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

Key Points

• Worthington Enterprises' stock gapped down from $60.26 to $55.27 before trading at $51.53, coinciding with ratings adjustments from various analysts.
• Analysts have mixed opinions on Worthington's stock, with ratings ranging from "Strong Buy" to "Sell," and a consensus rating of "Hold" with an average price target of $59.00.
• The company announced a quarterly dividend of $0.19 per share, which will be paid on December 29, representing an annualized dividend yield of 1.5%.

Worthington Enterprises, Inc. (NYSE:WOR - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $60.26, but opened at $55.27. Worthington Enterprises shares last traded at $51.53, with a volume of 117,506 shares.

Analysts Set New Price Targets

Several research analysts have recently issued reports on WOR shares. Zacks Research cut shares of Worthington Enterprises from a "strong-buy" rating to a "hold" rating in a report on Monday, August 25th. Wall Street Zen upgraded shares of Worthington Enterprises from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 24th. The Goldman Sachs Group upped their target price on shares of Worthington Enterprises from $44.00 to $50.00 and gave the company a "sell" rating in a report on Thursday, June 26th. Finally, Canaccord Genuity Group increased their price target on shares of Worthington Enterprises from $69.00 to $81.00 and gave the stock a "buy" rating in a research note on Thursday, June 26th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Worthington Enterprises currently has a consensus rating of "Hold" and an average price target of $59.00.

Worthington Enterprises Stock Performance

The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of 26.77 and a beta of 1.20. The stock's 50 day moving average is $63.71 and its 200 day moving average is $57.50. The company has a current ratio of 3.48, a quick ratio of 2.62 and a debt-to-equity ratio of 0.32.

Worthington Enterprises (NYSE:WOR - Get Free Report) last issued its quarterly earnings data on Tuesday, September 23rd. The industrial products company reported $0.74 EPS for the quarter, beating analysts' consensus estimates of $0.70 by $0.04. Worthington Enterprises had a net margin of 8.33% and a return on equity of 16.66%. The firm had revenue of $303.70 million for the quarter, compared to analysts' expectations of $291.84 million. During the same period in the prior year, the company earned $0.50 EPS. The firm's revenue was up 18.0% on a year-over-year basis. On average, analysts predict that Worthington Enterprises, Inc. will post 2.67 earnings per share for the current year.

Worthington Enterprises Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 29th. Investors of record on Monday, December 15th will be given a $0.19 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.76 annualized dividend and a dividend yield of 1.5%. Worthington Enterprises's dividend payout ratio (DPR) is currently 39.79%.

Institutional Trading of Worthington Enterprises

Hedge funds have recently made changes to their positions in the company. Sequoia Financial Advisors LLC bought a new stake in shares of Worthington Enterprises in the first quarter worth $256,000. GAMMA Investing LLC boosted its holdings in Worthington Enterprises by 77.2% in the first quarter. GAMMA Investing LLC now owns 1,644 shares of the industrial products company's stock worth $82,000 after purchasing an additional 716 shares during the period. Mutual of America Capital Management LLC acquired a new position in Worthington Enterprises in the first quarter worth $226,000. Y Intercept Hong Kong Ltd boosted its holdings in Worthington Enterprises by 44.4% in the first quarter. Y Intercept Hong Kong Ltd now owns 8,794 shares of the industrial products company's stock worth $440,000 after purchasing an additional 2,704 shares during the period. Finally, Nuveen LLC acquired a new position in Worthington Enterprises in the first quarter worth $4,082,000. 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.

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