Hsbc Holdings PLC Takes $1.11 Million Position in Worthington Enterprises, Inc. $WOR

Key Points

• HSBC Holdings purchased 20,855 shares of Worthington Enterprises worth approximately $1.115 million during the second quarter. Institutional investors collectively own 51.59% of the company.
• Worthington Enterprises reported quarterly EPS of $0.97, below the $1.04 analyst consensus, while revenue rose 16.9% year over year to $371.46 million but also missed expectations.
• The company increased its quarterly dividend to $0.20 per share, implying an annualized payout of $0.80 and a 1.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $65.50.

Hsbc Holdings PLC bought a new position in Worthington Enterprises, Inc. (NYSE:WOR - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 20,855 shares of the industrial products company's stock, valued at approximately $1,115,000.

Other hedge funds have also added to or reduced their stakes in the company. Jupiter Asset Management Ltd. purchased a new position in Worthington Enterprises during the fourth quarter valued at $1,014,000. Summit Global Investments purchased a new stake in Worthington Enterprises during the 2nd quarter valued at approximately $969,000. De Lisle Partners LLP purchased a new position in Worthington Enterprises during the second quarter valued at $4,748,000. BlackRock Inc. purchased a new position in shares of Worthington Enterprises during the second quarter valued at about $283,372,000. Finally, Legal & General Group Plc bought a new stake in Worthington Enterprises in the 2nd quarter worth approximately $3,956,000. 51.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Worthington Enterprises

In related news, major shareholder John McConnell sold 17,625 shares of the company's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $53.04, for a total value of $934,830.00. Following the completion of the transaction, the insider owned 1,335,648 shares of the company's stock, valued at approximately $70,842,769.92. This represents a 1.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on WOR shares. Wall Street Zen lowered Worthington Enterprises from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Canaccord Genuity Group reduced their price target on shares of 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 reiterated a "hold (c)" rating on shares of Worthington Enterprises in a research note on Friday, July 17th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $65.50.

Worthington Enterprises Stock Down 0.9%

NYSE:WOR opened at $57.09 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.37 and a quick ratio of 1.43. The company's fifty day moving average price is $57.02 and its 200-day moving average price is $55.38. Worthington Enterprises, Inc. has a 1-year low of $45.01 and a 1-year high of $65.24. The firm has a market capitalization of $2.79 billion, a P/E ratio of 18.18 and a beta of 1.30.

Worthington Enterprises (NYSE:WOR - Get Free Report) last issued its 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). Worthington Enterprises had a return on equity of 16.79% and a net margin of 11.30%.The company had revenue of $371.46 million during the quarter, compared to analysts' expectations of $386.49 million. During the same quarter in the previous year, the company earned $1.06 EPS. The firm's quarterly revenue was up 16.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Worthington Enterprises, Inc. will post 3.85 EPS for the current year.

Worthington Enterprises Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.20 per share. 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 dividend on an annualized basis and a dividend yield of 1.4%. Worthington Enterprises's payout ratio is 24.20%.

Worthington Enterprises Company Profile

Worthington Enterprises, Inc NYSE: WOR is a diversified manufacturer and branded products company focused primarily on consumer and building-product markets. The company develops, manufactures and markets products used by consumers, contractors and other professional customers.

Its consumer products activities include outdoor living, lawn and garden, tools and related products. Its portfolio has included brands such as Bernzomatic, Balloon Time, Mag-Torch and General Tools, although its product portfolio may change as the company manages its businesses and brands.

Worthington Enterprises also participates in the building-products industry, supplying products used in commercial and residential construction.

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