16,134 Shares in Worthington Enterprises, Inc. $WOR Purchased by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company initiated a Worthington Enterprises position by purchasing 16,134 shares valued at approximately $867,000. Institutional investors collectively own 51.59% of the company.
• Worthington’s latest quarter fell short of expectations, with earnings of $0.97 per share versus the $1.04 consensus and revenue of $371.46 million versus $386.49 million expected. However, revenue increased 16.9% year over year.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average $65.50 price target; the company also raised its quarterly dividend to $0.20 per share, a 1.3% yield.

The Manufacturers Life Insurance Company purchased a new position in shares of Worthington Enterprises, Inc. (NYSE:WOR - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 16,134 shares of the industrial products company's stock, valued at approximately $867,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of WOR. Allworth Financial LP lifted its position in shares of Worthington Enterprises by 872.0% in the fourth quarter. Allworth Financial LP now owns 486 shares of the industrial products company's stock valued at $25,000 after buying an additional 436 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in shares of Worthington Enterprises during the 1st quarter worth approximately $25,000. McMillan Office Inc. bought a new stake in Worthington Enterprises in the 4th quarter valued at $31,000. Farther Finance Advisors LLC lifted its holdings in Worthington Enterprises by 81.3% during the 4th quarter. Farther Finance Advisors LLC now owns 678 shares of the industrial products company's stock valued at $35,000 after purchasing an additional 304 shares during the last quarter. Finally, Parallel Advisors LLC lifted 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 during the last quarter. Institutional investors own 51.59% of the company's stock.

Insider Buying and Selling

In related news, major shareholder John McConnell sold 41,704 shares of the firm's stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $55.85, for a total transaction of $2,329,168.40. Following the transaction, the insider directly owned 1,335,648 shares of the company's stock, valued at approximately $74,595,940.80. This trade represents a 3.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.50% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on WOR. Wall Street Zen downgraded shares of Worthington Enterprises from a "buy" rating to a "hold" rating in a report on Saturday, June 27th. Weiss Ratings restated a "hold (c)" rating on shares of Worthington Enterprises in a research note on Friday, July 17th. Finally, Canaccord Genuity Group reduced their target price on shares of Worthington Enterprises from $69.00 to $67.00 and set a "buy" rating for the company in a report on Thursday, June 25th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $65.50.

Worthington Enterprises Stock Performance

NYSE:WOR opened at $62.41 on Friday. The stock has a 50 day simple moving average of $56.44 and a 200 day simple moving average of $55.29. The stock has a market cap of $3.05 billion, a P/E ratio of 19.88 and a beta of 1.30. Worthington Enterprises, Inc. has a 1-year low of $45.01 and a 1-year high of $66.47. The company has a current ratio of 2.37, a quick ratio of 1.43 and a debt-to-equity ratio of 0.30.

Worthington Enterprises (NYSE:WOR - Get Free Report) last issued its quarterly earnings data on Tuesday, June 23rd. The industrial products company reported $0.97 EPS for the quarter, missing analysts' consensus estimates of $1.04 by ($0.07). The firm had revenue of $371.46 million during the quarter, compared to analyst estimates of $386.49 million. Worthington Enterprises had a net margin of 11.30% and a return on equity of 16.79%. The business's quarterly revenue was up 16.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.06 earnings per share. Research analysts anticipate that Worthington Enterprises, Inc. will post 3.85 earnings per share for the current year.

Worthington Enterprises Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.3%. This is a boost from Worthington Enterprises's previous quarterly dividend of $0.19. The ex-dividend date is Tuesday, September 15th. Worthington Enterprises's dividend payout ratio is currently 25.48%.

Worthington Enterprises Profile

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.

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