$795.19 Million in Sales Expected for Worthington Industries, Inc. (WOR) This Quarter
Brokerages predict that Worthington Industries, Inc. (NYSE:WOR) will report sales of $795.19 million for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Worthington Industries’ earnings, with estimates ranging from $738.00 million to $852.37 million. Worthington Industries reported sales of $737.55 million in the same quarter last year, which indicates a positive year-over-year growth rate of 7.8%. The firm is scheduled to announce its next quarterly earnings report before the market opens on Wednesday, September 27th.
On average, analysts expect that Worthington Industries will report full year sales of $795.19 million for the current year, with estimates ranging from $3.01 billion to $3.47 billion. For the next year, analysts forecast that the firm will post sales of $3.56 billion per share, with estimates ranging from $3.45 billion to $3.68 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Worthington Industries.
Worthington Industries (NYSE:WOR) last issued its quarterly earnings data on Wednesday, June 28th. The industrial products company reported $0.87 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.04. Worthington Industries had a return on equity of 20.29% and a net margin of 6.79%. The firm had revenue of $845.30 million during the quarter, compared to the consensus estimate of $785.58 million. During the same quarter in the previous year, the company posted $0.87 EPS. The business’s revenue for the quarter was up 18.3% compared to the same quarter last year.
A number of equities research analysts have weighed in on WOR shares. Zacks Investment Research raised Worthington Industries from a “sell” rating to a “buy” rating and set a $49.00 target price on the stock in a report on Wednesday, June 7th. BidaskClub downgraded Worthington Industries from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Finally, Jefferies Group LLC raised their target price on Worthington Industries from $45.00 to $47.00 and gave the company a “hold” rating in a report on Friday, June 30th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $47.33.
Worthington Industries (NYSE WOR) opened at 50.19 on Friday. The company has a market cap of $3.17 billion, a P/E ratio of 15.93 and a beta of 1.16. Worthington Industries has a 12 month low of $39.28 and a 12 month high of $62.44. The firm has a 50-day moving average price of $50.18 and a 200 day moving average price of $47.21.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.67%. This is a boost from Worthington Industries’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Tuesday, September 12th. Worthington Industries’s dividend payout ratio is presently 25.32%.
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In other news, insider Geoffrey G. Gilmore sold 32,500 shares of the stock in a transaction on Friday, July 28th. The stock was sold at an average price of $50.85, for a total value of $1,652,625.00. Following the completion of the transaction, the insider now directly owns 86,477 shares in the company, valued at approximately $4,397,355.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Dale T. Brinkman sold 28,212 shares of the stock in a transaction 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 completion of the transaction, the vice president now owns 71,087 shares of the company’s stock, valued at $3,518,806.50. The disclosure for this sale can be found here. Insiders sold a total of 65,712 shares of company stock valued at $3,300,819 over the last quarter. 31.30% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in WOR. BlackRock Inc. lifted its stake in shares of Worthington Industries by 11,805.4% in the 1st quarter. BlackRock Inc. now owns 5,287,765 shares of the industrial products company’s stock valued at $238,426,000 after acquiring an additional 5,243,350 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Worthington Industries by 33.7% in the 1st 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 acquiring an additional 315,238 shares during the last quarter. Macquarie Group Ltd. lifted its stake in shares of Worthington Industries by 34.4% in the 2nd quarter. Macquarie Group Ltd. now owns 944,571 shares of the industrial products company’s stock valued at $47,436,000 after acquiring an additional 241,576 shares during the last quarter. Voya Investment Management LLC lifted its stake in shares of Worthington Industries by 20.9% in the 2nd quarter. Voya Investment Management LLC now owns 1,040,954 shares of the industrial products company’s stock valued at $52,277,000 after acquiring an additional 180,199 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of Worthington Industries by 7.8% in the 1st quarter. State Street Corp now owns 2,372,663 shares of the industrial products company’s stock valued at $106,987,000 after acquiring an additional 171,756 shares during the last quarter. Institutional investors own 51.98% of the company’s stock.
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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