Canaccord Genuity Group Forecasts Strong Price Appreciation for Worthington Enterprises (NYSE:WOR) Stock

Worthington Enterprises (NYSE:WOR) had its target price raised by investment analysts at Canaccord Genuity Group from $46.00 to $49.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “hold” rating on the industrial products company’s stock. Canaccord Genuity Group’s target price suggests a potential upside of 20.16% from the company’s previous close.

A number of other analysts have also recently commented on the stock. StockNews.com upgraded shares of Worthington Enterprises from a “sell” rating to a “hold” rating in a report on Wednesday, September 25th. Canaccord Genuity Group lowered their price target on shares of Worthington Enterprises from $52.00 to $46.00 and set a “hold” rating for the company in a research report on Thursday, September 26th.

Worthington Enterprises Stock Performance

Shares of WOR opened at $40.78 on Thursday. The company has a 50-day simple moving average of $40.38 and a two-hundred day simple moving average of $44.23. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.47 and a quick ratio of 2.34. The firm has a market capitalization of $2.05 billion, a PE ratio of 53.66 and a beta of 1.26. Worthington Enterprises has a one year low of $37.88 and a one year high of $69.96.

Worthington Enterprises (NYSE:WOR) last released its earnings results on Tuesday, December 17th. The industrial products company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. Worthington Enterprises had a return on equity of 12.23% and a net margin of 1.96%. The company had revenue of $274.05 million during the quarter, compared to analysts’ expectations of $273.77 million. During the same quarter last year, the business posted $0.78 EPS. The firm’s revenue for the quarter was down 8.1% compared to the same quarter last year.

Insider Transactions at Worthington Enterprises

In other news, CFO Joseph B. Hayek bought 2,500 shares of the company’s stock in a transaction dated Friday, October 11th. The shares were purchased at an average price of $40.21 per share, for a total transaction of $100,525.00. Following the completion of the purchase, the chief financial officer now owns 168,875 shares in the company, valued at approximately $6,790,463.75. This represents a 1.50 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 37.50% of the company’s stock.

Hedge Funds Weigh In On Worthington Enterprises

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WOR. KBC Group NV raised its stake in shares of Worthington Enterprises by 45.1% in the third quarter. KBC Group NV now owns 1,136 shares of the industrial products company’s stock worth $47,000 after purchasing an additional 353 shares during the last quarter. Itau Unibanco Holding S.A. bought a new stake in Worthington Enterprises in the 2nd quarter worth about $57,000. nVerses Capital LLC purchased a new position in Worthington Enterprises in the 3rd quarter worth about $83,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Worthington Enterprises during the 3rd quarter valued at about $85,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of Worthington Enterprises during the 3rd quarter valued at about $110,000. 51.59% of the stock is owned by institutional investors.

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.