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

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

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

Worthington Enterprises Price Performance

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

Worthington Enterprises (NYSE:WOR) last released its 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). Worthington Enterprises had a return on equity of 12.23% and a net margin of 1.96%. The business had revenue of $257.31 million for the quarter, compared to the consensus estimate of $296.05 million. During the same quarter in the previous year, the company earned $2.06 earnings per share. The firm’s revenue for the quarter was down 17.5% on a year-over-year basis.

Worthington Enterprises Dividend Announcement

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

Insider Buying and Selling at Worthington Enterprises

In related news, CFO Joseph B. Hayek bought 2,500 shares of the company’s stock in a transaction dated Friday, October 11th. The stock was purchased at an average price of $40.21 per share, with a total value 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 $6,790,463.75. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 37.50% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on WOR shares. Canaccord Genuity Group reiterated a “hold” rating and issued a $46.00 price objective on shares of Worthington Enterprises in a research note on Friday, October 4th. The Goldman Sachs Group cut their price target on Worthington Enterprises from $56.00 to $43.00 and set a “sell” rating for the company in a research note on Tuesday, July 2nd. StockNews.com upgraded Worthington Enterprises from a “sell” rating to a “hold” rating in a research note on Wednesday, September 25th. Finally, Canaccord Genuity Group dropped their price objective on Worthington Enterprises from $52.00 to $46.00 and set a “hold” rating for the company in a report on Thursday, September 26th. One analyst has rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target 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.