16,134 Shares in Worthington Enterprises, Inc. $WOR Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company acquired a new position in shares of Worthington Enterprises, Inc. (NYSE:WOR) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 16,134 shares of the industrial products company’s stock, valued at approximately $867,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Brandywine Trust Co. bought a new stake in shares of Worthington Enterprises during the 2nd quarter valued at $269,000. Algert Global LLC acquired a new position in Worthington Enterprises in the second quarter valued at about $3,687,000. De Lisle Partners LLP bought a new stake in Worthington Enterprises during the second quarter worth about $4,748,000. G2 Capital Management LLC OH bought a new stake in Worthington Enterprises during the second quarter worth about $635,000. Finally, Frazier Financial Advisors LLC acquired a new stake in Worthington Enterprises during the second quarter worth about $839,000. 51.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Wall Street Zen lowered shares of Worthington Enterprises from a “buy” rating to a “hold” rating in a report on Saturday, June 27th. Canaccord Genuity Group reduced their price target on shares of Worthington Enterprises from $69.00 to $67.00 and set a “buy” rating on the stock in a research report on Thursday, June 25th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Worthington Enterprises in a research report on Friday, July 17th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Worthington Enterprises has an average rating of “Moderate Buy” and an average price target of $65.50.

Insider Activity

In related news, major shareholder John McConnell sold 17,625 shares of Worthington Enterprises stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $53.04, for a total transaction of $934,830.00. Following the sale, the insider directly owned 1,335,648 shares of the company’s stock, valued at approximately $70,842,769.92. The trade was a 1.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.50% of the company’s stock.

Worthington Enterprises Price Performance

Worthington Enterprises stock opened at $62.41 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.43 and a current ratio of 2.37. Worthington Enterprises, Inc. has a 52 week low of $45.01 and a 52 week high of $66.47. The stock has a market capitalization of $3.05 billion, a P/E ratio of 19.88 and a beta of 1.30. The stock has a fifty day moving average of $56.44 and a 200-day moving average of $55.29.

Worthington Enterprises (NYSE:WOR) last released its quarterly earnings data on Tuesday, June 23rd. The industrial products company reported $0.97 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.07). Worthington Enterprises had a net margin of 11.30% and a return on equity of 16.79%. The business had revenue of $371.46 million during the quarter, compared to analyst estimates of $386.49 million. During the same period last year, the business earned $1.06 earnings per share. The business’s quarterly revenue was up 16.9% compared to the same quarter last year. On average, sell-side analysts expect that Worthington Enterprises, Inc. will post 3.85 earnings per share for the current fiscal year.

Worthington Enterprises Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Tuesday, September 15th. This is an increase from Worthington Enterprises’s previous quarterly dividend of $0.19. Worthington Enterprises’s dividend payout ratio is 25.48%.

Worthington Enterprises Company Profile

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.