Worthington Enterprises (NYSE:WOR) Releases Earnings Results, Misses Estimates By $0.07 EPS

Worthington Enterprises (NYSE:WOR) posted its earnings results on Tuesday. The industrial products company reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.07), Zacks reports. Worthington Enterprises had a net margin of 8.42% and a return on equity of 17.74%. The business had revenue of $371.46 million during the quarter, compared to analysts’ expectations of $386.49 million. During the same period last year, the business posted $1.06 earnings per share. The company’s revenue for the quarter was up 16.9% compared to the same quarter last year.

Worthington Enterprises Trading Down 0.6%

Shares of NYSE:WOR opened at $61.11 on Wednesday. The company has a market capitalization of $3.01 billion, a PE ratio of 27.16 and a beta of 1.28. The company has a current ratio of 2.36, a quick ratio of 1.44 and a debt-to-equity ratio of 0.31. Worthington Enterprises has a 12-month low of $45.01 and a 12-month high of $70.91. The business’s fifty day simple moving average is $56.26 and its 200-day simple moving average is $54.62.

Worthington Enterprises Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $0.20 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.3%. This is a boost from Worthington Enterprises’s previous quarterly dividend of $0.19. Worthington Enterprises’s dividend payout ratio (DPR) is 33.78%.

Analysts Set New Price Targets

WOR has been the subject of a number of research analyst reports. Wall Street Zen raised Worthington Enterprises from a “hold” rating to a “buy” rating in a research note on Saturday, June 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Worthington Enterprises in a research note on Monday, April 20th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $69.00 price objective on shares of Worthington Enterprises in a research report on Thursday, March 26th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $61.00.

Institutional Investors Weigh In On Worthington Enterprises

A number of institutional investors have recently added to or reduced their stakes in the stock. Windsor Advisory Group LLC bought a new position in Worthington Enterprises in the third quarter worth about $16,319,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Worthington Enterprises by 67.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 481,541 shares of the industrial products company’s stock valued at $26,721,000 after buying an additional 193,319 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Worthington Enterprises by 54.9% in the 1st quarter. Millennium Management LLC now owns 352,486 shares of the industrial products company’s stock valued at $17,656,000 after buying an additional 124,867 shares in the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of Worthington Enterprises in the 3rd quarter worth approximately $6,438,000. Finally, Invesco Ltd. grew its position in shares of Worthington Enterprises by 72.7% in the 3rd quarter. Invesco Ltd. now owns 272,619 shares of the industrial products company’s stock worth $15,128,000 after buying an additional 114,779 shares during the last quarter. Institutional investors own 51.59% of the company’s stock.

About Worthington Enterprises

Worthington Enterprises (NYSE:WOR) is a diversified metal manufacturing company that produces pressure vessels, engineered assemblies and fabricated metal products. The company’s portfolio includes the design and manufacture of cylinders for compressed gases, such as propane, natural gas and hydrogen, as well as transport tanks and other pressure-containment solutions for the industrial gas, energy and transportation markets. In addition to its pressure vessel operations, Worthington Enterprises offers metal processing and distribution services, supplying coil, sheet and plate products to customers across multiple industries.

Founded in 1955 and headquartered in Columbus, Ohio, Worthington Enterprises has grown from a single steel processing facility into a multi‐division organization with operations in the United States, Canada and Mexico.