Worthington Enterprises (NYSE:WOR) Shares Gap Up Following Earnings Beat

Worthington Enterprises, Inc. (NYSE:WOR - Get Free Report) shares gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $60.15, but opened at $70.23. Worthington Enterprises shares last traded at $64.66, with a volume of 170,375 shares trading hands.

The industrial products company reported $1.06 EPS for the quarter, topping the consensus estimate of $0.84 by $0.22. Worthington Enterprises had a net margin of 8.33% and a return on equity of 16.66%. The business had revenue of $317.88 million during the quarter, compared to analyst estimates of $300.96 million. During the same period last year, the business posted $0.74 earnings per share. Worthington Enterprises's quarterly revenue was down .3% compared to the same quarter last year.

Worthington Enterprises Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a $0.19 dividend. This is a positive change 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 (DPR) is 57.63%.

Wall Street Analyst Weigh In

WOR has been the topic of several recent research reports. Canaccord Genuity Group upped their price target on Worthington Enterprises from $69.00 to $81.00 and gave the stock a "buy" rating in a research note on Thursday. The Goldman Sachs Group raised their price objective on Worthington Enterprises from $44.00 to $50.00 and gave the company a "sell" rating in a research report on Thursday. One investment 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, the company currently has a consensus rating of "Hold" and a consensus target price of $59.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Hotchkis & Wiley Capital Management LLC bought a new stake in shares of Worthington Enterprises in the 1st quarter worth $11,769,000. American Century Companies Inc. increased its holdings in shares of Worthington Enterprises by 24.1% in the 1st quarter. American Century Companies Inc. now owns 821,947 shares of the industrial products company's stock worth $41,171,000 after purchasing an additional 159,798 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of Worthington Enterprises by 236.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 222,281 shares of the industrial products company's stock worth $8,916,000 after purchasing an additional 156,173 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Worthington Enterprises by 187.9% in the 4th quarter. Fisher Asset Management LLC now owns 202,305 shares of the industrial products company's stock worth $8,114,000 after purchasing an additional 132,040 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Worthington Enterprises by 54.9% in the 1st 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 in the last quarter. Institutional investors own 51.59% of the company's stock.

Worthington Enterprises Trading Up 0.9%

The firm has a market cap of $3.18 billion, a P/E ratio of 33.31 and a beta of 1.19. The stock has a fifty day simple moving average of $57.10 and a 200 day simple moving average of $47.62. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.60 and a current ratio of 3.48.

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.