The Goldman Sachs Group Forecasts Strong Price Appreciation for Worthington Enterprises (NYSE:WOR) Stock

Worthington Enterprises (NYSE:WOR) had its price objective hoisted by The Goldman Sachs Group from $44.00 to $50.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has a sell rating on the industrial products company’s stock.

Separately, Canaccord Genuity Group increased their price target on shares of Worthington Enterprises from $69.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $59.00.

Worthington Enterprises Price Performance

NYSE WOR opened at $63.00 on Thursday. Worthington Enterprises has a 52 week low of $37.88 and a 52 week high of $70.91. The company has a market cap of $3.14 billion, a PE ratio of 32.98 and a beta of 1.19. The company has a quick ratio of 2.60, a current ratio of 3.48 and a debt-to-equity ratio of 0.32. The firm’s 50-day simple moving average is $56.79 and its two-hundred day simple moving average is $47.48.

Worthington Enterprises (NYSE:WOR) last announced its quarterly earnings results on Tuesday, June 24th. The industrial products company reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.22. Worthington Enterprises had a net margin of 8.33% and a return on equity of 16.66%. The firm had revenue of $317.88 million for the quarter, compared to the consensus estimate of $300.96 million. During the same period in the prior year, the firm posted $0.74 earnings per share. The company’s revenue for the quarter was down .3% on a year-over-year basis. Research analysts predict that Worthington Enterprises will post 2.67 earnings per share for the current year.

Worthington Enterprises Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.21%. This is an increase from Worthington Enterprises’s previous quarterly dividend of $0.17. Worthington Enterprises’s dividend payout ratio is presently 57.63%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of WOR. Rhumbline Advisers increased its position in shares of Worthington Enterprises by 9.7% in the fourth quarter. Rhumbline Advisers now owns 107,490 shares of the industrial products company’s stock worth $4,311,000 after purchasing an additional 9,539 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Worthington Enterprises by 3.3% in the fourth quarter. Principal Financial Group Inc. now owns 151,998 shares of the industrial products company’s stock worth $6,097,000 after purchasing an additional 4,803 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Worthington Enterprises by 3.6% in the fourth quarter. Bank of New York Mellon Corp now owns 414,546 shares of the industrial products company’s stock worth $16,627,000 after purchasing an additional 14,328 shares during the last quarter. Proficio Capital Partners LLC bought a new position in shares of Worthington Enterprises in the fourth quarter worth approximately $478,000. Finally, VELA Investment Management LLC bought a new position in shares of Worthington Enterprises in the fourth quarter worth approximately $1,224,000. 51.59% of the stock is currently owned by institutional investors.

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.