Worthington Industries Inc. (WOR) Lowered to Hold at Zacks Investment Research
Worthington Industries Inc. (NYSE:WOR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
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) “
Several other equities research analysts have also weighed in on the company. Jefferies Group reissued a “hold” rating and issued a $37.00 price objective on shares of Worthington Industries in a report on Friday. JPMorgan Chase & Co. reissued a “hold” rating on shares of Worthington Industries in a report on Thursday, June 30th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $37.00.
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Worthington Industries (NYSE:WOR) traded up 0.835% during trading on Tuesday, hitting $41.403. 52,993 shares of the company traded hands. The stock has a 50 day moving average price of $42.57 and a 200 day moving average price of $39.34. Worthington Industries has a 12-month low of $21.10 and a 12-month high of $45.68. The company has a market capitalization of $2.64 billion, a P/E ratio of 18.650 and a beta of 1.50.
Worthington Industries (NYSE:WOR) last released its earnings results on Wednesday, June 29th. The company reported $0.92 EPS for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.28. The company had revenue of $714.70 million for the quarter. Worthington Industries had a return on equity of 18.83% and a net margin of 5.06%. The company’s revenue for the quarter was down 15.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.52 earnings per share. On average, equities analysts anticipate that Worthington Industries will post $2.84 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $0.80 annualized dividend and a yield of 1.95%. This is a positive change from Worthington Industries’s previous quarterly dividend of $0.19. Worthington Industries’s dividend payout ratio (DPR) is 36.04%.
In other Worthington Industries news, VP Catherine M. Lyttle sold 3,750 shares of Worthington Industries stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $42.37, for a total transaction of $158,887.50. Following the completion of the transaction, the vice president now owns 25,488 shares of the company’s stock, valued at approximately $1,079,926.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Geoffrey G. Gilmore sold 11,079 shares of Worthington Industries stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $42.73, for a total value of $473,405.67. Following the transaction, the insider now directly owns 52,469 shares of the company’s stock, valued at approximately $2,242,000.37. The disclosure for this sale can be found here. 32.00% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of WOR. LS Investment Advisors LLC raised its position in Worthington Industries by 68.6% in the second quarter. LS Investment Advisors LLC now owns 2,699 shares of the company’s stock worth $114,000 after buying an additional 1,098 shares during the last quarter. Benjamin F. Edwards & Company Inc. bought a new position in Worthington Industries during the second quarter worth $115,000. Meeder Asset Management Inc. bought a new position in Worthington Industries during the second quarter worth $115,000. Tower Research Capital LLC TRC bought a new position in Worthington Industries during the second quarter worth $122,000. Finally, Acrospire Investment Management LLC raised its position in Worthington Industries by 45.5% in the second quarter. Acrospire Investment Management LLC now owns 3,200 shares of the company’s stock worth $135,000 after buying an additional 1,000 shares during the last quarter. 51.90% of the stock is owned by institutional investors and hedge funds.
Worthington Industries Company Profile
Worthington Industries, Inc is a diversified metals manufacturing company. The Company’s segments include Steel Processing, Pressure Cylinders, Engineered Cabs and Other. The Company’s Steel Processing segment consists of the Worthington Steel business unit, Precision Specialty Metals, Inc and Worthington Steelpac Systems, LLC and also includes two consolidated joint ventures: Spartan Steel Coating, LLC, which operates a cold-rolled hot dipped galvanizing line in Monroe, Michigan, and TWB Company, LLC., which operates a laser welded blank business.
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