Deutsche Bank AG Takes Position in Worthington Enterprises, Inc. $WOR

Key Points

• Deutsche Bank acquired 50,095 shares of Worthington Enterprises in the second quarter, worth approximately $2.7 million. Institutional investors collectively own 51.59% of the company.
• Worthington Enterprises’ latest quarterly results fell short of expectations, with EPS of $0.97 versus the $1.04 consensus and revenue of $371.46 million versus $386.49 million, despite year-over-year revenue growth of 16.9%.
• The company raised its quarterly dividend to $0.20 per share, equating to an annualized $0.80 dividend and a 1.4% yield. Analysts maintain a “Moderate Buy” consensus with a $65.50 target price, compared with the stock’s $57.98 price.

Deutsche Bank AG acquired a new position in Worthington Enterprises, Inc. (NYSE:WOR - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 50,095 shares of the industrial products company's stock, valued at approximately $2,693,000. Deutsche Bank AG owned 0.10% of Worthington Enterprises as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp acquired a new position in Worthington Enterprises during the second quarter valued at $18,376,000. Summit Global Investments acquired a new stake in Worthington Enterprises during the 2nd quarter worth about $969,000. Handelsbanken Fonder AB grew its stake in Worthington Enterprises by 4.6% during the 2nd quarter. Handelsbanken Fonder AB now owns 9,100 shares of the industrial products company's stock valued at $489,000 after acquiring an additional 400 shares in the last quarter. Central Pacific Bank Trust Division grew its stake in Worthington Enterprises by 16.5% during the 2nd quarter. Central Pacific Bank Trust Division now owns 3,482 shares of the industrial products company's stock valued at $187,000 after acquiring an additional 493 shares in the last quarter. Finally, Parallel Advisors LLC increased its holdings in shares of Worthington Enterprises by 57.3% in the 1st quarter. Parallel Advisors LLC now owns 722 shares of the industrial products company's stock valued at $38,000 after purchasing an additional 263 shares during the period. 51.59% of the stock is currently owned by hedge funds and other institutional investors.

Worthington Enterprises Stock Up 0.0%

WOR opened at $57.98 on Friday. The firm has a market cap of $2.84 billion, a P/E ratio of 18.47 and a beta of 1.28. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.43 and a current ratio of 2.37. The business has a 50 day moving average price of $56.39 and a 200 day moving average price of $55.24. Worthington Enterprises, Inc. has a twelve month low of $45.01 and a twelve month high of $67.80.

Worthington Enterprises (NYSE:WOR - Get Free Report) last released 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 firm 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 company's revenue for the quarter was up 16.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.06 EPS. Research analysts forecast that Worthington Enterprises, Inc. will post 3.85 EPS for the current year.

Worthington Enterprises Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $0.20 dividend. 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 annualized dividend and a yield of 1.4%. Worthington Enterprises's payout ratio is 25.48%.

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other Worthington Enterprises news, major shareholder John P/Oh Mcconnell sold 41,704 shares of the business'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 completion of the transaction, the insider owned 1,335,648 shares of the company's stock, valued at $74,595,940.80. The trade was a 3.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.50% of the stock is currently owned by corporate insiders.

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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