Worthington Industries (NYSE:WOR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday.

According to Zacks, “Worthington Industries, Inc., a metals manufacturing company, focuses on value-added steel processing and manufactured metal products in the United States, Austria, Canada, Mexico, Poland, Portugal, and Turkey. The company operates through three segments: Steel Processing, Pressure Cylinders, and Engineered Cabs. The Steel Processing segment processes flat-rolled steel for customers primarily in the automotive, aerospace, agricultural, appliance, construction, container, hardware, HVAC, lawn and garden, leisure and recreation, and office furniture and equipment markets. It also toll processes steel for steel mills, large end-users, service centers, and other processors; and designs and manufactures reusable custom steel platforms, racks, and pallets for supporting, protecting, and handling products in the shipping process. The Pressure Cylinders segment manufactures and sells filled and unfilled pressure cylinders, tanks, hand torches, oil and gas equipment etc. “

Separately, ValuEngine cut Worthington Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Worthington Industries presently has an average rating of “Hold” and an average target price of $46.50.

Worthington Industries (WOR) opened at $41.76 on Friday. The company has a market capitalization of $2,692.00, a PE ratio of 14.74, a price-to-earnings-growth ratio of 3.33 and a beta of 1.10. Worthington Industries has a one year low of $39.52 and a one year high of $56.35. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.36 and a current ratio of 2.14.

Worthington Industries (NYSE:WOR) last issued its quarterly earnings data on Wednesday, September 27th. The industrial products company reported $0.73 EPS for the quarter, missing the Zacks’ consensus estimate of $0.82 by ($0.09). The company had revenue of $848.24 million for the quarter, compared to analyst estimates 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 for the quarter was up 15.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.03 EPS. sell-side analysts expect that Worthington Industries will post 3.05 EPS for the current year.

Worthington Industries declared that its Board of Directors has approved a share buyback program on Wednesday, September 27th that authorizes the company to buyback 6,830,000 outstanding shares. This buyback authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

In other news, insider John G. Lamprinakos sold 7,500 shares of Worthington Industries 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 sale, the insider now directly owns 70,751 shares of the company’s stock, valued at $3,180,964.96. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Peter Karmanos sold 45,376 shares of Worthington Industries stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $45.77, for a total value of $2,076,859.52. Following the sale, the director now directly owns 85,840 shares in the company, valued at $3,928,896.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,876 shares of company stock worth $3,290,460. 31.30% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in WOR. Acrospire Investment Management LLC increased its position in shares of Worthington Industries by 81.8% during the second quarter. Acrospire Investment Management LLC now owns 2,000 shares of the industrial products company’s stock worth $100,000 after acquiring an additional 900 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Worthington Industries by 11.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,295 shares of the industrial products company’s stock worth $115,000 after acquiring an additional 227 shares during the last quarter. Salem Investment Counselors Inc. increased its position in shares of Worthington Industries by 166.7% during the third quarter. Salem Investment Counselors Inc. now owns 2,699 shares of the industrial products company’s stock worth $125,000 after acquiring an additional 1,687 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in shares of Worthington Industries by 78.3% during the third quarter. DekaBank Deutsche Girozentrale now owns 2,675 shares of the industrial products company’s stock worth $134,000 after acquiring an additional 1,175 shares during the last quarter. Finally, First Mercantile Trust Co. increased its position in shares of Worthington Industries by 2.0% during the second quarter. First Mercantile Trust Co. now owns 3,070 shares of the industrial products company’s stock worth $154,000 after acquiring an additional 60 shares during the last quarter. 52.48% of the stock is currently owned by institutional investors and hedge funds.

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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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