Canaccord Genuity Group Reiterates Buy Rating for Worthington Enterprises (NYSE:WOR)

Worthington Enterprises (NYSE:WOR)‘s stock had its “buy” rating reissued by equities research analysts at Canaccord Genuity Group in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $69.00 price target on the industrial products company’s stock. Canaccord Genuity Group’s price target would suggest a potential upside of 36.07% from the stock’s previous close.

WOR has been the subject of several other reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Worthington Enterprises in a research report on Wednesday, January 21st. Wall Street Zen upgraded shares of Worthington Enterprises from a “hold” rating to a “buy” rating in a research report on Saturday, January 10th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $61.00.

Worthington Enterprises Price Performance

Shares of Worthington Enterprises stock opened at $50.71 on Thursday. The business has a 50 day moving average of $53.79 and a 200 day moving average of $55.03. Worthington Enterprises has a 52 week low of $43.35 and a 52 week high of $70.91. The company has a market cap of $2.51 billion, a PE ratio of 22.54 and a beta of 1.32. The company has a quick ratio of 2.26, a current ratio of 2.36 and a debt-to-equity ratio of 0.31.

Worthington Enterprises (NYSE:WOR) last released its quarterly earnings results on Tuesday, March 24th. The industrial products company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.03. The business had revenue of $378.68 million for the quarter, compared to analysts’ expectations of $349.41 million. Worthington Enterprises had a net margin of 8.42% and a return on equity of 17.74%. The firm’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.91 earnings per share. As a group, equities research analysts forecast that Worthington Enterprises will post 2.67 earnings per share for the current year.

Institutional Trading of Worthington Enterprises

Hedge funds and other institutional investors have recently modified their holdings of the business. Essex Investment Management Co. LLC purchased a new position in Worthington Enterprises in the third quarter worth about $3,059,000. Fisher Asset Management LLC grew its holdings in shares of Worthington Enterprises by 19.4% during the third quarter. Fisher Asset Management LLC now owns 343,591 shares of the industrial products company’s stock valued at $19,066,000 after buying an additional 55,917 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Worthington Enterprises by 377.0% during the second quarter. Arrowstreet Capital Limited Partnership now owns 288,222 shares of the industrial products company’s stock valued at $18,342,000 after acquiring an additional 227,792 shares in the last quarter. Quantedge Capital Pte Ltd purchased a new position in Worthington Enterprises in the 2nd quarter worth approximately $1,546,000. Finally, Prudential Financial Inc. raised its holdings in Worthington Enterprises by 97.7% in the 2nd quarter. Prudential Financial Inc. now owns 103,150 shares of the industrial products company’s stock worth $6,564,000 after acquiring an additional 50,967 shares during the last quarter. 51.59% of the stock is owned by hedge funds and other institutional investors.

About Worthington Enterprises

Worthington Enterprises (NYSE:WOR) is a diversified metal manufacturing company that produces pressure vessels, engineered assemblies and fabricated metal products. The company’s portfolio includes the design and manufacture of cylinders for compressed gases, such as propane, natural gas and hydrogen, as well as transport tanks and other pressure-containment solutions for the industrial gas, energy and transportation markets. In addition to its pressure vessel operations, Worthington Enterprises offers metal processing and distribution services, supplying coil, sheet and plate products to customers across multiple industries.

Founded in 1955 and headquartered in Columbus, Ohio, Worthington Enterprises has grown from a single steel processing facility into a multi‐division organization with operations in the United States, Canada and Mexico.