Worthington Industries (NYSE:WOR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Worthington Industries, Inc. has been North American’s premier, value-added steel processor, providing customers with wide ranging capabilities, products and services for a variety of markets including automotive, construction and agriculture. Worthington is also the leading global supplier of pressure tanks and cylinders. The company manufactures a host of pressure cylinders products for industrial gas and cryogenic applications, transportation and alternative fuel storage, oil and gas equipment, and consumer brand retail products, including Bernzomatic, Coleman and Balloon Time. They have built a reputation on quality, safety and regulatory compliance, ensuring the protection of their employees, customers and industry. In fact, designing and building protective structures is another one of their specialties. Worthington manufactures custom-engineered, open and enclosed cabs, and operator stations for the smallest utility equipment to the largest earth-moving machinery in the world. “
Separately, ValuEngine upgraded Worthington Industries from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Worthington Industries has an average rating of “Hold” and a consensus target price of $46.50.
Worthington Industries (NYSE:WOR) last announced its quarterly earnings results on Tuesday, December 19th. The industrial products company reported $0.65 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.67 by ($0.02). Worthington Industries had a net margin of 5.43% and a return on equity of 17.07%. The company had revenue of $871.30 million during the quarter, compared to analysts’ expectations of $823.50 million. During the same quarter in the prior year, the business posted $0.75 earnings per share. The company’s revenue was up 19.7% compared to the same quarter last year. sell-side analysts forecast that Worthington Industries will post 3.08 EPS for the current fiscal year.
In related news, VP Dale T. Brinkman sold 6,874 shares of the business’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $48.32, for a total transaction of $332,151.68. Following the transaction, the vice president now directly owns 35,992 shares in the company, valued at approximately $1,739,133.44. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 31.30% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in WOR. Victory Capital Management Inc. purchased a new position in Worthington Industries during the 4th quarter worth $55,391,000. Deutsche Bank AG lifted its position in Worthington Industries by 154.8% during the 4th quarter. Deutsche Bank AG now owns 330,408 shares of the industrial products company’s stock worth $14,556,000 after acquiring an additional 200,719 shares during the period. WINTON GROUP Ltd acquired a new stake in Worthington Industries during the 4th quarter worth about $5,591,000. Barings LLC lifted its position in Worthington Industries by 92.3% during the 3rd quarter. Barings LLC now owns 180,870 shares of the industrial products company’s stock worth $8,320,000 after acquiring an additional 86,800 shares during the period. Finally, King Luther Capital Management Corp acquired a new stake in Worthington Industries during the 4th quarter worth about $3,305,000. Hedge funds and other institutional investors own 52.65% 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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