Worthington Industries Inc. (WOR) Trading Down 2.5%
Shares of Worthington Industries Inc. (NYSE:WOR) dropped 2.5% on Friday . The stock traded as low as $42.05 and last traded at $42.10, with a volume of 159,710 shares trading hands. The stock had previously closed at $43.20.
WOR has been the topic of several analyst reports. Zacks Investment Research raised shares of Worthington Industries from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a report on Friday, June 17th. JPMorgan Chase & Co. reissued a “hold” rating on shares of Worthington Industries in a report on Thursday, June 30th. Finally, Jefferies Group reissued a “hold” rating on shares of Worthington Industries in a report on Monday. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $37.00.
The stock has a 50-day moving average price of $43.49 and a 200 day moving average price of $37.45. The firm has a market capitalization of $2.71 billion and a P/E ratio of 19.08.
Worthington Industries (NYSE:WOR) last released its quarterly earnings data on Wednesday, June 29th. The company reported $0.92 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.28. The firm earned $714.70 million during the quarter. During the same quarter in the previous year, the business posted $0.52 earnings per share. The firm’s revenue for the quarter was down 15.5% on a year-over-year basis. On average, equities analysts expect that Worthington Industries Inc. will post $2.89 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be given a $0.20 dividend. This is a positive change from Worthington Industries’s previous quarterly dividend of $0.19. The ex-dividend date is Tuesday, September 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.89%.
In related news, VP Dale T. Brinkman sold 4,188 shares of the stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $42.10, for a total value of $176,314.80. Following the completion of the transaction, the vice president now owns 57,336 shares in the company, valued at approximately $2,413,845.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Geoffrey G. Gilmore sold 11,079 shares of the stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $42.73, for a total transaction of $473,405.67. Following the completion of the transaction, the insider now owns 52,469 shares of the company’s stock, valued at approximately $2,242,000.37. The disclosure for this sale can be found here.
Other institutional investors recently made changes to their positions in the company. Piermont Capital Management Inc. bought a new position in shares of Worthington Industries during the fourth quarter worth about $1,251,000. Bank of Montreal Can raised its position in shares of Worthington Industries by 20.6% in the fourth quarter. Bank of Montreal Can now owns 65,858 shares of the company’s stock worth $1,986,000 after buying an additional 11,258 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Worthington Industries by 6.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,836,571 shares of the company’s stock worth $55,355,000 after buying an additional 114,027 shares in the last quarter.
Worthington Industries, Inc is a diversified metals manufacturing company. The Company’s segments include Steel Processing, Pressure Cylinders, Engineered Cabs and Other. The Company’s Steel Processing segment consists of the Worthington Steel business unit, Precision Specialty Metals, Inc and Worthington Steelpac Systems, LLC and also includes two consolidated joint ventures: Spartan Steel Coating, LLC, which operates a cold-rolled hot dipped galvanizing line in Monroe, Michigan, and TWB Company, LLC., which operates a laser welded blank business.
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