Lord Abbett & CO. LLC Takes $3.66 Million Position in Worthington Enterprises, Inc. (NYSE:WOR)

Lord Abbett & CO. LLC acquired a new position in Worthington Enterprises, Inc. (NYSE:WOR) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 88,366 shares of the industrial products company’s stock, valued at approximately $3,663,000. Lord Abbett & CO. LLC owned 0.18% of Worthington Enterprises as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. KBC Group NV boosted its stake in shares of Worthington Enterprises by 45.1% in the 3rd quarter. KBC Group NV now owns 1,136 shares of the industrial products company’s stock valued at $47,000 after purchasing an additional 353 shares during the last quarter. Itau Unibanco Holding S.A. bought a new position in Worthington Enterprises in the second quarter valued at approximately $57,000. nVerses Capital LLC bought a new position in Worthington Enterprises in the third quarter valued at approximately $83,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Worthington Enterprises during the 3rd quarter worth $85,000. Finally, Point72 DIFC Ltd bought a new stake in shares of Worthington Enterprises during the 3rd quarter valued at $110,000. 51.59% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

WOR has been the topic of several recent research reports. StockNews.com upgraded Worthington Enterprises from a “sell” rating to a “hold” rating in a research report on Wednesday, September 25th. Canaccord Genuity Group restated a “hold” rating and set a $46.00 target price on shares of Worthington Enterprises in a report on Friday, October 4th. Finally, Canaccord Genuity Group lowered 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, September 26th.

Insider Transactions at Worthington Enterprises

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

Worthington Enterprises Stock Performance

Shares of Worthington Enterprises stock opened at $38.68 on Tuesday. The stock’s fifty day simple moving average is $40.42 and its 200 day simple moving average is $44.63. The company has a current ratio of 3.47, a quick ratio of 2.34 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $1.94 billion, a PE ratio of 50.89 and a beta of 1.26. Worthington Enterprises, Inc. has a 12 month low of $38.24 and a 12 month high of $69.96.

Worthington Enterprises (NYSE:WOR) last released its quarterly earnings results on Tuesday, September 24th. The industrial products company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates 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 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 declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.76%. The ex-dividend date is Friday, December 13th. Worthington Enterprises’s dividend payout ratio (DPR) is presently 89.47%.

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.