Worthington Enterprises, Inc. $WOR is VELA Investment Management LLC’s 3rd Largest Position

VELA Investment Management LLC increased its position in shares of Worthington Enterprises, Inc. (NYSE:WOR) by 5.4% during the second quarter, HoldingsChannel reports. The institutional investor owned 228,927 shares of the industrial products company’s stock after buying an additional 11,818 shares during the quarter. Worthington Enterprises accounts for about 2.6% of VELA Investment Management LLC’s holdings, making the stock its 3rd biggest position. VELA Investment Management LLC’s holdings in Worthington Enterprises were worth $12,307,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP lifted its stake in Worthington Enterprises by 872.0% in the fourth quarter. Allworth Financial LP now owns 486 shares of the industrial products company’s stock valued at $25,000 after buying an additional 436 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new stake in shares of Worthington Enterprises in the first quarter valued at approximately $25,000. Nykredit A S purchased a new position in shares of Worthington Enterprises during the second quarter worth approximately $30,000. McMillan Office Inc. purchased a new position in shares of Worthington Enterprises during the fourth quarter worth approximately $31,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Worthington Enterprises in the 2nd quarter valued at $35,000. Institutional investors and hedge funds own 51.59% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on WOR shares. Canaccord Genuity Group reduced their price target on shares of Worthington Enterprises from $69.00 to $67.00 and set a “buy” rating for the company in a research report on Thursday, June 25th. Weiss Ratings reissued a “hold (c)” rating on shares of Worthington Enterprises in a research report on Friday, July 17th. Finally, Wall Street Zen lowered shares of Worthington Enterprises from a “buy” rating to a “hold” rating in a research note on Saturday, June 27th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $65.50.

Worthington Enterprises Stock Down 0.1%

Shares of Worthington Enterprises stock opened at $62.41 on Monday. Worthington Enterprises, Inc. has a one year low of $45.01 and a one year high of $66.47. The company has a market cap of $3.05 billion, a P/E ratio of 19.88 and a beta of 1.30. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.43 and a current ratio of 2.37. The firm has a fifty day moving average of $56.44 and a two-hundred day moving average of $55.27.

Worthington Enterprises (NYSE:WOR) last issued its earnings results on Tuesday, June 23rd. The industrial products company reported $0.97 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.07). Worthington Enterprises had a net margin of 11.30% and a return on equity of 16.79%. The firm had revenue of $371.46 million during the quarter, compared to analysts’ expectations of $386.49 million. During the same period in the previous year, the firm earned $1.06 EPS. The firm’s revenue was up 16.9% on a year-over-year basis. On average, analysts forecast that Worthington Enterprises, Inc. will post 3.85 earnings per share for the current year.

Worthington Enterprises Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.80 dividend on an annualized basis and a yield of 1.3%. This is a boost from Worthington Enterprises’s previous quarterly dividend of $0.19. Worthington Enterprises’s dividend payout ratio is presently 24.20%.

Insiders Place Their Bets

In other news, major shareholder John McConnell sold 17,625 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $53.04, for a total transaction of $934,830.00. Following the completion of the transaction, the insider directly owned 1,335,648 shares of the company’s stock, valued at approximately $70,842,769.92. This represents a 1.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.50% of the company’s stock.

About Worthington Enterprises

Worthington Enterprises (NYSE:WOR) is a diversified metal manufacturing company that produces pressure vessels, engineered assemblies and fabricated metal products. The company’s portfolio includes the design and manufacture of cylinders for compressed gases, such as propane, natural gas and hydrogen, as well as transport tanks and other pressure-containment solutions for the industrial gas, energy and transportation markets. In addition to its pressure vessel operations, Worthington Enterprises offers metal processing and distribution services, supplying coil, sheet and plate products to customers across multiple industries.

Founded in 1955 and headquartered in Columbus, Ohio, Worthington Enterprises has grown from a single steel processing facility into a multi?division organization with operations in the United States, Canada and Mexico.