Lord Abbett Reduces Stake in Worthington Enterprises to $10.15 Million
Lord Abbett & CO. LLC has reduced its holdings in Worthington Enterprises, Inc. (NYSE:WOR) by 1.3%, according to the latest 13F filing with the Securities and Exchange Commission. The firm now owns 202,630 shares of the industrial products company after divesting 2,700 shares during the first quarter of the year. At the end of this reporting period, Lord Abbett’s investment in Worthington Enterprises is valued at approximately $10.15 million.
A number of other institutional investors have also adjusted their positions in Worthington Enterprises. Balyasny Asset Management L.P. increased its stake by an impressive 236.2% during the fourth quarter, bringing its total ownership to 222,281 shares worth $8.92 million following the acquisition of an additional 156,173 shares. Similarly, Marshall Wace LLP raised its position by 151.9%, owning 181,650 shares valued at $7.29 million after acquiring 109,525 shares.
Further investment activity includes Bastion Asset Management Inc., which entered a new position valued at $3.46 million during the fourth quarter, while Edgestream Partners L.P. and Nuveen LLC acquired new positions worth $4.10 million and $4.08 million, respectively, in the first quarter. Overall, institutional investors and hedge funds currently control approximately 51.59% of Worthington’s stock.
Analysts Weigh In on Worthington Enterprises
Worthington Enterprises has recently attracted attention from analysts, with several upgrades and downgrades reported. The Goldman Sachs Group raised its target price on Worthington shares from $44.00 to $50.00, maintaining a “sell” rating. In contrast, Canaccord Genuity Group increased its target from $69.00 to $81.00, issuing a “buy” rating. Meanwhile, Wall Street Zen downgraded the stock from a “strong buy” to a “buy” rating.
Currently, one analyst has assigned a sell rating, one a hold rating, two a buy rating, and one a strong buy rating to Worthington’s stock. According to data from MarketBeat.com, the company holds a consensus rating of “Moderate Buy” with an average target price of $59.00.
Current Stock Performance and Financial Overview
On the trading day preceding this report, shares of Worthington Enterprises opened at $64.93. The company’s 50-day moving average stands at $62.47, while its 200-day moving average is at $53.26. Over the past 52 weeks, the stock has fluctuated between a low of $37.88 and a high of $70.91. The company reports a market capitalization of approximately $3.23 billion, a price-to-earnings ratio of 33.99, and a beta of 1.21.
In its most recent earnings report, released on June 24, Worthington Enterprises reported earnings per share (EPS) of $1.06, exceeding the consensus estimate of $0.84 by $0.22. The company achieved a net margin of 8.33% and a return on equity of 16.66%, with total revenue of $317.88 million, surpassing the expected $300.96 million. This represents a slight year-over-year decline in revenue of 0.3%, as compared to the same quarter last year when the EPS was $0.74. Analysts predict that Worthington Enterprises will report an estimated EPS of $2.67 for the current year.
Additionally, Worthington Enterprises has announced an increase in its quarterly dividend, which will be distributed on September 29, 2024. Shareholders of record on September 15, 2024, will receive a dividend of $0.19 per share, up from the previous $0.17. This equates to an annualized dividend of $0.76 and a dividend yield of 1.2%, with a payout ratio currently at 35.60%.
Founded as an industrial manufacturing firm, Worthington Enterprises operates through three main segments: Building Products, Consumer Products, and Sustainable Energy Solutions. The Building Products segment provides various tanks and cylinders used by gas producers and distributors. As the market continues to evolve, Worthington’s strategic moves and performance will be critical to watch.
