Lord Abbett & CO. LLC Invests $3.66 Million in Worthington Enterprises, Inc. (NYSE:WOR)

Lord Abbett & CO. LLC acquired a new position in shares of Worthington Enterprises, Inc. (NYSE:WOR - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 88,366 shares of the industrial products company's stock, valued at approximately $3,663,000. Lord Abbett & CO. LLC owned about 0.18% of Worthington Enterprises at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. American Century Companies Inc. lifted its position in shares of Worthington Enterprises by 43.7% in the 2nd quarter. American Century Companies Inc. now owns 568,678 shares of the industrial products company's stock worth $26,916,000 after purchasing an additional 172,850 shares during the period. Private Wealth Strategies L.L.C. bought a new position in shares of Worthington Enterprises in the 2nd quarter worth about $3,913,000. Edgestream Partners L.P. bought a new position in shares of Worthington Enterprises in the 2nd quarter worth about $3,060,000. Panagora Asset Management Inc. bought a new stake in shares of Worthington Enterprises during the 2nd quarter valued at about $2,044,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Worthington Enterprises during the 3rd quarter valued at about $1,764,000. 51.59% of the stock is owned by institutional investors and hedge funds.

Worthington Enterprises Stock Down 1.4 %

Shares of NYSE WOR traded down $0.55 during mid-day trading on Tuesday, reaching $38.13. 416,129 shares of the company's stock traded hands, compared to its average volume of 272,827. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.47 and a quick ratio of 2.34. The business has a 50-day simple moving average of $40.35 and a 200 day simple moving average of $44.51. The stock has a market cap of $1.92 billion, a P/E ratio of 50.89 and a beta of 1.26. Worthington Enterprises, Inc. has a 1-year low of $37.88 and a 1-year high of $69.96.

Worthington Enterprises (NYSE:WOR - Get Free Report) last released its quarterly earnings results on Tuesday, December 17th. The industrial products company reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.08. Worthington Enterprises had a return on equity of 12.23% and a net margin of 1.96%. The business had revenue of $274.05 million during the quarter, compared to the consensus estimate of $273.77 million. During the same quarter in the previous year, the business earned $0.78 EPS. The company's quarterly revenue was down 8.1% on a year-over-year basis.

Worthington Enterprises Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.78%. Worthington Enterprises's dividend payout ratio (DPR) is presently 89.47%.

Insiders Place Their Bets

In related news, CFO Joseph B. Hayek bought 2,500 shares of Worthington Enterprises stock in a transaction dated Friday, October 11th. The stock was purchased at an average cost of $40.21 per share, with a total value of $100,525.00. Following the transaction, the chief financial officer now directly owns 168,875 shares of the company's stock, valued at approximately $6,790,463.75. The trade was a 1.50 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 37.50% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. StockNews.com upgraded Worthington Enterprises from a "sell" rating to a "hold" rating in a report on Wednesday, September 25th. Canaccord Genuity Group decreased their price target on shares of Worthington Enterprises from $52.00 to $46.00 and set a "hold" rating for the company in a research note on Thursday, September 26th. Finally, Canaccord Genuity Group reissued a "hold" rating and set a $46.00 price objective on shares of Worthington Enterprises in a research report on Friday, October 4th.

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.