Summit Financial Strategies Inc. Sells 2,155 Shares of Worthington Enterprises, Inc. (NYSE:WOR)

Summit Financial Strategies Inc. trimmed its holdings in shares of Worthington Enterprises, Inc. (NYSE:WOR) by 13.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,431 shares of the industrial products company’s stock after selling 2,155 shares during the period. Summit Financial Strategies Inc.’s holdings in Worthington Enterprises were worth $557,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Fidelis Capital Partners LLC acquired a new position in shares of Worthington Enterprises during the 1st quarter worth about $38,000. Itau Unibanco Holding S.A. acquired a new position in Worthington Enterprises during the second quarter valued at approximately $57,000. EntryPoint Capital LLC grew its holdings in Worthington Enterprises by 255.3% during the first quarter. EntryPoint Capital LLC now owns 1,723 shares of the industrial products company’s stock valued at $107,000 after purchasing an additional 1,238 shares during the period. SG Americas Securities LLC increased its stake in Worthington Enterprises by 19.7% in the first quarter. SG Americas Securities LLC now owns 2,376 shares of the industrial products company’s stock valued at $148,000 after purchasing an additional 391 shares in the last quarter. Finally, MQS Management LLC acquired a new stake in Worthington Enterprises in the second quarter worth $208,000. 51.59% of the stock is owned by institutional investors.

Worthington Enterprises Stock Up 0.5 %

Shares of NYSE:WOR traded up $0.21 during mid-day trading on Thursday, reaching $41.24. 18,050 shares of the stock were exchanged, compared to its average volume of 287,066. The stock’s 50 day simple moving average is $43.44 and its 200-day simple moving average is $50.09. Worthington Enterprises, Inc. has a one year low of $36.38 and a one year high of $69.96. The company has a market cap of $2.07 billion, a P/E ratio of 54.00 and a beta of 1.25. The company has a quick ratio of 2.34, a current ratio of 3.47 and a debt-to-equity ratio of 0.33.

Worthington Enterprises (NYSE:WOR) last issued its quarterly earnings results on Tuesday, September 24th. The industrial products company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.21). The business had revenue of $257.31 million for the quarter, compared to the consensus estimate of $296.05 million. Worthington Enterprises had a return on equity of 12.23% and a net margin of 1.96%. Worthington Enterprises’s revenue was down 17.5% compared to the same quarter last year. During the same period in the prior year, the business earned $2.06 earnings per share.

Worthington Enterprises Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.65%. Worthington Enterprises’s dividend payout ratio is 89.47%.

Insider Activity

In related news, CFO Joseph B. Hayek bought 2,500 shares of the company’s 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 acquisition, the chief financial officer now owns 168,875 shares of the company’s stock, valued at approximately $6,790,463.75. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 37.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms recently commented on WOR. Canaccord Genuity Group lowered their price objective on shares of Worthington Enterprises from $52.00 to $46.00 and set a “hold” rating for the company in a research report on Thursday, September 26th. The Goldman Sachs Group cut their price objective on Worthington Enterprises from $56.00 to $43.00 and set a “sell” rating on the stock in a report on Tuesday, July 2nd. Canaccord Genuity Group reissued a “hold” rating and set a $46.00 target price 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 research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $45.00.

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.