Public Sector Pension Investment Board Raises Stake in Worthington Enterprises, Inc. $WOR

Key Points

• The Public Sector Pension Investment Board increased its stake in Worthington Enterprises (NYSE:WOR) by 26.4%, acquiring an additional 20,547 shares to own 98,356 shares valued at approximately $4.9 million.
• Worthington Enterprises recently reported earnings that beat analysts' expectations with $1.06 EPS and a revenue of $317.88 million for the quarter, although revenue saw a slight decline year-over-year.
• The company announced a quarterly dividend increase from $0.17 to $0.19 per share, with a dividend yield of 1.2% and a payout ratio of 35.60%.

Public Sector Pension Investment Board boosted its holdings in Worthington Enterprises, Inc. (NYSE:WOR - Free Report) by 26.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 98,356 shares of the industrial products company's stock after purchasing an additional 20,547 shares during the quarter. Public Sector Pension Investment Board owned about 0.20% of Worthington Enterprises worth $4,927,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Nuveen LLC bought a new stake in Worthington Enterprises in the first quarter worth approximately $4,082,000. Aigen Investment Management LP increased its holdings in shares of Worthington Enterprises by 63.2% during the first quarter. Aigen Investment Management LP now owns 8,333 shares of the industrial products company's stock valued at $417,000 after acquiring an additional 3,226 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Worthington Enterprises during the first quarter valued at approximately $1,136,000. Entropy Technologies LP bought a new stake in shares of Worthington Enterprises during the first quarter valued at approximately $332,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Worthington Enterprises by 61.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 126,725 shares of the industrial products company's stock valued at $6,348,000 after acquiring an additional 48,045 shares in the last quarter. 51.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on WOR. The Goldman Sachs Group boosted their price objective on Worthington Enterprises from $44.00 to $50.00 and gave the company a "sell" rating in a report on Thursday, June 26th. Wall Street Zen cut Worthington Enterprises from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 16th. Finally, Canaccord Genuity Group boosted their price objective on Worthington Enterprises from $69.00 to $81.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $59.00.

Worthington Enterprises Stock Performance

Shares of NYSE WOR traded up $2.6330 during trading on Friday, reaching $66.7930. 28,060 shares of the stock traded hands, compared to its average volume of 319,671. Worthington Enterprises, Inc. has a 52-week low of $37.88 and a 52-week high of $70.91. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.48 and a quick ratio of 2.62. The company has a 50-day moving average of $62.79 and a 200-day moving average of $53.89. The stock has a market capitalization of $3.33 billion, a P/E ratio of 34.95 and a beta of 1.21.

Worthington Enterprises (NYSE:WOR - Get Free Report) last issued its quarterly earnings results 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 return on equity of 16.66% and a net margin of 8.33%.The firm had revenue of $317.88 million for the quarter, compared to analysts' expectations of $300.96 million. During the same quarter in the prior year, the firm earned $0.74 EPS. The business's revenue for the quarter was down .3% compared to the same quarter last year. Analysts forecast that Worthington Enterprises, Inc. will post 2.67 EPS for the current fiscal year.

Worthington Enterprises Increases Dividend

The business also recently disclosed 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 is a boost from Worthington Enterprises's previous quarterly dividend of $0.17. This represents a $0.76 dividend on an annualized basis and a yield of 1.1%. Worthington Enterprises's dividend payout ratio is 35.60%.

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.