Worthington Enterprises (NYSE:WOR) Downgraded by Wall Street Zen to Buy

Key Points

• Worthington Enterprises has been downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, affecting investor sentiment.
• Goldman Sachs set a new price target of $50.00 with a "sell" rating, while Canaccord Genuity raised its target to $81.00 with a "buy" rating.
• Despite the rating changes, the company reported a strong earnings performance, with $1.06 earnings per share, surpassing estimates of $0.84.

Wall Street Zen lowered shares of Worthington Enterprises (NYSE:WOR - Free Report) from a strong-buy rating to a buy rating in a research note released on Saturday morning.

Several other equities research analysts have also issued reports on WOR. Canaccord Genuity Group boosted their price target on shares of Worthington Enterprises from $69.00 to $81.00 and gave the company a "buy" rating in a report on Thursday, June 26th. The Goldman Sachs Group boosted their target price on shares of Worthington Enterprises from $44.00 to $50.00 and gave the company a "sell" rating in a research note on Thursday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $59.00.

Worthington Enterprises Stock Performance

Worthington Enterprises stock traded down $0.9950 on Friday, hitting $64.5450. The company's stock had a trading volume of 160,349 shares, compared to its average volume of 216,210. The firm has a market cap of $3.21 billion, a P/E ratio of 33.79 and a beta of 1.21. The company has a quick ratio of 2.62, a current ratio of 3.48 and a debt-to-equity ratio of 0.32. The company has a fifty day moving average price of $62.71 and a 200-day moving average price of $53.73. Worthington Enterprises has a one year low of $37.88 and a one year high of $70.91.

Worthington Enterprises (NYSE:WOR - Get Free Report) last announced its quarterly earnings results on Tuesday, June 24th. The industrial products company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.22. 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 revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.74 EPS. On average, equities analysts anticipate that Worthington Enterprises will post 2.67 earnings per share for the current year.

Worthington Enterprises Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 1.2%. This is an increase from Worthington Enterprises's previous quarterly dividend of $0.17. Worthington Enterprises's payout ratio is currently 35.60%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in WOR. Teacher Retirement System of Texas increased its stake in Worthington Enterprises by 3.6% during the 2nd quarter. Teacher Retirement System of Texas now owns 4,930 shares of the industrial products company's stock worth $314,000 after purchasing an additional 173 shares in the last quarter. CWM LLC increased its stake in Worthington Enterprises by 33.5% during the 2nd quarter. CWM LLC now owns 813 shares of the industrial products company's stock worth $52,000 after purchasing an additional 204 shares in the last quarter. VELA Investment Management LLC increased its stake in Worthington Enterprises by 0.7% during the 2nd quarter. VELA Investment Management LLC now owns 31,363 shares of the industrial products company's stock worth $1,996,000 after purchasing an additional 213 shares in the last quarter. ORG Partners LLC increased its stake in Worthington Enterprises by 61.0% during the 2nd quarter. ORG Partners LLC now owns 660 shares of the industrial products company's stock worth $43,000 after purchasing an additional 250 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in Worthington Enterprises by 0.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 33,460 shares of the industrial products company's stock worth $2,129,000 after purchasing an additional 255 shares in the last quarter. Institutional investors and hedge funds 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.