Comerica Bank Has $1.42 Million Position in Worthington Enterprises, Inc. $WOR

Key Points

• Comerica Bank reduced its stake in Worthington Enterprises, Inc. by 24.9%, holding 28,310 shares valued at approximately $1.42 million as of the end of the first quarter.
• Worthington Enterprises reported a quarterly earnings per share (EPS) of $1.06, exceeding analysts' expectations of $0.84, although its revenue fell 0.3% year-over-year.
• The company announced an increase in its quarterly dividend from $0.17 to $0.19, providing a yield of 1.2% based on a payout ratio of 35.60%.

Comerica Bank reduced its position in shares of Worthington Enterprises, Inc. (NYSE:WOR - Free Report) by 24.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,310 shares of the industrial products company's stock after selling 9,373 shares during the period. Comerica Bank owned about 0.06% of Worthington Enterprises worth $1,418,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Tower Research Capital LLC TRC increased its position in shares of Worthington Enterprises by 23.4% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,081 shares of the industrial products company's stock valued at $124,000 after acquiring an additional 585 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of Worthington Enterprises in the first quarter valued at about $256,000. GAMMA Investing LLC increased its position in shares of Worthington Enterprises by 77.2% in the first quarter. GAMMA Investing LLC now owns 1,644 shares of the industrial products company's stock valued at $82,000 after acquiring an additional 716 shares during the last quarter. Mutual of America Capital Management LLC acquired a new stake in shares of Worthington Enterprises in the first quarter valued at about $226,000. Finally, Y Intercept Hong Kong Ltd increased its position in shares of Worthington Enterprises by 44.4% in the first quarter. Y Intercept Hong Kong Ltd now owns 8,794 shares of the industrial products company's stock valued at $440,000 after acquiring an additional 2,704 shares during the last quarter. Institutional investors and hedge funds own 51.59% of the company's stock.

Worthington Enterprises Stock Down 0.1%

Shares of WOR opened at $64.39 on Thursday. Worthington Enterprises, Inc. has a 52 week low of $37.88 and a 52 week high of $70.91. The firm has a market cap of $3.21 billion, a P/E ratio of 33.71 and a beta of 1.20. The firm's 50-day simple moving average is $64.00 and its 200 day simple moving average is $55.36. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.62 and a current ratio of 3.48.

Worthington Enterprises (NYSE:WOR - Get Free Report) last announced its quarterly earnings results on Tuesday, June 24th. The industrial products company reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $0.84 by $0.22. Worthington Enterprises had a net margin of 8.33% and a return on equity of 16.66%. The business had revenue of $317.88 million for the quarter, compared to analyst estimates of $300.96 million. During the same quarter in the prior year, the business earned $0.74 EPS. Worthington Enterprises's quarterly revenue was down .3% on a year-over-year basis. On average, analysts forecast that Worthington Enterprises, Inc. will post 2.67 earnings per share for the current year.

Worthington Enterprises Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a $0.19 dividend. This is a positive change from Worthington Enterprises's previous quarterly dividend of $0.17. The ex-dividend date is Monday, September 15th. This represents a $0.76 annualized dividend and a yield of 1.2%. Worthington Enterprises's dividend payout ratio is presently 35.60%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Wall Street Zen raised Worthington Enterprises from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 24th. The Goldman Sachs Group raised their target price on shares of Worthington Enterprises from $44.00 to $50.00 and gave the company a "sell" rating in a research note on Thursday, June 26th. Canaccord Genuity Group raised their target price on shares of Worthington Enterprises from $69.00 to $81.00 and gave the company a "buy" rating in a research note on Thursday, June 26th. Finally, Zacks Research downgraded shares of Worthington Enterprises from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 25th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $59.00.

About Worthington Enterprises

Worthington Enterprises, Inc operates as an industrial manufacturing company. It operates through three segments: Building Products, Consumer Products, and Sustainable Energy Solutions. The Building Products segment sells refrigerant and LPG cylinders, well water and expansion tanks, fire suppression tanks, chemical tanks, and foam and adhesive tanks for gas producers, and distributors.

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