Analysts Expect Worthington Industries, Inc. (WOR) Will Announce Quarterly Sales of $786.10 Million
Wall Street brokerages forecast that Worthington Industries, Inc. (NYSE:WOR) will post sales of $786.10 million for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Worthington Industries’ earnings. The lowest sales estimate is $755.19 million and the highest is $817.00 million. Worthington Industries reported sales of $714.67 million during the same quarter last year, which indicates a positive year-over-year growth rate of 10%. The firm is scheduled to announce its next quarterly earnings results after the market closes on Wednesday, June 28th.
On average, analysts expect that Worthington Industries will report full year sales of $786.10 million for the current financial year, with estimates ranging from $2.92 billion to $2.99 billion. For the next financial year, analysts expect that the company will post sales of $3.13 billion per share, with estimates ranging from $3.07 billion to $3.18 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Worthington Industries.
Worthington Industries (NYSE:WOR) last announced its earnings results on Wednesday, March 29th. The industrial products company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by $0.09. The company had revenue of $703.40 million for the quarter, compared to the consensus estimate of $717.26 million. Worthington Industries had a net margin of 7.16% and a return on equity of 21.27%. The firm’s revenue was up 8.7% compared to the same quarter last year. During the same period last year, the business posted $0.46 EPS.
Several equities analysts have commented on WOR shares. Zacks Investment Research upgraded shares of Worthington Industries from a “sell” rating to a “hold” rating in a research note on Tuesday, April 4th. Jefferies Group LLC restated a “sell” rating and issued a $45.00 price target on shares of Worthington Industries in a research note on Wednesday, March 29th. J P Morgan Chase & Co dropped their price target on shares of Worthington Industries from $48.00 to $46.00 and set a “neutral” rating for the company in a research note on Monday, April 3rd. Finally, Macquarie upgraded shares of Worthington Industries from an “underperform” rating to a “neutral” rating in a research note on Tuesday, March 14th.
Several institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Worthington Industries by 11,805.4% in the first quarter. BlackRock Inc. now owns 5,287,765 shares of the industrial products company’s stock worth $238,426,000 after buying an additional 5,243,350 shares during the last quarter. Norges Bank purchased a new position in shares of Worthington Industries during the fourth quarter worth approximately $32,510,000. AQR Capital Management LLC increased its position in shares of Worthington Industries by 26.5% in the fourth quarter. AQR Capital Management LLC now owns 1,558,987 shares of the industrial products company’s stock worth $73,958,000 after buying an additional 326,509 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Worthington Industries by 33.7% in the first quarter. Bank of New York Mellon Corp now owns 1,249,841 shares of the industrial products company’s stock worth $56,355,000 after buying an additional 315,238 shares during the last quarter. Finally, State Street Corp increased its position in shares of Worthington Industries by 7.8% in the first quarter. State Street Corp now owns 2,372,663 shares of the industrial products company’s stock worth $106,987,000 after buying an additional 171,756 shares during the last quarter. Hedge funds and other institutional investors own 54.50% of the company’s stock.
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Shares of Worthington Industries (WOR) opened at 43.72 on Friday. The firm’s 50-day moving average price is $43.14 and its 200 day moving average price is $47.50. Worthington Industries has a 12 month low of $36.16 and a 12 month high of $62.44. The company has a market cap of $2.78 billion, a PE ratio of 13.65 and a beta of 1.30.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 29th. Investors of record on Thursday, June 15th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, June 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.83%. Worthington Industries’s payout ratio is currently 25.64%.
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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