Worthington Enterprises (NYSE:WOR) Posts Earnings Results, Beats Expectations By $0.22 EPS

Worthington Enterprises (NYSE:WOR - Get Free Report) released its quarterly earnings data on Tuesday. The industrial products company reported $1.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.84 by $0.22, Zacks reports. The firm had revenue of $317.88 million for the quarter, compared to analyst estimates of $300.96 million. Worthington Enterprises had a net margin of 8.33% and a return on equity of 16.66%. The business's quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.74 earnings per share.

Worthington Enterprises Price Performance

NYSE:WOR traded up $0.55 during trading hours on Friday, reaching $63.62. 825,795 shares of the company's stock were exchanged, compared to its average volume of 307,699. Worthington Enterprises has a 12 month low of $37.88 and a 12 month high of $70.91. The business's 50-day simple moving average is $57.10 and its two-hundred day simple moving average is $47.62. The company has a market capitalization of $3.18 billion, a P/E ratio of 33.31 and a beta of 1.19. The company has a quick ratio of 2.60, a current ratio of 3.48 and a debt-to-equity ratio of 0.32.

Worthington Enterprises Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.19%. This is an increase from Worthington Enterprises's previous quarterly dividend of $0.17. Worthington Enterprises's dividend payout ratio is 57.63%.

Institutional Investors Weigh In On Worthington Enterprises

Institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. increased its position in Worthington Enterprises by 3.5% during the first quarter. Goldman Sachs Group Inc. now owns 222,461 shares of the industrial products company's stock worth $11,143,000 after buying an additional 7,575 shares during the last quarter. Millennium Management LLC increased its stake in shares of 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 purchasing an additional 124,867 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Worthington Enterprises by 4.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,704 shares of the industrial products company's stock worth $937,000 after purchasing an additional 793 shares during the last quarter. AQR Capital Management LLC acquired a new position in shares of Worthington Enterprises during the first quarter worth approximately $533,000. Finally, Royal Bank of Canada boosted its position in shares of Worthington Enterprises by 4.5% in the first quarter. Royal Bank of Canada now owns 12,967 shares of the industrial products company's stock valued at $650,000 after acquiring an additional 554 shares during the period. 51.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

WOR has been the topic of a number of recent research reports. The Goldman Sachs Group boosted their price objective on Worthington Enterprises from $44.00 to $50.00 and gave the stock a "sell" rating in a research note on Thursday. Canaccord Genuity Group increased their price objective on Worthington Enterprises from $69.00 to $81.00 and gave the stock 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 issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $59.00.

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.