Short Interest in Worthington Industries, Inc. (WOR) Decreases By 46.4%
Worthington Industries, Inc. (NYSE:WOR) was the target of a significant drop in short interest in October. As of October 13th, there was short interest totalling 1,327,992 shares, a drop of 46.4% from the September 29th total of 2,476,090 shares. Based on an average daily trading volume, of 601,119 shares, the days-to-cover ratio is presently 2.2 days. Approximately 3.1% of the shares of the stock are sold short.
In other news, insider John G. Lamprinakos sold 7,500 shares of the firm’s stock in a transaction dated Thursday, October 19th. The stock was sold at an average price of $44.96, for a total transaction of $337,200.00. Following the completion of the transaction, the insider now directly owns 70,751 shares in the company, valued at $3,180,964.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 31.30% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of WOR. Envestnet Asset Management Inc. boosted its holdings in shares of Worthington Industries by 4.9% in the first quarter. Envestnet Asset Management Inc. now owns 3,755 shares of the industrial products company’s stock valued at $168,000 after acquiring an additional 175 shares in the last quarter. OppenheimerFunds Inc. boosted its holdings in shares of Worthington Industries by 39.3% in the first quarter. OppenheimerFunds Inc. now owns 14,703 shares of the industrial products company’s stock valued at $663,000 after acquiring an additional 4,150 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Worthington Industries by 2.8% in the first quarter. Principal Financial Group Inc. now owns 202,653 shares of the industrial products company’s stock valued at $9,138,000 after acquiring an additional 5,487 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Worthington Industries by 2.6% in the first quarter. Wellington Management Group LLP now owns 98,206 shares of the industrial products company’s stock valued at $4,428,000 after acquiring an additional 2,516 shares in the last quarter. Finally, Teachers Advisors LLC boosted its holdings in shares of Worthington Industries by 3.6% in the first quarter. Teachers Advisors LLC now owns 95,846 shares of the industrial products company’s stock valued at $4,322,000 after acquiring an additional 3,300 shares in the last quarter. Institutional investors own 52.26% of the company’s stock.
Shares of Worthington Industries (NYSE:WOR) opened at 45.92 on Tuesday. Worthington Industries has a 1-year low of $40.82 and a 1-year high of $62.44. The company’s 50 day moving average price is $47.05 and its 200-day moving average price is $46.91. The company has a market capitalization of $2.89 billion, a price-to-earnings ratio of 16.21 and a beta of 1.14.
Worthington Industries (NYSE:WOR) last announced its quarterly earnings data on Wednesday, September 27th. The industrial products company reported $0.73 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.82 by ($0.09). Worthington Industries had a net margin of 5.90% and a return on equity of 17.98%. The firm had revenue of $848.24 million during the quarter, compared to analyst estimates of $854.20 million. During the same quarter in the previous year, the business posted $1.03 earnings per share. Worthington Industries’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, equities analysts forecast that Worthington Industries will post $3.12 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a dividend of $0.21 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.84 annualized dividend and a yield of 1.83%. Worthington Industries’s dividend payout ratio is currently 29.58%.
Worthington Industries declared that its board has approved a share repurchase plan on Wednesday, September 27th that allows the company to repurchase 6,830,000 outstanding shares. This repurchase authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
A number of brokerages have weighed in on WOR. Zacks Investment Research cut Worthington Industries from a “hold” rating to a “sell” rating in a research report on Saturday, September 30th. ValuEngine cut Worthington Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Finally, BidaskClub cut Worthington Industries from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $46.50.
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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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