Worthington Enterprises, Inc. (NYSE:WOR) to Issue Quarterly Dividend of $0.19

Worthington Enterprises, Inc. (NYSE:WOR - Get Free Report) declared a quarterly dividend on Tuesday, June 24th, RTT News reports. Shareholders of record on Monday, September 15th will be given a dividend of 0.19 per share by the industrial products company on Monday, September 29th. This represents a $0.76 annualized dividend and a dividend yield of 1.27%. This is a 11.8% increase from Worthington Enterprises's previous quarterly dividend of $0.17.

Worthington Enterprises has a payout ratio of 19.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Worthington Enterprises to earn $3.08 per share next year, which means the company should continue to be able to cover its $0.68 annual dividend with an expected future payout ratio of 22.1%.

Worthington Enterprises Stock Performance

WOR traded up $0.87 on Tuesday, reaching $60.07. The company had a trading volume of 518,551 shares, compared to its average volume of 305,075. Worthington Enterprises has a fifty-two week low of $37.88 and a fifty-two week high of $66.79. The stock has a market cap of $3.00 billion, a P/E ratio of 50.91 and a beta of 1.19. The company's fifty day moving average is $56.26 and its 200 day moving average is $47.29. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.60 and a current ratio of 3.51.

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, beating the consensus estimate of $0.84 by $0.22. Worthington Enterprises had a net margin of 5.23% and a return on equity of 15.16%. During the same period in the prior year, the firm earned $0.74 EPS. Worthington Enterprises's quarterly revenue was down .3% on a year-over-year basis. As a group, analysts predict that Worthington Enterprises will post 2.67 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on WOR shares. Canaccord Genuity Group raised Worthington Enterprises from a "hold" rating to a "buy" rating and raised their target price for the company from $54.00 to $67.00 in a report on Monday, May 5th. The Goldman Sachs Group raised their price objective on Worthington Enterprises from $39.00 to $44.00 and gave the company a "sell" rating in a research note on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Worthington Enterprises has a consensus rating of "Hold" and a consensus target price of $52.33.

Hedge Funds Weigh In On Worthington Enterprises

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada boosted its position in shares of Worthington Enterprises by 4.5% during the 1st quarter. Royal Bank of Canada now owns 12,967 shares of the industrial products company's stock worth $650,000 after purchasing an additional 554 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Worthington Enterprises by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,704 shares of the industrial products company's stock worth $937,000 after acquiring an additional 793 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Worthington Enterprises by 3.5% in the first quarter. Goldman Sachs Group Inc. now owns 222,461 shares of the industrial products company's stock worth $11,143,000 after acquiring an additional 7,575 shares in the last quarter. AQR Capital Management LLC bought a new position in Worthington Enterprises in the first quarter worth approximately $533,000. Finally, Millennium Management LLC boosted its holdings in Worthington Enterprises by 54.9% in the first quarter. Millennium Management LLC now owns 352,486 shares of the industrial products company's stock worth $17,656,000 after acquiring an additional 124,867 shares in the last quarter. Institutional investors own 51.59% of the company's stock.

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.