Arrowstreet Capital Limited Partnership Trims Position in Worthington Enterprises, Inc. $WOR

Key Points

• Arrowstreet Capital reduced its Worthington Enterprises position by 6.4% in the first quarter, selling 33,121 shares and retaining 480,515 shares worth approximately $25.1 million. Institutional investors collectively own 51.59% of the company.
• Worthington Enterprises reported quarterly EPS of $0.97, below the $1.04 consensus estimate, while revenue of $371.46 million also missed expectations despite increasing 16.9% year over year.
• The company raised its quarterly dividend from $0.19 to $0.20 per share, equating to an annualized yield of about 1.4%. Analysts maintain a “Moderate Buy” consensus with an average price target of $65.50, compared with a recent share price of $55.67.

Arrowstreet Capital Limited Partnership reduced its position in shares of Worthington Enterprises, Inc. (NYSE:WOR - Free Report) by 6.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 480,515 shares of the industrial products company's stock after selling 33,121 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.98% of Worthington Enterprises worth $25,054,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in WOR. Geode Capital Management LLC grew its stake in shares of Worthington Enterprises by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 768,013 shares of the industrial products company's stock valued at $39,613,000 after acquiring an additional 4,745 shares during the period. Fort Washington Investment Advisors Inc. OH bought a new position in Worthington Enterprises in the 1st quarter worth $23,824,000. Fisher Asset Management LLC increased its stake in Worthington Enterprises by 27.1% in the 4th quarter. Fisher Asset Management LLC now owns 436,731 shares of the industrial products company's stock worth $22,522,000 after buying an additional 93,140 shares in the last quarter. Windsor Advisory Group LLC raised its holdings in Worthington Enterprises by 26.6% during the fourth quarter. Windsor Advisory Group LLC now owns 372,282 shares of the industrial products company's stock valued at $19,199,000 after acquiring an additional 78,197 shares during the period. Finally, Millennium Management LLC lifted its position in shares of Worthington Enterprises by 54.9% in the first quarter. Millennium Management LLC now owns 352,486 shares of the industrial products company's stock valued at $17,656,000 after acquiring an additional 124,867 shares in the last quarter. Hedge funds and other institutional investors own 51.59% of the company's stock.

Worthington Enterprises Stock Performance

Worthington Enterprises stock opened at $55.67 on Thursday. The company's 50-day moving average price is $56.43 and its 200-day moving average price is $54.82. Worthington Enterprises, Inc. has a twelve month low of $45.01 and a twelve month high of $67.80. 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 company has a market cap of $2.74 billion, a PE ratio of 17.73 and a beta of 1.29.

Worthington Enterprises (NYSE:WOR - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $371.46 million during the quarter, compared to the consensus estimate of $386.49 million. Worthington Enterprises had a net margin of 11.30% and a return on equity of 16.79%. The firm's revenue was up 16.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.06 EPS. On average, 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 disclosed 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 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Tuesday, September 15th. This is a positive change from Worthington Enterprises's previous quarterly dividend of $0.19. Worthington Enterprises's dividend payout ratio (DPR) is 24.20%.

Insider Transactions at Worthington Enterprises

In related news, major shareholder John P/Oh Mcconnell sold 17,625 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $53.04, for a total value of $934,830.00. Following the completion of the sale, the insider owned 1,335,648 shares in the company, valued at approximately $70,842,769.92. The trade was a 1.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Weiss Ratings reissued a "hold (c)" rating on shares of Worthington Enterprises in a report on Friday, July 17th. Wall Street Zen cut shares of Worthington Enterprises from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Finally, Canaccord Genuity Group lowered their target price on shares of Worthington Enterprises from $69.00 to $67.00 and set a "buy" rating on the stock in a report on Thursday, June 25th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Worthington Enterprises has a consensus rating of "Moderate Buy" and an average price target of $65.50.

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.

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