Worthington Industries, Inc. (NYSE:WOR) – Equities research analysts at KeyCorp dropped their Q2 2018 earnings per share estimates for shares of Worthington Industries in a research report issued on Wednesday. KeyCorp analyst P. Gibbs now anticipates that the industrial products company will post earnings per share of $0.74 for the quarter, down from their prior forecast of $0.78. KeyCorp also issued estimates for Worthington Industries’ FY2018 earnings at $3.00 EPS and FY2019 earnings at $3.15 EPS.
Several other analysts have also recently commented on the company. BidaskClub upgraded Worthington Industries from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. Zacks Investment Research upgraded Worthington Industries from a “sell” rating to a “buy” rating and set a $49.00 price target for the company in a report on Wednesday, June 7th. Jefferies Group LLC lifted their price target on Worthington Industries from $45.00 to $47.00 and gave the company a “hold” rating in a report on Friday, June 30th. Finally, ValuEngine cut Worthington Industries from a “buy” rating to a “hold” rating in a report on Tuesday. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $47.33.
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Shares of Worthington Industries (WOR) opened at 46.08 on Friday. Worthington Industries has a 12 month low of $40.82 and a 12 month high of $62.44. The stock’s 50 day moving average is $50.06 and its 200 day moving average is $47.24. The firm has a market cap of $2.91 billion, a PE ratio of 14.63 and a beta of 1.16.
Worthington Industries (NYSE:WOR) last announced its earnings results on Wednesday, September 27th. The industrial products company reported $0.73 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.82 by ($0.09). The company had revenue of $848.24 million for the quarter, compared to analysts’ expectations of $854.20 million. Worthington Industries had a return on equity of 17.98% and a net margin of 5.90%. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. During the same period last year, the business earned $1.03 EPS.
Several large investors have recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of Worthington Industries by 1.2% during the 2nd quarter. BlackRock Inc. now owns 5,352,354 shares of the industrial products company’s stock worth $268,796,000 after purchasing an additional 64,589 shares during the period. State Street Corp grew its holdings in shares of Worthington Industries by 7.8% during the 1st quarter. State Street Corp now owns 2,372,663 shares of the industrial products company’s stock worth $106,987,000 after purchasing an additional 171,756 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Worthington Industries by 1.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,682,457 shares of the industrial products company’s stock worth $84,487,000 after purchasing an additional 17,185 shares during the period. AQR Capital Management LLC grew its holdings in shares of Worthington Industries by 5.6% during the 1st quarter. AQR Capital Management LLC now owns 1,646,104 shares of the industrial products company’s stock worth $74,223,000 after purchasing an additional 87,117 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of Worthington Industries by 10.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,098,713 shares of the industrial products company’s stock worth $55,178,000 after purchasing an additional 101,166 shares during the period. Institutional investors and hedge funds own 51.96% of the company’s stock.
In other news, insider Geoffrey G. Gilmore sold 32,500 shares of the business’s stock in a transaction dated 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 completion of the sale, the insider now owns 86,477 shares in the company, valued at approximately $4,397,355.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 31.30% of the stock is currently owned by insiders.
Worthington Industries announced that its Board of Directors has initiated a share buyback program on Wednesday, September 27th that permits the company to buyback 6,830,000 shares. This buyback authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend is Thursday, December 14th. Worthington Industries’s payout ratio is currently 29.58%.
Worthington Industries Company Profile
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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