Worthington Enterprises (NYSE:WOR) Shares Gap Up on Strong Earnings

Worthington Enterprises, Inc. (NYSE:WOR - Get Free Report) gapped up before the market opened on Wednesday following a better than expected earnings announcement. 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 changing hands.

The industrial products company reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $0.84 by $0.22. The firm had revenue of $317.88 million during the quarter, compared to analyst estimates of $300.96 million. Worthington Enterprises had a net margin of 5.23% and a return on equity of 15.16%. The business's revenue for the quarter was down .3% on a year-over-year basis. During the same period in the previous year, the business earned $0.74 EPS.

Worthington Enterprises Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.20%. This is a boost from Worthington Enterprises's previous quarterly dividend of $0.17. Worthington Enterprises's dividend payout ratio is 57.63%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Canaccord Genuity Group raised shares of Worthington Enterprises from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $54.00 to $67.00 in a report on Monday, May 5th. The Goldman Sachs Group lifted their price target on shares of Worthington Enterprises from $39.00 to $44.00 and gave the stock a "sell" rating in a research note on Thursday, April 3rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $52.33.

Hedge Funds Weigh In On Worthington Enterprises

Large investors have recently bought and sold shares of the stock. Strs Ohio bought a new position in shares of Worthington Enterprises in the first quarter worth approximately $496,000. Belpointe Asset Management LLC purchased a new stake in Worthington Enterprises during the 1st quarter valued at $211,000. Goldman Sachs Group Inc. grew its holdings in Worthington Enterprises by 3.5% in the 1st 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 during the last quarter. Millennium Management LLC grew its holdings in 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 acquiring an additional 124,867 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Worthington Enterprises by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,704 shares of the industrial products company's stock valued at $937,000 after acquiring an additional 793 shares during the period. 51.59% of the stock is owned by hedge funds and other institutional investors.

Worthington Enterprises Trading Up 5.5%

The company has a debt-to-equity ratio of 0.31, a current ratio of 3.51 and a quick ratio of 2.60. The stock has a market capitalization of $3.17 billion, a P/E ratio of 53.93 and a beta of 1.19. The firm's 50 day moving average price is $56.51 and its 200 day moving average price is $47.38.

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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