Worthington Enterprises (NYSE:WOR) Shares Gap Down After Earnings Miss

Shares of Worthington Enterprises, Inc. (NYSE:WOR) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $56.29, but opened at $51.25. Worthington Enterprises shares last traded at $54.1350, with a volume of 65,611 shares changing hands.

The industrial products company reported $0.65 EPS for the quarter, missing the consensus estimate of $0.71 by ($0.06). Worthington Enterprises had a net margin of 8.46% and a return on equity of 17.70%. The business had revenue of $327.45 million for the quarter, compared to the consensus estimate of $310.60 million. During the same quarter last year, the business earned $0.60 EPS. Worthington Enterprises’s revenue for the quarter was up 19.5% compared to the same quarter last year.

Worthington Enterprises Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, March 13th will be given a $0.19 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.76 annualized dividend and a yield of 1.4%. Worthington Enterprises’s dividend payout ratio (DPR) is currently 35.85%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on WOR shares. Zacks Research cut Worthington Enterprises from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 25th. Weiss Ratings reiterated a “hold (c)” rating on shares of Worthington Enterprises in a report on Wednesday, October 8th. CJS Securities raised Worthington Enterprises from a “market perform” rating to an “outperform” rating and set a $64.00 target price on the stock in a research report on Wednesday, September 24th. Wall Street Zen downgraded Worthington Enterprises from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 11th. Finally, Canaccord Genuity Group dropped their price objective on shares of Worthington Enterprises from $73.00 to $69.00 and set a “buy” rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Worthington Enterprises presently has an average rating of “Moderate Buy” and an average price target of $61.00.

Insider Buying and Selling

In other Worthington Enterprises news, Director Michael J. Endres bought 10,000 shares of Worthington Enterprises stock in a transaction on Thursday, September 25th. The shares were acquired at an average price of $52.95 per share, for a total transaction of $529,500.00. Following the completion of the purchase, the director directly owned 95,524 shares in the company, valued at approximately $5,057,995.80. This trade represents a 11.69% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.40% of the stock is owned by company insiders.

Institutional Trading of Worthington Enterprises

A number of large investors have recently made changes to their positions in WOR. Hantz Financial Services Inc. grew its stake in Worthington Enterprises by 61.0% in the 3rd quarter. Hantz Financial Services Inc. now owns 525 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 199 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Worthington Enterprises by 693.6% in the second quarter. EverSource Wealth Advisors LLC now owns 619 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 541 shares during the period. ORG Partners LLC grew its stake in Worthington Enterprises by 61.0% in the second 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. Ameritas Advisory Services LLC bought a new position in Worthington Enterprises in the second quarter worth approximately $46,000. Finally, Quarry LP purchased a new position in Worthington Enterprises during the 1st quarter worth $49,000. 51.59% of the stock is owned by hedge funds and other institutional investors.

Worthington Enterprises Price Performance

The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.24 and a current ratio of 3.26. The firm has a fifty day simple moving average of $55.57 and a 200 day simple moving average of $59.71. The company has a market capitalization of $2.60 billion, a PE ratio of 24.74 and a beta of 1.33.

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.