Worthington Enterprises (NYSE:WOR) Shares Gap Up Following Earnings Beat

Worthington Enterprises, Inc. (NYSE:WOR) shares gapped up before the market opened on Wednesday following a stronger than expected earnings report. 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, beating 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 business had revenue of $304.52 million during the quarter, compared to analysts’ expectations of $289.09 million. During the same quarter last year, the company earned $0.80 earnings per share. The firm’s revenue was down 3.9% on a year-over-year basis.

Worthington Enterprises Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.32%. Worthington Enterprises’s dividend payout ratio is currently 81.93%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on WOR. Seaport Res Ptn upgraded shares of Worthington Enterprises to a “strong-buy” rating in a research report on Wednesday, January 29th. Canaccord Genuity Group raised their price target 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. One equities research 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 stock. According to data from MarketBeat.com, Worthington Enterprises presently has an average rating of “Hold” and a consensus price target of $46.00.

Institutional Investors Weigh In On Worthington Enterprises

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

Worthington Enterprises Trading Up 24.2 %

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 cap of $2.59 billion, a P/E ratio of 62.29 and a beta of 1.21. The company has a 50-day simple moving average of $42.02 and a 200-day simple moving average of $41.38.

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.