In a recent move at Worthington Enterprises, Inc. (NYSE:WOR), director Michael J. Endres has sold a significant portion of his holdings in the company. On March 22, 2024, Endres sold 66,000 shares at a price of $64.26 per share, totaling approximately $4.24 million. This transaction has brought his direct ownership in the company's common shares down to zero.
The sale was conducted indirectly through a trust, as detailed in the latest filings. Despite this sale, it's important to note that Endres still indirectly owns 76,689 common shares of Worthington Enterprises. The nature of these remaining shares is direct, suggesting a personal stake in the company's performance.
Worthington Enterprises, headquartered in Columbus, Ohio, operates in the steel production industry and is known for its works in blast furnaces as well as rolling and finishing mills. The company has been a staple in the industry, with a history of name changes that reflect its evolving business, including a previous identity as Worthington Industries (NYSE:WOR) Inc.
Investors and market watchers often look to insider transactions, such as Endres's sale, for clues about a company's financial health and future prospects. However, it's worth mentioning that these transactions can be influenced by a variety of factors and do not always signal changes in company performance or strategy.
The sale was publicly disclosed in compliance with SEC regulations, and the details were made available in a Form 4 filing on March 25, 2024. As of the date of the transaction, the stock was traded at $64.26, which was the price used to calculate the total value of the sale.
For those keeping a close eye on Worthington Enterprises' stock and insider activity, this recent development adds another layer to the ongoing narrative of the company's financial dynamics.
InvestingPro Insights
Following the recent insider sale at Worthington Enterprises, Inc. (NYSE:WOR), investors might be curious about the company's financial standing. According to the latest data from InvestingPro, Worthington Enterprises has a market capitalization of $3.21 billion and is trading at a P/E ratio of 12.97. This valuation could be considered reasonable, especially when factoring in the company's near-term earnings growth, as the adjusted P/E ratio for the last twelve months as of Q3 2024 is slightly lower at 11.68.
One of the InvestingPro Tips suggests that Worthington Enterprises has raised its dividend for 10 consecutive years, which is indicative of the company's commitment to returning value to shareholders. Moreover, the company has maintained dividend payments for an impressive 52 consecutive years, underscoring its financial resilience and long-term stability.
With regards to performance, Worthington Enterprises has experienced a significant price uptick over the last six months, with a 50.7% total return. This is complemented by a robust one-year price total return of 69.06%, reflecting strong market confidence over the past year.
For those interested in a deeper analysis of Worthington Enterprises, there are additional InvestingPro Tips available at https://www.investing.com/pro/WOR. And for a limited time, use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, where you can find a comprehensive list of 16 additional InvestingPro Tips to help inform your investment decisions.
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