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

Shares of Worthington Enterprises, Inc. (NYSE:WOR) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $61.49, but opened at $54.40. Worthington Enterprises shares last traded at $55.87, with a volume of 49,064 shares trading hands.

The industrial products company reported $0.97 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.07). The business had revenue of $371.46 million during the quarter, compared to analysts’ expectations of $386.49 million. Worthington Enterprises had a net margin of 8.42% and a return on equity of 17.74%. The company’s quarterly revenue was up 16.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.06 EPS.

Worthington Enterprises Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.4%. This is a boost from Worthington Enterprises’s previous quarterly dividend of $0.19. Worthington Enterprises’s payout ratio is 33.78%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Wall Street Zen raised shares of Worthington Enterprises from a “hold” rating to a “buy” rating in a research report on Saturday, June 6th. 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. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Worthington Enterprises in a research note on Monday, April 20th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $61.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC grew its holdings in Worthington Enterprises by 57.3% during the 1st quarter. Parallel Advisors LLC now owns 722 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 263 shares in the last quarter. Amundi grew its stake in shares of Worthington Enterprises by 56.7% during the first quarter. Amundi now owns 6,545 shares of the industrial products company’s stock valued at $341,000 after acquiring an additional 2,368 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Worthington Enterprises by 565.2% during the first quarter. Empowered Funds LLC now owns 6,579 shares of the industrial products company’s stock valued at $343,000 after acquiring an additional 5,590 shares in the last quarter. Quantinno Capital Management LP increased its position in shares of Worthington Enterprises by 8.2% during the first quarter. Quantinno Capital Management LP now owns 10,436 shares of the industrial products company’s stock worth $544,000 after acquiring an additional 787 shares during the last quarter. Finally, Lazard Asset Management LLC increased its position in shares of Worthington Enterprises by 27.5% during the first quarter. Lazard Asset Management LLC now owns 31,714 shares of the industrial products company’s stock worth $1,654,000 after acquiring an additional 6,846 shares during the last quarter. 51.59% of the stock is currently owned by hedge funds and other institutional investors.

Worthington Enterprises Stock Performance

The company has a quick ratio of 1.44, a current ratio of 2.36 and a debt-to-equity ratio of 0.31. The company has a 50 day moving average of $56.26 and a 200 day moving average of $54.62. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of 24.89 and a beta of 1.28.

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.