Lord Abbett & CO. LLC Takes Position in Worthington Enterprises, Inc. (NYSE:WOR)

Lord Abbett & CO. LLC bought a new position in shares of Worthington Enterprises, Inc. (NYSE:WOR) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 88,366 shares of the industrial products company’s stock, valued at approximately $3,663,000.

Other hedge funds have also added to or reduced their stakes in the company. Franklin Resources Inc. lifted its position in Worthington Enterprises by 7.5% during the 3rd quarter. Franklin Resources Inc. now owns 18,604 shares of the industrial products company’s stock worth $751,000 after buying an additional 1,293 shares in the last quarter. Coldstream Capital Management Inc. increased its position in shares of Worthington Enterprises by 10.8% in the third quarter. Coldstream Capital Management Inc. now owns 25,684 shares of the industrial products company’s stock valued at $1,065,000 after acquiring an additional 2,498 shares during the last quarter. Geode Capital Management LLC raised its holdings in Worthington Enterprises by 3.3% during the third quarter. Geode Capital Management LLC now owns 813,828 shares of the industrial products company’s stock worth $33,739,000 after acquiring an additional 25,824 shares in the last quarter. Barclays PLC boosted its position in Worthington Enterprises by 24.8% during the third quarter. Barclays PLC now owns 128,158 shares of the industrial products company’s stock valued at $5,312,000 after purchasing an additional 25,453 shares during the last quarter. Finally, MML Investors Services LLC grew its stake in Worthington Enterprises by 24.5% in the third quarter. MML Investors Services LLC now owns 7,827 shares of the industrial products company’s stock valued at $324,000 after purchasing an additional 1,538 shares in the last quarter. Institutional investors own 51.59% of the company’s stock.

Worthington Enterprises Stock Performance

WOR opened at $38.68 on Tuesday. 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, Inc. has a 12-month low of $38.24 and a 12-month high of $69.96. The business has a 50 day moving average of $40.42 and a 200-day moving average of $44.63. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of 50.89 and a beta of 1.26.

Worthington Enterprises (NYSE:WOR) last announced its quarterly earnings results on Tuesday, September 24th. 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 12.23%. The business had revenue of $257.31 million for the quarter, compared to analyst estimates of $296.05 million. During the same period in the prior year, the business earned $2.06 EPS. The company’s revenue for the quarter was down 17.5% compared to the same quarter last year.

Worthington Enterprises Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.76%. The ex-dividend date of this dividend is Friday, December 13th. Worthington Enterprises’s payout ratio is 89.47%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on WOR. Canaccord Genuity Group reiterated a “hold” rating and set a $46.00 price objective on shares of Worthington Enterprises in a research note on Friday, October 4th. StockNews.com upgraded shares of Worthington Enterprises from a “sell” rating to a “hold” rating in a report on Wednesday, September 25th. Finally, Canaccord Genuity Group cut their price target on shares of Worthington Enterprises from $52.00 to $46.00 and set a “hold” rating for the company in a research note on Thursday, September 26th.

Insider Activity at Worthington Enterprises

In other news, CFO Joseph B. Hayek purchased 2,500 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was acquired at an average cost of $40.21 per share, with a total value of $100,525.00. Following the acquisition, the chief financial officer now owns 168,875 shares in the company, valued at approximately $6,790,463.75. This trade represents a 1.50 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 37.50% of the stock is owned by company insiders.

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.