Worthington Enterprises (NYSE:WOR) Shares Gap Down After Earnings Miss

Worthington Enterprises, Inc. (NYSE:WOR) gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $50.16, but opened at $46.48. Worthington Enterprises shares last traded at $48.18, with a volume of 156,539 shares.

The industrial products company reported $0.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.14). The firm had revenue of $318.80 million during the quarter, compared to the consensus estimate of $352.82 million. Worthington Enterprises had a return on equity of 13.87% and a net margin of 3.79%. The firm’s revenue for the quarter was down 13.6% compared to the same quarter last year. During the same period last year, the company earned $2.74 EPS.

Wall Street Analysts Forecast Growth

WOR has been the subject of a number of analyst reports. Canaccord Genuity Group upped their target price on Worthington Enterprises from $56.00 to $64.00 and gave the stock a “hold” rating in a report on Monday, March 25th. StockNews.com lowered Worthington Enterprises from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, The Goldman Sachs Group upped their target price on Worthington Enterprises from $50.00 to $56.00 and gave the stock a “sell” rating in a report on Friday, March 22nd. Two investment analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $61.00.

Insider Activity

In other news, Director Ozey K. Horton, Jr. sold 1,000 shares of the stock in a transaction on Friday, April 5th. The stock was sold at an average price of $61.34, for a total transaction of $61,340.00. Following the completion of the sale, the director now owns 40,688 shares in the company, valued at approximately $2,495,801.92. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 38.50% of the company’s stock.

Hedge Funds Weigh In On Worthington Enterprises

Several hedge funds have recently made changes to their positions in WOR. Millburn Ridgefield Corp grew its position in Worthington Enterprises by 55.7% during the 4th quarter. Millburn Ridgefield Corp now owns 576 shares of the industrial products company’s stock worth $33,000 after purchasing an additional 206 shares during the period. Fidelis Capital Partners LLC purchased a new position in Worthington Enterprises in the 1st quarter valued at about $38,000. GAMMA Investing LLC purchased a new position in Worthington Enterprises in the 4th quarter worth approximately $53,000. Neo Ivy Capital Management purchased a new position in Worthington Enterprises in the 4th quarter worth approximately $81,000. Finally, TFO Wealth Partners LLC lifted its stake in Worthington Enterprises by 60,700.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,824 shares of the industrial products company’s stock worth $105,000 after purchasing an additional 1,821 shares in the last quarter. 51.59% of the stock is owned by institutional investors and hedge funds.

Worthington Enterprises Price Performance

The firm has a market capitalization of $2.43 billion, a PE ratio of 21.92 and a beta of 1.35. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.47 and a current ratio of 3.42. The stock’s 50 day simple moving average is $55.96 and its two-hundred day simple moving average is $58.01.

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.