Worthington Industries Inc. (WOR) Shares Gap Up to $43.53
Shares of Worthington Industries Inc. (NYSE:WOR) gapped up prior to trading on Tuesday . The stock had previously closed at $43.24, but opened at $43.53. Worthington Industries shares last traded at $44.12, with a volume of 156,175 shares changing hands.
WOR has been the topic of several recent research reports. Zacks Investment Research raised Worthington Industries from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a research note on Saturday, June 4th. Jefferies Group reissued a “hold” rating on shares of Worthington Industries in a research note on Monday, August 15th. Finally, JPMorgan Chase & Co. reissued a “hold” rating on shares of Worthington Industries in a research note on Thursday, June 30th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Worthington Industries currently has a consensus rating of “Hold” and an average target price of $37.00.
The stock’s 50 day moving average price is $43.55 and its 200-day moving average price is $37.77. The company has a market cap of $2.81 billion and a price-to-earnings ratio of 19.83.
Worthington Industries (NYSE:WOR) last posted its quarterly earnings data on Wednesday, June 29th. The company reported $0.92 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.28. The company earned $714.70 million during the quarter. The firm’s revenue for the quarter was down 15.5% compared to the same quarter last year. During the same period last year, the firm earned $0.52 EPS. On average, analysts expect that Worthington Industries Inc. will post $2.90 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be issued a $0.20 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.82%. This is a boost from Worthington Industries’s previous quarterly dividend of $0.19.
In other Worthington Industries 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 sale, the insider now owns 52,469 shares of the company’s stock, valued at $2,242,000.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 sale, the vice president now directly owns 57,336 shares in the company, valued at approximately $2,413,845.60. The disclosure for this sale can be found here.
A number of hedge funds have recently modified their holdings of WOR. Bank of Montreal Can boosted its stake 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 during the period. Dimensional Fund Advisors LP boosted its stake 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 during the period. Finally, Piermont Capital Management Inc. purchased a new stake in shares of Worthington Industries during the fourth quarter worth approximately $1,251,000.
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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