Worthington Industries Inc. (WOR) Stock Rating Lowered by Zacks Investment Research
Worthington Industries Inc. (NYSE:WOR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Worthington Industries is one of the leading diversified metal processing companies. The company is one of North America’s premier value-added steel processors and one of the leaders in manufactured metal products such as automotive aftermarket stampings, pressure cylinders, metal framing, metal ceiling grid systems and laser welded blanks. (Company Press Release) “
Other analysts have also recently issued reports about the stock. Jefferies Group restated a “hold” rating and issued a $37.00 price objective on shares of Worthington Industries in a research note on Friday, September 16th. JPMorgan Chase & Co. restated a “hold” rating on shares of Worthington Industries in a research note on Thursday, June 30th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $37.00.
Worthington Industries (NYSE:WOR) opened at 42.51 on Tuesday. Worthington Industries has a 12-month low of $21.10 and a 12-month high of $45.68. The firm has a market capitalization of $2.72 billion, a price-to-earnings ratio of 19.15 and a beta of 1.50. The stock has a 50 day moving average of $42.47 and a 200 day moving average of $39.43.
Worthington Industries (NYSE:WOR) last posted its earnings results on Wednesday, June 29th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.28. The firm earned $714.70 million during the quarter. Worthington Industries had a net margin of 5.06% and a return on equity of 18.83%. Worthington Industries’s revenue was down 15.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.52 earnings per share. Equities research analysts anticipate that Worthington Industries will post $2.84 earnings per share 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 paid a dividend of $0.20 per share. This is a boost from Worthington Industries’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a yield of 1.88%. The ex-dividend date is Tuesday, September 13th. Worthington Industries’s dividend payout ratio is presently 36.04%.
In related news, insider Geoffrey G. Gilmore sold 11,079 shares of the company’s stock in a transaction on 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 directly owns 52,469 shares in the company, valued at approximately $2,242,000.37. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Dale T. Brinkman sold 4,188 shares of the company’s stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $42.10, for a total transaction of $176,314.80. Following the transaction, the vice president now owns 57,336 shares of the company’s stock, valued at $2,413,845.60. The disclosure for this sale can be found here. Corporate insiders own 32.00% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Worthington Industries by 15.3% in the second quarter. Vanguard Group Inc. now owns 4,021,632 shares of the company’s stock valued at $170,116,000 after buying an additional 533,763 shares during the period. State Street Corp raised its stake in shares of Worthington Industries by 9.0% in the second quarter. State Street Corp now owns 2,306,233 shares of the company’s stock valued at $97,549,000 after buying an additional 190,618 shares during the period. BlackRock Fund Advisors raised its stake in shares of Worthington Industries by 0.9% in the second quarter. BlackRock Fund Advisors now owns 2,277,860 shares of the company’s stock valued at $96,353,000 after buying an additional 20,020 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Worthington Industries by 1.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,895,872 shares of the company’s stock valued at $80,184,000 after buying an additional 35,574 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Worthington Industries by 9.3% in the second quarter. Bank of New York Mellon Corp now owns 1,078,357 shares of the company’s stock valued at $45,614,000 after buying an additional 91,402 shares during the period. Hedge funds and other institutional investors own 50.94% of the company’s stock.
About Worthington Industries
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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