Worthington Enterprises (NYSE:WOR) Reaches New 52-Week High Following Analyst Upgrade

Shares of Worthington Enterprises, Inc. (NYSE:WOR - Get Free Report) reached a new 52-week high during trading on Thursday after The Goldman Sachs Group raised their price target on the stock from $44.00 to $50.00. The Goldman Sachs Group currently has a sell rating on the stock. Worthington Enterprises traded as high as $70.91 and last traded at $61.12, with a volume of 950395 shares trading hands. The stock had previously closed at $60.15.

Separately, Canaccord Genuity Group raised their price objective on shares of Worthington Enterprises from $69.00 to $81.00 and gave the company a "buy" rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, two have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $59.00.

Institutional Investors Weigh In On Worthington Enterprises

A number of institutional investors and hedge funds have recently bought and sold shares of WOR. Hotchkis & Wiley Capital Management LLC purchased a new stake in Worthington Enterprises in the first quarter valued at approximately $11,769,000. American Century Companies Inc. raised its stake in Worthington Enterprises by 24.1% in the first quarter. American Century Companies Inc. now owns 821,947 shares of the industrial products company's stock valued at $41,171,000 after purchasing an additional 159,798 shares in the last quarter. Balyasny Asset Management L.P. raised its stake in Worthington Enterprises by 236.2% in the fourth quarter. Balyasny Asset Management L.P. now owns 222,281 shares of the industrial products company's stock valued at $8,916,000 after purchasing an additional 156,173 shares in the last quarter. Fisher Asset Management LLC raised its stake in Worthington Enterprises by 187.9% in the fourth quarter. Fisher Asset Management LLC now owns 202,305 shares of the industrial products company's stock valued at $8,114,000 after purchasing an additional 132,040 shares in the last quarter. Finally, Millennium Management LLC raised its stake 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 valued at $17,656,000 after purchasing an additional 124,867 shares in the last quarter. 51.59% of the stock is owned by hedge funds and other institutional investors.

Worthington Enterprises Price Performance

The business's 50 day moving average is $57.43 and its two-hundred day moving average is $47.83. The firm has a market capitalization of $3.18 billion, a PE ratio of 33.31 and a beta of 1.19. The company has a debt-to-equity ratio of 0.32, a current ratio of 3.48 and a quick ratio of 2.62.

Worthington Enterprises (NYSE:WOR - Get Free Report) last posted 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 firm had revenue of $317.88 million for the quarter, compared to the consensus estimate of $300.96 million. Worthington Enterprises had a net margin of 8.33% and a return on equity of 16.66%. The business's revenue was down .3% compared to the same quarter last year. During the same period last year, the firm posted $0.74 earnings per share. As a group, research analysts anticipate that Worthington Enterprises, Inc. will post 2.67 EPS for the current year.

Worthington Enterprises Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.19 per share. 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 1.19%. Worthington Enterprises's dividend payout ratio (DPR) is 57.63%.

Worthington Enterprises Company 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.