Principal Financial Group Inc. Trims Stake in Worthington Enterprises, Inc. (NYSE:WOR)

Principal Financial Group Inc. lessened its stake in Worthington Enterprises, Inc. (NYSE:WOR) by 11.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 147,195 shares of the industrial products company’s stock after selling 18,371 shares during the period. Principal Financial Group Inc. owned about 0.29% of Worthington Enterprises worth $6,101,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Creative Planning lifted its stake in shares of Worthington Enterprises by 2.0% in the 2nd quarter. Creative Planning now owns 12,160 shares of the industrial products company’s stock valued at $576,000 after purchasing an additional 244 shares during the period. KBC Group NV boosted its stake in shares of Worthington Enterprises by 45.1% during the 3rd quarter. KBC Group NV now owns 1,136 shares of the industrial products company’s stock worth $47,000 after acquiring an additional 353 shares in the last quarter. Hsbc Holdings PLC grew its position in shares of Worthington Enterprises by 10.9% during the 2nd quarter. Hsbc Holdings PLC now owns 4,531 shares of the industrial products company’s stock valued at $214,000 after acquiring an additional 445 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Worthington Enterprises by 2.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 17,718 shares of the industrial products company’s stock valued at $839,000 after purchasing an additional 462 shares in the last quarter. Finally, Coldstream Capital Management Inc. boosted its position in Worthington Enterprises by 2.7% during the second quarter. Coldstream Capital Management Inc. now owns 23,186 shares of the industrial products company’s stock worth $1,097,000 after purchasing an additional 601 shares in the last quarter. Institutional investors and hedge funds own 51.59% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on WOR. Canaccord Genuity Group cut their price objective on Worthington Enterprises from $52.00 to $46.00 and set a “hold” rating for the company in a research report on Thursday, September 26th. Canaccord Genuity Group increased their price objective on shares of Worthington Enterprises from $46.00 to $49.00 and gave the company a “hold” rating in a report on Thursday, December 19th. Finally, StockNews.com raised shares of Worthington Enterprises from a “sell” rating to a “hold” rating in a research note on Wednesday, September 25th.

Worthington Enterprises Stock Up 0.1 %

NYSE WOR opened at $40.11 on Thursday. Worthington Enterprises, Inc. has a one year low of $37.88 and a one year high of $69.96. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.34 and a current ratio of 3.47. The business has a fifty day moving average price of $40.39 and a 200 day moving average price of $43.49. The company has a market cap of $2.02 billion, a P/E ratio of 52.78 and a beta of 1.26.

Worthington Enterprises (NYSE:WOR) last posted its quarterly earnings results on Tuesday, December 17th. The industrial products company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. The firm had revenue of $274.05 million for the quarter, compared to analyst estimates of $273.77 million. Worthington Enterprises had a net margin of 1.96% and a return on equity of 12.23%. Worthington Enterprises’s quarterly revenue was down 8.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.78 earnings per share.

Worthington Enterprises Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.70%. Worthington Enterprises’s dividend payout ratio is presently 81.93%.

Insider Buying and Selling

In other news, CFO Joseph B. Hayek acquired 2,500 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The stock was purchased at an average cost of $40.21 per share, for a total transaction of $100,525.00. Following the completion of the transaction, the chief financial officer now owns 168,875 shares in the company, valued at approximately $6,790,463.75. This trade represents a 1.50 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 37.50% of the stock is currently owned by company insiders.

Worthington Enterprises 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.