Worthington Enterprises (NYSE:WOR) Shares Gap Down Following Weak Earnings

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 $45.29, but opened at $43.72. Worthington Enterprises shares last traded at $45.88, with a volume of 142,302 shares trading hands.

The industrial products company reported $0.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.71 by ($0.21). Worthington Enterprises had a net margin of 1.96% and a return on equity of 11.40%. The business had revenue of $257.31 million for the quarter, compared to analysts’ expectations of $296.05 million. During the same period in the prior year, the company posted $2.06 EPS. The firm’s revenue was down 17.5% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Canaccord Genuity Group cut their price target on Worthington Enterprises from $52.00 to $46.00 and set a “hold” rating for the company in a report on Thursday. StockNews.com raised Worthington Enterprises from a “sell” rating to a “hold” rating in a research note on Wednesday. Canaccord Genuity Group lowered their price target on shares of Worthington Enterprises from $52.00 to $46.00 and set a “hold” rating on the stock in a research report on Thursday. Finally, The Goldman Sachs Group dropped their price objective on shares of Worthington Enterprises from $56.00 to $43.00 and set a “sell” rating for the company in a report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. According to data from MarketBeat.com, Worthington Enterprises presently has an average rating of “Hold” and an average price target of $45.00.

Institutional Trading of Worthington Enterprises

A number of hedge funds and other institutional investors have recently modified their holdings of WOR. Norges Bank purchased a new position in Worthington Enterprises during the fourth quarter worth about $19,073,000. TFO Wealth Partners LLC increased its holdings in Worthington Enterprises by 60,700.0% in the 4th quarter. TFO Wealth Partners LLC now owns 1,824 shares of the industrial products company’s stock valued at $105,000 after purchasing an additional 1,821 shares during the last quarter. Capital International Investors purchased a new stake in Worthington Enterprises in the fourth quarter valued at approximately $26,329,000. Quantedge Capital Pte Ltd acquired a new position in Worthington Enterprises during the fourth quarter worth $201,000. Finally, Neo Ivy Capital Management purchased a new position in shares of Worthington Enterprises during the fourth quarter worth $81,000. 51.59% of the stock is owned by institutional investors and hedge funds.

Worthington Enterprises Price Performance

The company has a debt-to-equity ratio of 0.33, a current ratio of 3.78 and a quick ratio of 2.86. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of 18.14 and a beta of 1.25. The stock has a 50 day moving average price of $45.50 and a two-hundred day moving average price of $52.32.

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.