Worthington Industries Inc. (WOR) Shares Down 2.5%
Worthington Industries Inc. (NYSE:WOR) shares traded down 2.5% on Friday . The company 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.
A number of research analysts recently weighed in on the stock. Zacks Investment Research cut shares of Worthington Industries from a “buy” rating to a “hold” rating in a report on Tuesday, June 14th. Jefferies Group reiterated a “hold” rating on shares of Worthington Industries in a research note on Thursday, June 30th. Finally, JPMorgan Chase & Co. reiterated a “hold” rating on shares of Worthington Industries in a research note on Thursday, June 30th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $37.00.
The stock has a market capitalization of $2.71 billion and a P/E ratio of 19.08. The stock has a 50-day moving average price of $43.49 and a 200 day moving average price of $37.45.
Worthington Industries (NYSE:WOR) last announced its quarterly earnings data on Wednesday, June 29th. The company reported $0.92 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.28. During the same quarter in the prior year, the firm posted $0.52 EPS. The company had revenue of $714.70 million for the quarter. Worthington Industries’s revenue for the quarter was down 15.5% on a year-over-year basis. Analysts forecast that Worthington Industries Inc. will post $2.90 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Thursday, September 15th will be issued a dividend of $0.20 per share. This is a boost from Worthington Industries’s previous quarterly dividend of $0.19. The ex-dividend date is Tuesday, September 13th. This represents a $0.80 annualized dividend and a dividend yield of 1.89%.
In other news, 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 transaction, the insider now directly owns 52,469 shares in the company, valued at approximately $2,242,000.37. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Catherine M. Lyttle sold 3,750 shares of the stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $42.37, for a total transaction of $158,887.50. Following the transaction, the vice president now owns 25,488 shares in the company, valued at $1,079,926.56. The disclosure for this sale can be found here.
Several hedge funds and institutional investors recently made changes to their positions in the company. 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 valued at $1,986,000 after buying an additional 11,258 shares during the last quarter. Piermont Capital Management Inc. bought a new position in shares of Worthington Industries during the fourth quarter valued at $1,251,000. 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 valued at $55,355,000 after buying an additional 114,027 shares during 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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