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

Worthington Enterprises, Inc. (NYSE:WOR)’s share price gapped down prior to trading 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 traded.

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

Analyst Ratings Changes

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

Hedge Funds Weigh In On Worthington Enterprises

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Worthington Enterprises by 6.6% during the 4th quarter. Vanguard Group Inc. now owns 3,901,794 shares of the industrial products company’s stock worth $224,548,000 after purchasing an additional 242,833 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Worthington Enterprises by 43.7% during the second quarter. American Century Companies Inc. now owns 568,678 shares of the industrial products company’s stock valued at $26,916,000 after acquiring an additional 172,850 shares during the last quarter. Capital International Investors purchased a new position in shares of Worthington Enterprises in the fourth quarter valued at approximately $26,329,000. Norges Bank acquired a new stake in shares of Worthington Enterprises in the fourth quarter worth approximately $19,073,000. Finally, Principal Financial Group Inc. boosted its stake in shares of Worthington Enterprises by 7.1% in the first quarter. Principal Financial Group Inc. now owns 170,214 shares of the industrial products company’s stock worth $10,592,000 after acquiring an additional 11,302 shares during the last quarter. 51.59% of the stock is owned by hedge funds and other institutional investors.

Worthington Enterprises Price Performance

The company has a 50-day moving average of $45.50 and a 200 day moving average of $52.32. The company has a quick ratio of 2.86, a current ratio of 3.78 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $2.01 billion, a PE ratio of 18.14 and a beta of 1.25.

Worthington Enterprises Company Profile

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.