Jefferies Group Reiterates Hold Rating for Worthington Industries Inc. (WOR)
Jefferies Group reissued their hold rating on shares of Worthington Industries Inc. (NYSE:WOR) in a report issued on Thursday. The brokerage currently has a $42.00 price objective on the stock, up from their previous price objective of $37.00.
Other analysts have also recently issued reports about the company. Zacks Investment Research raised Worthington Industries from a hold rating to a buy rating and set a $44.00 price target for the company in a report on Saturday, June 4th. JPMorgan Chase & Co. reissued a hold rating on shares of Worthington Industries in a report on Thursday, June 30th. Three equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $41.00.
Worthington Industries (NYSE:WOR) opened at 47.17 on Thursday. Worthington Industries has a 52 week low of $25.50 and a 52 week high of $48.50. The stock’s 50 day moving average price is $43.33 and its 200 day moving average price is $40.23. The firm has a market cap of $2.93 billion, a price-to-earnings ratio of 17.08 and a beta of 1.43.
Worthington Industries (NYSE:WOR) last released its quarterly earnings results on Wednesday, September 28th. The company reported $1.03 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.26. The business earned $737.50 million during the quarter. Worthington Industries had a return on equity of 21.60% and a net margin of 6.32%. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.54 earnings per share. On average, equities research analysts predict that Worthington Industries will post $3.18 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Thursday, December 15th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, December 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.70%. Worthington Industries’s dividend payout ratio (DPR) is presently 28.99%.
In other Worthington Industries news, VP Dale T. Brinkman sold 4,188 shares of the firm’s stock in a transaction on Thursday, July 7th. The stock was 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 in the company, valued at approximately $2,413,845.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Geoffrey G. Gilmore sold 11,079 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $42.73, for a total value of $473,405.67. Following the transaction, the insider now owns 52,469 shares in the company, valued at approximately $2,242,000.37. The disclosure for this sale can be found here. Company insiders own 32.00% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. LS Investment Advisors LLC raised its position in Worthington Industries by 68.6% in the second quarter. LS Investment Advisors LLC now owns 2,699 shares of the company’s stock worth $114,000 after buying an additional 1,098 shares during the period. Benjamin F. Edwards & Company Inc. bought a new position in Worthington Industries during the second quarter worth approximately $115,000. Meeder Asset Management Inc. bought a new position in Worthington Industries during the second quarter worth approximately $115,000. Tower Research Capital LLC TRC bought a new position in Worthington Industries during the second quarter worth approximately $122,000. Finally, Acrospire Investment Management LLC raised its position in Worthington Industries by 45.5% in the second quarter. Acrospire Investment Management LLC now owns 3,200 shares of the company’s stock worth $135,000 after buying an additional 1,000 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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