Worthington Enterprises (NYSE:WOR) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Worthington Enterprises, Inc. (NYSE:WOR - Get Free Report) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $38.20, but opened at $43.78. Worthington Enterprises shares last traded at $43.24, with a volume of 181,176 shares.

The industrial products company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.52 by $0.08. Worthington Enterprises had a return on equity of 12.23% and a net margin of 1.96%. The company had revenue of $274.05 million during the quarter, compared to analysts' expectations of $273.77 million. During the same period in the prior year, the business posted $0.78 EPS. The business's revenue was down 8.1% on a year-over-year basis.

Worthington Enterprises Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.61%. Worthington Enterprises's dividend payout ratio (DPR) is presently 81.93%.

Analyst Upgrades and Downgrades

WOR has been the subject of several research analyst reports. Canaccord Genuity Group lowered their price objective on Worthington Enterprises from $52.00 to $46.00 and set a "hold" rating for the company in a report on Thursday, September 26th. Canaccord Genuity Group restated a "hold" rating and set a $46.00 price objective on shares of Worthington Enterprises in a research note on Friday, October 4th. Finally, StockNews.com raised shares of Worthington Enterprises from a "sell" rating to a "hold" rating in a report on Wednesday, September 25th.

Insider Buying and Selling at Worthington Enterprises

In related news, CFO Joseph B. Hayek acquired 2,500 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were acquired at an average price of $40.21 per share, for a total transaction of $100,525.00. Following the completion of the purchase, the chief financial officer now directly owns 168,875 shares of the company's stock, valued at $6,790,463.75. The trade was a 1.50 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 37.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Worthington Enterprises

Institutional investors and hedge funds have recently bought and sold shares of the business. American Century Companies Inc. boosted its holdings in Worthington Enterprises by 43.7% during the second quarter. American Century Companies Inc. now owns 568,678 shares of the industrial products company's stock worth $26,916,000 after buying an additional 172,850 shares in the last quarter. Lord Abbett & CO. LLC purchased a new position in Worthington Enterprises in the 3rd quarter worth about $3,663,000. Private Wealth Strategies L.L.C. acquired a new stake in Worthington Enterprises during the 2nd quarter worth about $3,913,000. Edgestream Partners L.P. purchased a new stake in Worthington Enterprises during the second quarter valued at about $3,060,000. Finally, Panagora Asset Management Inc. acquired a new stake in shares of Worthington Enterprises during the second quarter valued at approximately $2,044,000. 51.59% of the stock is owned by institutional investors and hedge funds.

Worthington Enterprises Stock Up 10.3 %

The business's 50 day moving average is $40.28 and its 200 day moving average is $44.38. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.34 and a current ratio of 3.47. The stock has a market cap of $2.12 billion, a price-to-earnings ratio of 55.45 and a beta of 1.26.

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.