington Enterprises’s payout ratio is currently 81.93%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on WOR. Canaccord Genuity Group boosted their target price on shares of Worthington Enterprises from $46.00 to $49.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Seaport Res Ptn upgraded shares of Worthington Enterprises to a “strong-buy” rating in a report on Wednesday, January 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $46.00.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of WOR. Quadrant Capital Group LLC raised its holdings in shares of Worthington Enterprises by 121.0% in the 4th quarter. Quadrant Capital Group LLC now owns 831 shares of the industrial products company’s stock worth $33,000 after acquiring an additional 455 shares during the last quarter. Anchor Investment Management LLC purchased a new position in Worthington Enterprises during the fourth quarter worth about $40,000. State of Wyoming bought a new stake in Worthington Enterprises in the 4th quarter worth about $51,000. Itau Unibanco Holding S.A. grew its position in Worthington Enterprises by 41.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 1,696 shares of the industrial products company’s stock worth $68,000 after purchasing an additional 501 shares in the last quarter. Finally, KBC Group NV increased its stake in Worthington Enterprises by 63.7% in the 4th quarter. KBC Group NV now owns 1,860 shares of the industrial products company’s stock valued at $75,000 after buying an additional 724 shares during the last quarter. Institutional investors and hedge funds own 51.59% of the company’s stock.

Worthington Enterprises Stock Performance

The company’s 50-day simple moving average is $41.82 and its 200 day simple moving average is $41.31. The stock has a market cap of $2.48 billion, a P/E ratio of 59.89 and a beta of 1.21. The company has a current ratio of 3.56, a quick ratio of 2.50 and a debt-to-equity ratio of 0.32.

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.