Worthington Industries, Inc. (WOR) Director Sells $2,076,859.52 in Stock
Worthington Industries, Inc. (NYSE:WOR) Director Peter Karmanos sold 45,376 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $45.77, for a total value of $2,076,859.52. Following the completion of the sale, the director now directly owns 85,840 shares of the company’s stock, valued at $3,928,896.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Worthington Industries (NYSE:WOR) last posted its earnings results on Wednesday, September 27th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.09). The company had revenue of $848.24 million for the quarter, compared to analysts’ expectations of $854.20 million. Worthington Industries had a return on equity of 17.98% and a net margin of 5.90%. The company’s revenue was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.03 EPS.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.84 annualized dividend and a dividend yield of 1.85%. Worthington Industries’s dividend payout ratio is currently 29.58%.
Worthington Industries declared that its board has authorized a stock repurchase program on Wednesday, September 27th that permits the company to repurchase 6,830,000 outstanding shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
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A number of research firms have recently issued reports on WOR. BidaskClub cut Worthington Industries from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. ValuEngine cut Worthington Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Finally, Zacks Investment Research cut Worthington Industries from a “hold” rating to a “sell” rating in a research report on Saturday, September 30th. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. Worthington Industries has a consensus rating of “Hold” and a consensus price target of $46.50.
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Worthington Industries by 1.2% in the second quarter. BlackRock Inc. now owns 5,352,354 shares of the industrial products company’s stock worth $268,796,000 after purchasing an additional 64,589 shares during the period. State Street Corp increased its holdings 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 purchasing an additional 171,756 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Worthington Industries by 1.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,682,457 shares of the industrial products company’s stock worth $84,487,000 after purchasing an additional 17,185 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Worthington Industries by 10.1% in the second quarter. JPMorgan Chase & Co. now owns 1,098,713 shares of the industrial products company’s stock worth $55,178,000 after purchasing an additional 101,166 shares during the period. Finally, Voya Investment Management LLC increased its holdings in shares of Worthington Industries by 20.9% in the second quarter. Voya Investment Management LLC now owns 1,040,954 shares of the industrial products company’s stock worth $52,277,000 after purchasing an additional 180,199 shares during the period. 52.26% of the stock is currently owned by hedge funds and other institutional investors.
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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