Connor Clark & Lunn Investment Management Ltd. Acquires 48,045 Shares of Worthington Enterprises, Inc. (NYSE:WOR)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Worthington Enterprises, acquiring an additional 48,045 shares, bringing its total holdings to 126,725 shares worth approximately $6.35 million.
• The company recently announced a quarterly dividend increase, now set at $0.19 per share, with a yield of 1.2%, payable on September 29th.
• Analysts have mixed views on Worthington Enterprises, with one sell rating, two holds, and one buy, leading to a consensus rating of "Hold" and an average price target of $59.00.

Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Worthington Enterprises, Inc. (NYSE:WOR - Free Report) by 61.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 126,725 shares of the industrial products company's stock after purchasing an additional 48,045 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.25% of Worthington Enterprises worth $6,348,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Anchor Investment Management LLC bought a new stake in Worthington Enterprises during the 4th quarter worth about $40,000. State of Wyoming bought a new position in Worthington Enterprises in the fourth quarter valued at approximately $51,000. Itau Unibanco Holding S.A. boosted its stake in Worthington Enterprises by 41.9% in the fourth quarter. Itau Unibanco Holding S.A. now owns 1,696 shares of the industrial products company's stock valued at $68,000 after acquiring an additional 501 shares during the last quarter. GAMMA Investing LLC boosted its stake in 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. Finally, US Bancorp DE boosted its stake in Worthington Enterprises by 966.2% in the first quarter. US Bancorp DE now owns 2,207 shares of the industrial products company's stock valued at $111,000 after acquiring an additional 2,000 shares during the last quarter. Institutional investors and hedge funds own 51.59% of the company's stock.

Analyst Ratings Changes

WOR has been the topic of several recent analyst reports. The Goldman Sachs Group lifted their price objective on shares of Worthington Enterprises from $44.00 to $50.00 and gave the stock a "sell" rating in a research note on Thursday, June 26th. Canaccord Genuity Group lifted their price objective on shares of Worthington Enterprises from $69.00 to $81.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $59.00.

Worthington Enterprises Stock Down 3.1%

Shares of NYSE WOR traded down $2.09 during midday trading on Thursday, reaching $64.90. The company's stock had a trading volume of 177,378 shares, compared to its average volume of 235,740. The company has a current ratio of 3.48, a quick ratio of 2.62 and a debt-to-equity ratio of 0.32. Worthington Enterprises, Inc. has a fifty-two week low of $37.88 and a fifty-two week high of $70.91. The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of 33.98 and a beta of 1.21. The stock has a 50 day simple moving average of $62.37 and a 200-day simple moving average of $53.10.

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

Worthington Enterprises Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be issued a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 1.2%. This is an increase from Worthington Enterprises's previous quarterly dividend of $0.17. Worthington Enterprises's payout ratio is presently 35.60%.

Worthington Enterprises Profile

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.