BlackRock Inc. Invests $283.37 Million in Worthington Enterprises, Inc. $WOR

Key Points

• BlackRock acquired a new 10.77% stake in Worthington Enterprises, purchasing 5.27 million shares valued at approximately $283.4 million. Institutional investors collectively own 51.59% of the company.
• Analysts maintain a generally positive outlook, with Worthington Enterprises carrying a “Moderate Buy” consensus rating and an average price target of $65.50, despite one downgrade to “Hold.”
• The company reported quarterly EPS of $0.97, below the $1.04 estimate, while revenue rose 16.9% year over year to $371.46 million. Worthington also raised its quarterly dividend to $0.20 per share, implying a 1.4% yield.

BlackRock Inc. purchased a new position in shares of Worthington Enterprises, Inc. (NYSE:WOR - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 5,271,058 shares of the industrial products company's stock, valued at approximately $283,372,000. BlackRock Inc. owned approximately 10.77% of Worthington Enterprises at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the company. Jupiter Asset Management Ltd. bought a new stake in shares of Worthington Enterprises in the 4th quarter valued at $1,014,000. VELA Investment Management LLC boosted its position in Worthington Enterprises by 103.0% during the fourth quarter. VELA Investment Management LLC now owns 78,306 shares of the industrial products company's stock valued at $4,038,000 after acquiring an additional 39,725 shares during the last quarter. M&T Bank Corp boosted its position in Worthington Enterprises by 233.4% during the fourth quarter. M&T Bank Corp now owns 32,561 shares of the industrial products company's stock valued at $1,679,000 after acquiring an additional 22,795 shares during the last quarter. Keybank National Association OH acquired a new stake in Worthington Enterprises during the 4th quarter worth about $10,749,000. Finally, Summit Global Investments acquired a new stake in Worthington Enterprises during the 2nd quarter worth about $969,000. 51.59% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Worthington Enterprises Stock Performance

Shares of Worthington Enterprises stock opened at $57.98 on Thursday. The business has a 50-day simple moving average of $56.43 and a 200 day simple moving average of $55.25. Worthington Enterprises, Inc. has a one year low of $45.01 and a one year high of $67.80. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.37 and a quick ratio of 1.43. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 18.46 and a beta of 1.28.

Worthington Enterprises (NYSE:WOR - Get Free Report) last announced 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). Worthington Enterprises had a net margin of 11.30% and a return on equity of 16.79%. The firm had revenue of $371.46 million during the quarter, compared to analyst estimates of $386.49 million. During the same period last year, the business posted $1.06 EPS. The company's revenue was up 16.9% on a year-over-year basis. On average, research analysts anticipate that Worthington Enterprises, Inc. will post 3.85 earnings per share for the current fiscal year.

Worthington Enterprises Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.20 per share. This is a boost from Worthington Enterprises's previous quarterly dividend of $0.19. The ex-dividend date is Tuesday, September 15th. This represents a $0.80 dividend on an annualized basis and a yield of 1.4%. Worthington Enterprises's dividend payout ratio (DPR) is presently 24.20%.

Insiders Place Their Bets

In other Worthington Enterprises news, major shareholder John P/Oh Mcconnell sold 41,704 shares of the company's stock in a transaction on 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 owned 1,335,648 shares in the company, valued at approximately $74,595,940.80. This represents a 3.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 2.50% of the company's stock.

Worthington Enterprises Company 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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