Worthington Industries Inc. (WOR) Stock Rating Reaffirmed by Jefferies Group
Jefferies Group restated their hold rating on shares of Worthington Industries Inc. (NYSE:WOR) in a research note issued to investors on Friday. Jefferies Group currently has a $37.00 target price on the stock.
WOR has been the subject of several other reports. Zacks Investment Research cut Worthington Industries from a buy rating to a hold rating in a research note on Tuesday, June 14th. JPMorgan Chase & Co. reaffirmed a hold rating on shares of Worthington Industries in a research report 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 company’s stock. Worthington Industries currently has a consensus rating of Hold and a consensus price target of $37.00.
Shares of Worthington Industries (NYSE:WOR) opened at 42.51 on Friday. 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 company’s 50-day moving average price is $42.47 and its 200 day moving average price is $39.43.
Worthington Industries (NYSE:WOR) last released its earnings results on Wednesday, June 29th. The company reported $0.92 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.28. Worthington Industries had a return on equity of 18.83% and a net margin of 5.06%. The firm earned $714.70 million during the quarter. During the same period in the previous year, the firm earned $0.52 earnings per share. The company’s revenue for the quarter was down 15.5% compared to the same quarter last year. On average, equities research analysts forecast that Worthington Industries will post $2.84 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th will be issued a $0.20 dividend. This is an increase from Worthington Industries’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Tuesday, September 13th. Worthington Industries’s payout ratio is presently 36.04%.
In other news, insider Geoffrey G. Gilmore sold 11,079 shares of the business’s stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $42.73, for a total value of $473,405.67. Following the completion of the sale, the insider now directly owns 52,469 shares of the company’s stock, valued at approximately $2,242,000.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Catherine M. Lyttle sold 3,750 shares of the business’s stock in a transaction dated Wednesday, July 6th. The shares were sold at an average price of $42.37, for a total value of $158,887.50. Following the completion of the sale, the vice president now directly owns 25,488 shares of the company’s stock, valued at $1,079,926.56. The disclosure for this sale can be found here. 32.00% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new stake in Worthington Industries during the fourth quarter valued at $25,583,000. Vanguard Group Inc. increased its stake in 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 last quarter. Goldman Sachs Group Inc. increased its stake in Worthington Industries by 256.1% in the first quarter. Goldman Sachs Group Inc. now owns 331,389 shares of the company’s stock valued at $11,811,000 after buying an additional 238,324 shares during the last quarter. Panagora Asset Management Inc. increased its stake in Worthington Industries by 521.5% in the second quarter. Panagora Asset Management Inc. now owns 241,574 shares of the company’s stock valued at $10,218,000 after buying an additional 202,704 shares during the last quarter. Finally, State Street Corp increased its stake in 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 last quarter. 50.94% of the stock is owned by institutional investors and hedge funds.
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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