Investment firm Handelsbanken Fonder AB has acquired a significant stake in Worthington Enterprises, Inc. (NYSE: WOR) during the second quarter, as disclosed in a recent filing with the U.S. Securities and Exchange Commission (SEC). The fund purchased 7,300 shares of the industrial products company, valued at approximately $465,000.
This investment is part of a broader trend among institutional investors, many of whom have either increased or decreased their stakes in Worthington Enterprises. Notably, American Century Companies Inc. raised its stake by 24.1% in the first quarter, acquiring an additional 159,798 shares for a total holding of 821,947 shares, valued at $41.17 million. Similarly, Geode Capital Management LLC increased its holdings by 1.1%, now owning 733,238 shares worth approximately $46.67 million.
In addition, Charles Schwab Investment Management Inc. boosted its position by 1.3%, while Bank of New York Mellon Corp increased its holdings by 0.8%. Millennium Management LLC saw a notable increase of 54.9% in its stake during the first quarter, now holding 352,486 shares valued at $17.66 million. Collectively, institutional investors and hedge funds own roughly 51.59% of Worthington’s stock.
Analyst Ratings and Market Performance
Several research firms have recently assessed Worthington Enterprises, impacting its stock ratings. Zacks Research downgraded the stock from a “strong-buy” to a “hold” rating on August 25. In contrast, CJS Securities upgraded its rating from “market perform” to “outperform”, setting a price target of $64.00.
As of now, the consensus rating for Worthington Enterprises is classified as a “Moderate Buy”, with an average price target of $62.33. One analyst has issued a Strong Buy rating, two have rated it as Buy, two have given it a Hold rating, and one has labeled it as a Sell.
The stock exhibited strong performance recently, opening at $54.86. Worthington Enterprises boasts a market capitalization of $2.72 billion and a price-to-earnings ratio of 25.76. Over the past 12 months, the stock has seen a low of $37.88 and a high of $70.91.
Insider Activity and Dividend Announcement
In related news, Michael J. Endres, a director at Worthington Enterprises, purchased 10,000 shares on September 25 at an average price of $52.95, totaling $529,500. Following this transaction, Endres now holds 95,524 shares, valued at approximately $5.06 million, marking an 11.69% increase in his position. Insider ownership currently stands at 3.40%.
Worthington Enterprises also declared a quarterly dividend, set to be paid on December 29. Shareholders on record as of December 15 will receive a dividend of $0.19 per share, representing an annualized dividend of $0.76 and a yield of 1.4%. The company maintains a payout ratio of 35.68%.
Founded as an industrial manufacturing company, Worthington Enterprises operates across three segments: Building Products, Consumer Products, and Sustainable Energy Solutions. The Building Products segment is particularly active in selling various types of tanks and cylinders for gas producers and distributors.
