Jefferies Group LLC Raises Worthington Industries, Inc. (WOR) Price Target to $47.00

Worthington Industries, Inc. (NYSE:WOR) had its price objective increased by Jefferies Group LLC from $45.00 to $47.00 in a research note published on Friday, June 30th. Jefferies Group LLC currently has a hold rating on the industrial products company’s stock. Jefferies Group also issued estimates for Worthington Industries’ Q1 2018 earnings at $0.88 EPS, Q2 2018 earnings at $0.82 EPS, Q3 2018 earnings at $0.80 EPS and Q4 2018 earnings at $0.91 EPS.

WOR has been the subject of several other reports. Zacks Investment Research upgraded Worthington Industries from a sell rating to a hold rating in a research note on Tuesday, March 21st. Macquarie upgraded Worthington Industries from an underperform rating to a neutral rating in a research note on Tuesday, March 14th. Finally, J P Morgan Chase & Co lowered their target price on Worthington Industries from $48.00 to $46.00 and set a neutral rating for the company in a research note on Monday, April 3rd. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Worthington Industries has a consensus rating of Hold and a consensus price target of $47.33.

Shares of Worthington Industries (NYSE:WOR) traded down 2.48% during trading on Friday, hitting $50.63. The stock had a trading volume of 353,988 shares. Worthington Industries has a 12-month low of $39.28 and a 12-month high of $62.44. The stock has a 50-day moving average of $48.89 and a 200 day moving average of $46.84. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of 16.07 and a beta of 1.14.

Worthington Industries (NYSE:WOR) last announced its quarterly earnings results on Wednesday, June 28th. The industrial products company reported $0.87 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.04. The company had revenue of $845.30 million during the quarter, compared to analyst estimates of $785.58 million. Worthington Industries had a return on equity of 20.59% and a net margin of 6.78%. The firm’s revenue was up 18.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.87 earnings per share. On average, analysts predict that Worthington Industries will post $3.38 earnings per share for the current fiscal year.

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The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a $0.21 dividend. The ex-dividend date is Tuesday, September 12th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.66%. This is a positive change from Worthington Industries’s previous quarterly dividend of $0.20.

In other news, VP Dale T. Brinkman sold 28,212 shares of the stock in a transaction dated Friday, June 30th. The stock was sold at an average price of $49.50, for a total value of $1,396,494.00. Following the completion of the sale, the vice president now owns 71,087 shares in the company, valued at $3,518,806.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sidney A. Ribeau sold 5,000 shares of the stock in a transaction dated Friday, June 30th. The shares were sold at an average price of $50.34, for a total value of $251,700.00. Following the completion of the transaction, the director now directly owns 42,519 shares of the company’s stock, valued at approximately $2,140,406.46. The disclosure for this sale can be found here. 32.00% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. acquired a new position in shares of Worthington Industries during the fourth quarter worth approximately $929,000. Comerica Bank increased its position in shares of Worthington Industries by 5.6% in the fourth quarter. Comerica Bank now owns 33,689 shares of the industrial products company’s stock worth $1,579,000 after buying an additional 1,774 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of Worthington Industries by 4.8% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 6,043 shares of the industrial products company’s stock worth $287,000 after buying an additional 279 shares in the last quarter. FMR LLC acquired a new position in shares of Worthington Industries during the fourth quarter worth approximately $7,116,000. Finally, Credit Agricole S A increased its position in shares of Worthington Industries by 28.4% in the fourth quarter. Credit Agricole S A now owns 7,093 shares of the industrial products company’s stock worth $336,000 after buying an additional 1,571 shares in the last quarter. 54.36% of the stock is owned by hedge funds and other institutional investors.

About Worthington Industries

Worthington Industries, Inc is a metals manufacturing company, focused on value-added steel processing and manufactured metal products. The Company’s segments include Steel Processing, Pressure Cylinders, Engineered Cabs and Other. The Steel Processing segment buys coils of steel from integrated steel mills and mini-mills, and also toll processes steel for steel mills, end users, service centers and other processors.

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