Worthington Industries Inc. (WOR) Rating 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 research note issued 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) “
Other analysts also recently issued reports about the company. Jefferies Group reissued a “hold” rating and issued a $37.00 target price (up from $33.00) on shares of Worthington Industries in a report on Friday, June 10th. 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 issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $37.00.
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Worthington Industries (NYSE:WOR) traded up 0.78% during mid-day trading on Tuesday, reaching $41.38. The company had a trading volume of 48,566 shares. The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of 18.64 and a beta of 1.50. The firm’s 50 day moving average price is $42.57 and its 200-day moving average price is $39.34. Worthington Industries has a 12 month low of $21.10 and a 12 month high of $45.68.
Worthington Industries (NYSE:WOR) last posted its earnings results on Wednesday, June 29th. The company reported $0.92 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.28. Worthington Industries had a return on equity of 18.83% and a net margin of 5.06%. The business earned $714.70 million during the quarter. During the same period in the previous year, the firm posted $0.52 earnings per share. The firm’s revenue for the quarter was down 15.5% on a year-over-year basis. Equities research analysts anticipate that Worthington Industries will post $2.84 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This is an increase from Worthington Industries’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a yield of 1.95%. Worthington Industries’s dividend payout ratio is currently 36.04%.
In other news, VP Dale T. Brinkman sold 4,188 shares of the stock in a transaction that occurred on Thursday, July 7th. The stock was sold at an average price of $42.10, for a total transaction of $176,314.80. Following the completion of the transaction, the vice president now directly owns 57,336 shares of the company’s stock, valued at approximately $2,413,845.60. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Geoffrey G. Gilmore sold 11,079 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The stock was 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 $2,242,000.37. The disclosure for this sale can be found here. Company insiders own 32.00% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. Macquarie Group Ltd. increased its position in shares of Worthington Industries by 12.9% in the second quarter. Macquarie Group Ltd. now owns 684,725 shares of the company’s stock worth $28,964,000 after buying an additional 78,299 shares during the period. Mason Street Advisors LLC acquired a new position in shares of Worthington Industries during the second quarter worth about $867,000. Royal Bank of Canada increased its position in shares of Worthington Industries by 2.7% in the second quarter. Royal Bank of Canada now owns 43,419 shares of the company’s stock worth $1,837,000 after buying an additional 1,140 shares during the period. Public Employees Retirement System of Ohio increased its position in shares of Worthington Industries by 57.7% in the second quarter. Public Employees Retirement System of Ohio now owns 19,101 shares of the company’s stock worth $808,000 after buying an additional 6,992 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Worthington Industries by 7.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 295,377 shares of the company’s stock worth $12,495,000 after buying an additional 20,040 shares during the period. 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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