Contravisory Investment Management Inc. Makes New $291,000 Investment in Worthington Enterprises, Inc. $WOR

Key Points

• Contravisory Investment Management Inc. acquired 4,568 shares of Worthington Enterprises, valued at approximately $291,000, in the second quarter.
• The company recently increased its quarterly dividend from $0.17 to $0.19, representing an annualized yield of 1.2%.
• Analysts provided a mixed outlook on Worthington Enterprises, with price targets ranging from $44.00 to $81.00 and ratings varying from "strong buy" to "sell."

Contravisory Investment Management Inc. acquired a new stake in shares of Worthington Enterprises, Inc. (NYSE:WOR - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 4,568 shares of the industrial products company's stock, valued at approximately $291,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of WOR. Waller Financial Planning Group Inc. purchased a new position in shares of Worthington Enterprises in the second quarter worth $204,000. Park National Corp OH boosted its position in Worthington Enterprises by 3.3% during the second quarter. Park National Corp OH now owns 11,382 shares of the industrial products company's stock worth $724,000 after acquiring an additional 365 shares during the last quarter. Strs Ohio purchased a new position in Worthington Enterprises during the first quarter worth about $496,000. Belpointe Asset Management LLC purchased a new stake in shares of Worthington Enterprises in the 1st quarter valued at approximately $211,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of Worthington Enterprises by 3.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 222,461 shares of the industrial products company's stock valued at $11,143,000 after acquiring an additional 7,575 shares during the period. Hedge funds and other institutional investors own 51.59% of the company's stock.

Analysts Set New Price Targets

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

Worthington Enterprises Price Performance

Worthington Enterprises stock traded down $1.69 during midday trading on Friday, hitting $61.06. The company's stock had a trading volume of 582,263 shares, compared to its average volume of 195,154. The company has a quick ratio of 2.62, a current ratio of 3.48 and a debt-to-equity ratio of 0.32. Worthington Enterprises, Inc. has a 12 month low of $37.88 and a 12 month high of $70.91. The company has a market capitalization of $3.04 billion, a PE ratio of 31.97 and a beta of 1.20. The stock's 50-day moving average price is $63.82 and its 200-day moving average price is $57.23.

Worthington Enterprises (NYSE:WOR - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $317.88 million during the quarter, compared to analyst estimates of $300.96 million. During the same period in the prior year, the firm earned $0.74 earnings per share. The business's quarterly revenue was down .3% on a year-over-year basis. Analysts anticipate that Worthington Enterprises, Inc. will post 2.67 earnings per share for the current fiscal 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 given a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.2%. This is an increase from Worthington Enterprises's previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Monday, September 15th. Worthington Enterprises's dividend payout ratio (DPR) is 39.79%.

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.