Worthington Enterprises (NYSE:WOR) Shares Gap Down - Here's Why

Key Points

• Worthington shares fell: WOR opened at $59.78, down from its prior close of $62.67, and was last reported at $59.585. The article does not identify a specific catalyst for the drop.
• Quarterly results beat expectations: The company reported EPS of $0.82 versus estimates of $0.75 and revenue of $343.89 million versus expectations of $331.26 million; revenue rose 13.2% year over year.
• Analyst sentiment remained positive: Canaccord raised its price target to $75 and maintained a Buy rating; the stock’s consensus rating was Moderate Buy, with a $75 target.

Worthington Enterprises, Inc. (NYSE:WOR - Get Free Report) gapped down prior to trading on Wednesday. The stock had previously closed at $62.67, but opened at $59.78. Worthington Enterprises shares last traded at $59.5850, with a volume of 10,410 shares.

Analyst Ratings Changes

A number of equities analysts have weighed in on WOR shares. Weiss Ratings raised shares of Worthington Enterprises from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, October 8th. Canaccord Genuity Group increased their price target on shares of Worthington Enterprises from $67.00 to $75.00 and gave the company a "buy" rating in a research note on Thursday, September 24th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $75.00.

Worthington Enterprises Trading Down 3.4%

The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.53 and a current ratio of 2.67. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of 17.61 and a beta of 1.30. The business's 50-day simple moving average is $61.27 and its 200-day simple moving average is $56.76.

Worthington Enterprises (NYSE:WOR - Get Free Report) last issued its quarterly earnings results on Tuesday, September 22nd. The industrial products company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.75 by $0.07. The company had revenue of $343.89 million during the quarter, compared to analysts' expectations of $331.26 million. Worthington Enterprises had a net margin of 11.50% and a return on equity of 16.71%. Worthington Enterprises's revenue was up 13.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.74 EPS. On average, research analysts expect that Worthington Enterprises, Inc. will post 3.80 earnings per share for the current fiscal year.

Worthington Enterprises Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 29th. Shareholders of record on Tuesday, December 15th will be issued a dividend of $0.20 per share. 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, December 15th. Worthington Enterprises's payout ratio is currently 24.17%.

Insider Activity at Worthington Enterprises

In other Worthington Enterprises news, major shareholder John McConnell sold 42,491 shares of the company's stock in a transaction on Monday, September 28th. The shares were sold at an average price of $60.43, for a total transaction of $2,567,731.13. Following the completion of the sale, the insider owned 1,335,648 shares in the company, valued at approximately $80,713,208.64. The trade was a 3.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.50% of the company's stock.

Institutional Investors Weigh In On Worthington Enterprises

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Worthington Enterprises in the second quarter valued at about $283,372,000. Fort Washington Investment Advisors Inc. OH boosted its holdings in Worthington Enterprises by 1.6% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 537,773 shares of the industrial products company's stock worth $32,019,000 after buying an additional 8,560 shares during the last quarter. Windsor Advisory Group LLC grew its position in shares of Worthington Enterprises by 23.5% during the 1st quarter. Windsor Advisory Group LLC now owns 459,633 shares of the industrial products company's stock worth $23,965,000 after buying an additional 87,351 shares during the period. Fisher Asset Management LLC grew its position in shares of Worthington Enterprises by 7.1% during the 3rd quarter. Fisher Asset Management LLC now owns 457,693 shares of the industrial products company's stock worth $27,251,000 after buying an additional 30,174 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in shares of Worthington Enterprises in the 2nd quarter valued at about $18,376,000. 51.59% of the stock is owned by institutional investors and hedge funds.

About Worthington Enterprises

Worthington Enterprises designs and manufactures products for building and construction, consumer markets, and sustainable energy applications. Its offerings include pressure cylinders used for propane, industrial gases, and other applications, as well as products for residential water systems and construction. The company's consumer products include outdoor living and heating products, hand torches, and fuel cylinders. Its portfolio also includes equipment and components intended for applications such as compressed natural gas and hydrogen storage.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.