Summit Global Investments Takes $969,000 Position in Worthington Enterprises, Inc. $WOR

Key Points

• Summit Global Investments acquired 18,023 shares of Worthington Enterprises worth approximately $969,000 in the second quarter. Institutional investors collectively own 51.59% of the company.
• Worthington reported quarterly EPS of $0.97, below the $1.04 analyst consensus, while revenue rose 16.9% year over year to $371.46 million. Analysts maintain a “Moderate Buy” consensus with a $65.50 target price.
• The company increased its quarterly dividend from $0.19 to $0.20 per share, equivalent to an annualized $0.80 dividend and a 1.4% yield.

Summit Global Investments bought a new stake in Worthington Enterprises, Inc. (NYSE:WOR - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 18,023 shares of the industrial products company's stock, valued at approximately $969,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WOR. Royal Bank of Canada boosted its position 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 valued at $650,000 after buying an additional 554 shares during the last quarter. AQR Capital Management LLC purchased a new position in Worthington Enterprises in the first quarter valued at about $533,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in 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 purchasing an additional 793 shares in the last quarter. Millennium Management LLC increased its holdings in 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 purchasing an additional 124,867 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in 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 purchasing an additional 7,575 shares during the last quarter. Hedge funds and other institutional investors own 51.59% of the company's stock.

Insider Buying and Selling

In other news, major shareholder John P/Oh Mcconnell sold 41,704 shares of the company's stock in a transaction that occurred on Friday, June 26th. The stock was 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 directly owned 1,335,648 shares of the company's stock, valued at approximately $74,595,940.80. This represents a 3.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on WOR shares. Wall Street Zen downgraded shares of Worthington Enterprises from a "buy" rating to a "hold" rating in a research report on Saturday, June 27th. Weiss Ratings reiterated a "hold (c)" rating on shares of Worthington Enterprises in a research note on Friday, July 17th. Finally, Canaccord Genuity Group lowered 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. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Worthington Enterprises currently has an average rating of "Moderate Buy" and a consensus target price of $65.50.

Worthington Enterprises Stock Up 1.1%

Shares of NYSE:WOR opened at $58.80 on Friday. The stock has a market capitalization of $2.88 billion, a price-to-earnings ratio of 18.73 and a beta of 1.28. Worthington Enterprises, Inc. has a 1-year low of $45.01 and a 1-year high of $67.80. The company's fifty day moving average is $56.70 and its two-hundred day moving average is $55.15. 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 posted its quarterly earnings results on Tuesday, June 23rd. The industrial products company reported $0.97 earnings per share (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 business had revenue of $371.46 million during the quarter, compared to the consensus estimate of $386.49 million. During the same quarter in the previous year, the business posted $1.06 earnings per share. The company's quarterly revenue was up 16.9% compared to the same quarter last year. Equities 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. Shareholders of record on Tuesday, September 15th will be issued a $0.20 dividend. This is an increase from Worthington Enterprises's previous quarterly dividend of $0.19. This represents a $0.80 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Tuesday, September 15th. Worthington Enterprises's dividend payout ratio is 24.20%.

Worthington Enterprises Profile

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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