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

Shares of Worthington Enterprises, Inc. (NYSE:WOR) gapped up prior to trading 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 changing hands.

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

Worthington Enterprises Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 13th will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.37%. Worthington Enterprises’s dividend payout ratio is presently 81.93%.

Wall Street Analyst Weigh In

WOR has been the topic of several recent research reports. Canaccord Genuity Group raised their price target on Worthington Enterprises from $46.00 to $49.00 and gave the stock a “hold” rating in a research report on Thursday, December 19th. Seaport Res Ptn upgraded shares of Worthington Enterprises to a “strong-buy” rating in a research report on Wednesday, January 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $46.00.

Institutional Investors Weigh In On Worthington Enterprises

Several institutional investors have recently added to or reduced their stakes in WOR. Wellington Management Group LLP lifted its holdings in shares of Worthington Enterprises by 2.3% in the fourth quarter. Wellington Management Group LLP now owns 69,680 shares of the industrial products company’s stock valued at $2,795,000 after purchasing an additional 1,548 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Worthington Enterprises by 33.6% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 63,544 shares of the industrial products company’s stock valued at $2,549,000 after acquiring an additional 15,981 shares in the last quarter. Vident Advisory LLC boosted its position in Worthington Enterprises by 11.6% during the 4th quarter. Vident Advisory LLC now owns 12,645 shares of the industrial products company’s stock worth $507,000 after acquiring an additional 1,318 shares during the last quarter. Squarepoint Ops LLC raised its holdings in shares of Worthington Enterprises by 6.1% in the fourth quarter. Squarepoint Ops LLC now owns 49,205 shares of the industrial products company’s stock valued at $1,974,000 after purchasing an additional 2,830 shares during the last quarter. Finally, Two Sigma Advisers LP acquired a new stake in Worthington Enterprises in the 4th quarter valued at $421,000. 51.59% of the stock is owned by institutional investors.

Worthington Enterprises Stock Up 19.3 %

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

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.