Fifth Third Bancorp Raises Position in Worthington Enterprises, Inc. $WOR

Key Points

• Fifth Third Bancorp boosted its stake in Worthington Enterprises by 225.9% in the first quarter, bringing its holdings to 43,044 shares valued at about $2.24 million.
• Worthington Enterprises reported mixed quarterly results, missing EPS and revenue estimates even though revenue still rose 16.9% year over year.
• The company raised its quarterly dividend to $0.20 per share from $0.19, while analysts currently rate the stock a “Moderate Buy” with an average price target of $65.50.

Fifth Third Bancorp increased its holdings in Worthington Enterprises, Inc. (NYSE:WOR - Free Report) by 225.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,044 shares of the industrial products company's stock after purchasing an additional 29,836 shares during the period. Fifth Third Bancorp owned 0.09% of Worthington Enterprises worth $2,244,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in WOR. Royal Bank of Canada boosted its stake in Worthington Enterprises by 4.5% in the 1st quarter. Royal Bank of Canada now owns 12,967 shares of the industrial products company's stock worth $650,000 after buying an additional 554 shares during the last quarter. AQR Capital Management LLC acquired a new position in shares of Worthington Enterprises during the 1st quarter valued at about $533,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Worthington Enterprises by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,704 shares of the industrial products company's stock valued at $937,000 after acquiring an additional 793 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Worthington Enterprises by 54.9% during the 1st quarter. Millennium Management LLC now owns 352,486 shares of the industrial products company's stock worth $17,656,000 after acquiring an additional 124,867 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Worthington Enterprises by 3.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 222,461 shares of the industrial products company's stock worth $11,143,000 after acquiring an additional 7,575 shares during the period. 51.59% of the stock is currently owned by hedge funds and other institutional investors.

Worthington Enterprises Stock Up 1.6%

WOR opened at $54.83 on Wednesday. The firm has a 50 day moving average price of $56.24 and a 200 day moving average price of $54.66. The company has a market cap of $2.70 billion, a PE ratio of 17.46 and a beta of 1.29. Worthington Enterprises, Inc. has a 1 year low of $45.01 and a 1 year high of $67.80. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.43 and a current ratio of 2.37.

Worthington Enterprises (NYSE:WOR - Get Free Report) last released its quarterly earnings data on Tuesday, June 23rd. The industrial products company reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.07). Worthington Enterprises had a return on equity of 16.79% and a net margin of 11.30%.The business had revenue of $371.46 million for the quarter, compared to analysts' expectations of $386.49 million. During the same quarter in the prior year, the firm earned $1.06 earnings per share. Worthington Enterprises's quarterly revenue was up 16.9% compared to the same quarter last year. Sell-side analysts expect that Worthington Enterprises, Inc. will post 3.85 earnings per share for the current year.

Worthington Enterprises Increases Dividend

The business also recently declared 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. The ex-dividend date is Tuesday, September 15th. This represents a $0.80 annualized dividend and a yield of 1.5%. This is an increase from Worthington Enterprises's previous quarterly dividend of $0.19. Worthington Enterprises's payout ratio is currently 24.20%.

Analyst Upgrades and Downgrades

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

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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