Canaccord Genuity Group Forecasts Strong Price Appreciation for Worthington Enterprises (NYSE:WOR) Stock

Worthington Enterprises (NYSE:WOR - Free Report) had its price objective raised by Canaccord Genuity Group from $69.00 to $81.00 in a research note released on Thursday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the industrial products company's stock.

Separately, The Goldman Sachs Group upped 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 issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $59.00.

Worthington Enterprises Stock Performance

Worthington Enterprises stock traded up $0.55 during mid-day trading on Thursday, reaching $63.62. 825,795 shares of the company's stock were exchanged, compared to its average volume of 300,759. The business's fifty day simple moving average is $57.43 and its 200 day simple 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. Worthington Enterprises has a one year low of $37.88 and a one year high of $70.91. 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 issued its quarterly earnings results on Tuesday, June 24th. The industrial products company reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $0.84 by $0.22. Worthington Enterprises had a return on equity of 16.66% and a net margin of 8.33%. The business had revenue of $317.88 million for the quarter, compared to analyst estimates of $300.96 million. During the same period last year, the company posted $0.74 earnings per share. Worthington Enterprises's quarterly revenue was down .3% compared to the same quarter last year. On average, sell-side analysts expect that Worthington Enterprises will post 2.67 earnings per share for the current year.

Worthington Enterprises Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors 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 yield of 1.19%. Worthington Enterprises's dividend payout ratio is presently 57.63%.

Hedge Funds Weigh In On Worthington Enterprises

Several institutional investors have recently bought and sold shares of the company. Strs Ohio purchased a new position in Worthington Enterprises in the first quarter valued at approximately $496,000. Belpointe Asset Management LLC purchased a new stake in shares of Worthington Enterprises during the first quarter worth $211,000. Goldman Sachs Group Inc. lifted its position in shares of 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 acquiring an additional 7,575 shares in the last quarter. Millennium Management LLC lifted its position in shares of Worthington Enterprises by 54.9% during 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. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Worthington Enterprises by 4.4% during 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. Hedge funds and other 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.