Worthington Enterprises (NYSE:WOR) Share Price Passes Above 200 Day Moving Average – Here’s What Happened

Shares of Worthington Enterprises, Inc. (NYSE:WOR) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $55.00 and traded as high as $58.66. Worthington Enterprises shares last traded at $58.4660, with a volume of 105,666 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on WOR. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Worthington Enterprises in a research report on Friday, July 17th. Canaccord Genuity Group cut their target price on Worthington Enterprises from $69.00 to $67.00 and set a “buy” rating on the stock in a research report on Thursday, June 25th. Finally, Wall Street Zen lowered Worthington Enterprises from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $65.50.

Worthington Enterprises Price Performance

The company has a quick ratio of 1.43, a current ratio of 2.37 and a debt-to-equity ratio of 0.30. The stock’s 50 day moving average price is $56.69 and its two-hundred day moving average price is $55.00. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of 18.62 and a beta of 1.28.

Worthington Enterprises (NYSE:WOR) last announced its quarterly earnings results on Tuesday, June 23rd. The industrial products company reported $0.97 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.07). The company had revenue of $371.46 million for the quarter, compared to analyst estimates of $386.49 million. Worthington Enterprises had a return on equity of 16.79% and a net margin of 11.30%.Worthington Enterprises’s revenue for the quarter was up 16.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.06 earnings per share. Equities research analysts forecast that Worthington Enterprises, Inc. will post 3.85 EPS for the current fiscal year.

Worthington Enterprises Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.4%. This is a positive change from Worthington Enterprises’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Tuesday, September 15th. Worthington Enterprises’s dividend payout ratio is 24.20%.

Insiders Place Their Bets

In related news, major shareholder John P/Oh Mcconnell sold 41,704 shares of Worthington Enterprises stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $55.85, for a total transaction of $2,329,168.40. Following the completion of the transaction, the insider directly owned 1,335,648 shares in the company, valued at approximately $74,595,940.80. This trade represents a 3.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.40% of the company’s stock.

Institutional Investors Weigh In On Worthington Enterprises

Hedge funds and other institutional investors have recently made changes to their positions in the company. Allworth Financial LP lifted its stake in shares of Worthington Enterprises by 872.0% in the 4th quarter. Allworth Financial LP now owns 486 shares of the industrial products company’s stock valued at $25,000 after purchasing an additional 436 shares during the period. Cassaday & Co Wealth Management LLC acquired a new position in shares of Worthington Enterprises in the first quarter worth about $25,000. McMillan Office Inc. purchased a new stake in shares of Worthington Enterprises during the 4th quarter worth about $31,000. EverSource Wealth Advisors LLC increased its stake in shares of Worthington Enterprises by 693.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 619 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 541 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in Worthington Enterprises by 81.3% in the 4th quarter. Farther Finance Advisors LLC now owns 678 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 304 shares during the period. Institutional investors and hedge funds 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.