Zacks Investment Research lowered shares of Worthington Industries, Inc. (NYSE:WOR) from a strong-buy rating to a hold rating in a research report sent to investors on Wednesday morning.
According to Zacks, “Worthington Industries is one of the leading diversified metal processing companies. The company is one of North America’s premier value-added steel processors and one of the leaders in manufactured metal products such as automotive aftermarket stampings, pressure cylinders, metal framing, metal ceiling grid systems and laser welded blanks. (Company Press Release) “
Other equities analysts have also recently issued reports about the company. BidaskClub raised Worthington Industries from a hold rating to a buy rating in a research note on Saturday, July 1st. Jefferies Group LLC lifted their price target on Worthington Industries from $45.00 to $47.00 and gave the stock a hold rating in a research note on Friday, June 30th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. Worthington Industries has a consensus rating of Hold and a consensus price target of $47.33.
Shares of Worthington Industries (NYSE WOR) opened at 51.26 on Wednesday. Worthington Industries has a 52-week low of $40.11 and a 52-week high of $62.44. The firm’s 50-day moving average is $49.98 and its 200-day moving average is $47.24. The firm has a market cap of $3.24 billion, a P/E ratio of 16.27 and a beta of 1.16.
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 Zacks’ consensus estimate of $0.83 by $0.04. The business had revenue of $845.30 million for the quarter, compared to analysts’ expectations of $785.58 million. Worthington Industries had a return on equity of 20.29% and a net margin of 6.79%. The business’s quarterly revenue was up 18.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.87 EPS. Analysts anticipate that Worthington Industries will post $3.33 earnings per share for the current year.
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The firm 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 dividend of $0.21 per share. The ex-dividend date is Tuesday, September 12th. This is a boost from Worthington Industries’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a dividend yield of 1.64%. Worthington Industries’s payout ratio is 25.32%.
In other news, insider Geoffrey G. Gilmore sold 32,500 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $50.85, for a total transaction of $1,652,625.00. Following the transaction, the insider now directly owns 86,477 shares of the company’s stock, valued at $4,397,355.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Dale T. Brinkman sold 28,212 shares of the business’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $49.50, for a total value of $1,396,494.00. Following the transaction, the vice president now directly owns 71,087 shares in the company, valued at $3,518,806.50. The disclosure for this sale can be found here. Insiders have sold 65,712 shares of company stock worth $3,300,819 over the last three months. Insiders own 31.30% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its stake in shares of Worthington Industries by 1.2% during the second quarter. BlackRock Inc. now owns 5,352,354 shares of the industrial products company’s stock valued at $268,796,000 after buying an additional 64,589 shares during the period. State Street Corp increased its stake in shares of Worthington Industries by 7.8% during the first quarter. State Street Corp now owns 2,372,663 shares of the industrial products company’s stock valued at $106,987,000 after buying an additional 171,756 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Worthington Industries by 1.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,682,457 shares of the industrial products company’s stock valued at $84,487,000 after buying an additional 17,185 shares during the period. AQR Capital Management LLC increased its stake in shares of Worthington Industries by 5.6% during the first quarter. AQR Capital Management LLC now owns 1,646,104 shares of the industrial products company’s stock valued at $74,223,000 after buying an additional 87,117 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Worthington Industries by 33.7% during the first quarter. Bank of New York Mellon Corp now owns 1,249,841 shares of the industrial products company’s stock valued at $56,355,000 after buying an additional 315,238 shares during the period. 51.98% of the stock is currently 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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