Worthington Industries Inc. (WOR) Shares Gap Up to $43.53
Worthington Industries Inc. (NYSE:WOR)’s share price gapped up before the market opened 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.
Several equities analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Worthington Industries from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a report on Friday, June 17th. Jefferies Group restated a “hold” rating and set a $37.00 price objective (up previously from $33.00) on shares of Worthington Industries in a report on Friday, June 10th. Finally, JPMorgan Chase & Co. restated 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 and two have given a buy rating to the company. Worthington Industries currently has an average rating of “Hold” and an average target price of $37.00.
The firm has a market cap of $2.75 billion and a P/E ratio of 19.36. The firm has a 50-day moving average of $43.57 and a 200 day moving average of $37.81.
Worthington Industries (NYSE:WOR) last announced its earnings results on Wednesday, June 29th. The company reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.28. The firm had revenue of $714.70 million for the quarter. During the same period last year, the business earned $0.52 EPS. Worthington Industries’s revenue for the quarter was down 15.5% compared to the same quarter last year. Analysts expect that Worthington Industries Inc. will post $2.90 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date is Tuesday, September 13th. This is an increase from Worthington Industries’s previous quarterly dividend of $0.19.
In other news, insider Geoffrey G. Gilmore sold 11,079 shares of Worthington Industries 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 transaction, the insider now owns 52,469 shares in the company, valued at approximately $2,242,000.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Dale T. Brinkman sold 4,188 shares of Worthington Industries stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $42.10, for a total value of $176,314.80. Following the completion of the transaction, the vice president now owns 57,336 shares of the company’s stock, valued at approximately $2,413,845.60. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Worthington Industries stock. Bank of Montreal Can increased its stake in shares of Worthington Industries Inc. (NYSE:WOR) by 20.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 65,858 shares of the company’s stock after buying an additional 11,258 shares during the period. Bank of Montreal Can owned 0.10% of Worthington Industries worth $1,986,000 at the end of the most recent 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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