VELA Investment Management LLC Raises Position in Worthington Enterprises, Inc. $WOR

Key Points

• VELA Investment Management raised its stake in Worthington Enterprises by 103%, adding 39,725 shares to hold 78,306 shares worth about $4.04 million, making it VELA's 29th-largest position and ~1.0% of its portfolio.
• Worthington beat expectations with Q results of $0.98 EPS vs. $0.95 expected and revenue of $378.7M (up 24.4% y/y), announced a quarterly dividend of $0.19 (1.4% yield), and trades near $54.37 with a market cap of $2.68B and a P/E of 24.16.

VELA Investment Management LLC raised its stake in shares of Worthington Enterprises, Inc. (NYSE:WOR - Free Report) by 103.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 78,306 shares of the industrial products company's stock after purchasing an additional 39,725 shares during the period. Worthington Enterprises accounts for about 1.0% of VELA Investment Management LLC's portfolio, making the stock its 29th biggest position. VELA Investment Management LLC owned about 0.16% of Worthington Enterprises worth $4,038,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. New York State Teachers Retirement System raised its holdings in shares of Worthington Enterprises by 7.2% in the fourth quarter. New York State Teachers Retirement System now owns 45,104 shares of the industrial products company's stock worth $2,326,000 after buying an additional 3,013 shares during the period. Cardinal Capital Management raised its holdings in shares of Worthington Enterprises by 2.1% in the fourth quarter. Cardinal Capital Management now owns 29,273 shares of the industrial products company's stock worth $1,510,000 after buying an additional 592 shares during the period. Keybank National Association OH purchased a new stake in shares of Worthington Enterprises in the fourth quarter worth approximately $10,749,000. Torren Management LLC purchased a new stake in shares of Worthington Enterprises in the fourth quarter worth approximately $77,000. Finally, M&T Bank Corp raised its holdings in shares of Worthington Enterprises by 16.7% in the fourth quarter. M&T Bank Corp now owns 11,399 shares of the industrial products company's stock worth $587,000 after buying an additional 1,633 shares during the period. 51.59% of the stock is currently owned by hedge funds and other institutional investors.

Worthington Enterprises Stock Up 0.2%

Shares of NYSE:WOR opened at $54.37 on Friday. Worthington Enterprises, Inc. has a 52-week low of $45.01 and a 52-week high of $70.91. The stock has a market cap of $2.68 billion, a P/E ratio of 24.16 and a beta of 1.28. The business's 50 day moving average is $52.76 and its 200 day moving average is $54.27. The company has a quick ratio of 1.44, a current ratio of 2.36 and a debt-to-equity ratio of 0.31.

Worthington Enterprises (NYSE:WOR - Get Free Report) last announced its quarterly earnings data on Tuesday, March 24th. The industrial products company reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.03. Worthington Enterprises had a return on equity of 17.74% and a net margin of 8.42%.The company had revenue of $378.68 million for the quarter, compared to analysts' expectations of $349.41 million. During the same quarter in the prior year, the firm earned $0.91 earnings per share. Worthington Enterprises's revenue was up 24.4% compared to the same quarter last year. Sell-side analysts predict that Worthington Enterprises, Inc. will post 3.41 EPS for the current year.

Worthington Enterprises Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 15th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Monday, June 15th. Worthington Enterprises's dividend payout ratio (DPR) is 33.78%.

Analyst Upgrades and Downgrades

WOR has been the topic of several recent analyst reports. Canaccord Genuity Group reiterated a "buy" rating and issued a $69.00 price target on shares of Worthington Enterprises in a report on Thursday, March 26th. Weiss Ratings reiterated a "hold (c)" rating on shares of Worthington Enterprises in a report on Monday, April 20th. Finally, Wall Street Zen downgraded Worthington Enterprises from a "buy" rating to a "hold" rating in a report on Saturday, April 11th. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Worthington Enterprises presently has an average rating of "Hold" and an average price target of $61.00.

Worthington Enterprises Company 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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