Worthington Enterprises (NYSE:WOR) Trading Down 4% After Analyst Downgrade

Shares of Worthington Enterprises, Inc. (NYSE:WOR) traded down 4% during mid-day trading on Thursday after Canaccord Genuity Group lowered their price target on the stock from $64.00 to $52.00. Canaccord Genuity Group currently has a hold rating on the stock. Worthington Enterprises traded as low as $46.16 and last traded at $46.53. 355,847 shares were traded during mid-day trading, an increase of 24% from the average session volume of 286,182 shares. The stock had previously closed at $48.45.

Several other research firms have also recently commented on WOR. StockNews.com cut shares of Worthington Enterprises from a “hold” rating to a “sell” rating in a report on Wednesday. The Goldman Sachs Group upped their price target on Worthington Enterprises from $50.00 to $56.00 and gave the company a “sell” rating in a report on Friday, March 22nd. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $58.00.

Insider Activity

In other Worthington Enterprises news, Director Ozey K. Horton, Jr. sold 1,000 shares of the stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $61.34, for a total value of $61,340.00. Following the completion of the transaction, the director now directly owns 40,688 shares of the company’s stock, valued at $2,495,801.92. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 38.50% of the company’s stock.

Hedge Funds Weigh In On Worthington Enterprises

Several hedge funds have recently added to or reduced their stakes in the business. Deutsche Bank AG raised its holdings in shares of Worthington Enterprises by 32.5% in the third quarter. Deutsche Bank AG now owns 22,721 shares of the industrial products company’s stock worth $1,405,000 after acquiring an additional 5,570 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in Worthington Enterprises by 16.1% in the 3rd quarter. Envestnet Asset Management Inc. now owns 106,612 shares of the industrial products company’s stock valued at $6,591,000 after purchasing an additional 14,759 shares during the last quarter. FMR LLC raised its position in shares of Worthington Enterprises by 3,957.0% in the third quarter. FMR LLC now owns 90,674 shares of the industrial products company’s stock valued at $5,605,000 after buying an additional 88,439 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Worthington Enterprises by 39.6% during the third quarter. Invesco Ltd. now owns 273,139 shares of the industrial products company’s stock valued at $16,885,000 after buying an additional 77,471 shares during the period. Finally, O Shaughnessy Asset Management LLC boosted its position in Worthington Enterprises by 286.8% during the third quarter. O Shaughnessy Asset Management LLC now owns 34,798 shares of the industrial products company’s stock worth $2,151,000 after acquiring an additional 25,801 shares during the last quarter. 51.59% of the stock is currently owned by hedge funds and other institutional investors.

Worthington Enterprises Price Performance

The stock has a market capitalization of $2.34 billion, a PE ratio of 21.92 and a beta of 1.35. The company has a current ratio of 3.42, a quick ratio of 2.47 and a debt-to-equity ratio of 0.33. The company’s 50 day simple moving average is $55.96 and its 200 day simple moving average is $58.01.

Worthington Enterprises (NYSE:WOR) last released its quarterly earnings data on Tuesday, June 25th. The industrial products company reported $0.74 EPS for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.14). The firm had revenue of $318.80 million for the quarter, compared to analyst estimates of $352.82 million. Worthington Enterprises had a return on equity of 13.87% and a net margin of 3.79%. The company’s quarterly revenue was down 13.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.74 earnings per share.

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.