Zurcher Kantonalbank Zurich Cantonalbank Lowers Stock Holdings in Worthington Enterprises, Inc. (NYSE:WOR)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank reduced its ownership of Worthington Enterprises by 42.7%, selling 12,657 shares and retaining 17,002 shares, worth $852,000 at quarter-end.
• Worthington Enterprises announced a dividend increase to $0.19 per share, effective September 29, compared to the previous $0.17, maintaining a payout ratio of 35.60%.
• Analysts are divided on Worthington Enterprises with a consensus rating of "Hold," but Canaccord Genuity raised its price target significantly from $69.00 to $81.00.

Zurcher Kantonalbank Zurich Cantonalbank lessened its stake in Worthington Enterprises, Inc. (NYSE:WOR - Free Report) by 42.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 17,002 shares of the industrial products company's stock after selling 12,657 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Worthington Enterprises were worth $852,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in WOR. Northern Trust Corp raised its position in shares of Worthington Enterprises by 7.4% during the 4th quarter. Northern Trust Corp now owns 380,851 shares of the industrial products company's stock worth $15,276,000 after acquiring an additional 26,178 shares in the last quarter. Balyasny Asset Management L.P. raised its position in shares of Worthington Enterprises by 236.2% during the 4th quarter. Balyasny Asset Management L.P. now owns 222,281 shares of the industrial products company's stock worth $8,916,000 after acquiring an additional 156,173 shares in the last quarter. Lord Abbett & CO. LLC raised its position in shares of Worthington Enterprises by 132.4% during the 4th quarter. Lord Abbett & CO. LLC now owns 205,330 shares of the industrial products company's stock worth $8,236,000 after acquiring an additional 116,964 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Worthington Enterprises by 44.0% during the 4th quarter. JPMorgan Chase & Co. now owns 198,848 shares of the industrial products company's stock worth $7,976,000 after acquiring an additional 60,733 shares in the last quarter. Finally, Marshall Wace LLP raised its position in shares of Worthington Enterprises by 151.9% during the 4th quarter. Marshall Wace LLP now owns 181,650 shares of the industrial products company's stock worth $7,286,000 after acquiring an additional 109,525 shares in the last quarter. Hedge funds and other institutional investors own 51.59% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on WOR shares. The Goldman Sachs Group raised their target price on Worthington Enterprises from $44.00 to $50.00 and gave the stock a "sell" rating in a research report on Thursday, June 26th. Canaccord Genuity Group raised their target price 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 sell rating, two have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $59.00.

Worthington Enterprises Stock Performance

WOR traded down $0.11 during trading on Friday, hitting $63.22. 194,901 shares of the stock were exchanged, compared to its average volume of 247,710. The firm has a market capitalization of $3.15 billion, a P/E ratio of 33.10 and a beta of 1.21. Worthington Enterprises, Inc. has a 1-year low of $37.88 and a 1-year high of $70.91. The stock has a fifty day moving average price of $61.94 and a two-hundred day moving average price of $52.46. The company has a quick ratio of 2.62, a current ratio of 3.48 and a debt-to-equity ratio of 0.32.

Worthington Enterprises (NYSE:WOR - Get Free Report) last released its quarterly earnings results on Tuesday, June 24th. The industrial products company reported $1.06 EPS for the quarter, topping the consensus estimate of $0.84 by $0.22. The company had revenue of $317.88 million for the quarter, compared to analyst estimates of $300.96 million. Worthington Enterprises had a return on equity of 16.66% and a net margin of 8.33%. The firm's revenue was down .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.74 earnings per share. As a group, sell-side analysts predict that Worthington Enterprises, Inc. will post 2.67 earnings per share for the current year.

Worthington Enterprises Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a $0.19 dividend. This is an increase from Worthington Enterprises's previous quarterly dividend of $0.17. This represents a $0.76 annualized dividend and a dividend yield of 1.2%. Worthington Enterprises's dividend payout ratio (DPR) is 35.60%.

Worthington Enterprises Profile

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.