Worthington Industries, Inc. (WOR) Rating Lowered to Hold at Zacks Investment Research
Worthington Industries, Inc. (NYSE:WOR) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Worthington Industries is one of the leading diversified metal processing companies. The company is one of North America’s premier value-added steel processors and one of the leaders in manufactured metal products such as automotive aftermarket stampings, pressure cylinders, metal framing, metal ceiling grid systems and laser welded blanks. (Company Press Release) “
A number of other brokerages also recently issued reports on WOR. BidaskClub downgraded shares of Worthington Industries from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Jefferies Group LLC upped their target price on shares of Worthington Industries from $45.00 to $47.00 and gave the stock a “hold” rating in a report on Friday, June 30th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $47.33.
Worthington Industries (NYSE:WOR) opened at 50.34 on Wednesday. Worthington Industries has a 12-month low of $40.11 and a 12-month high of $62.44. The stock has a 50 day moving average price of $50.00 and a 200-day moving average price of $47.23. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of 15.98 and a beta of 1.16.
Worthington Industries (NYSE:WOR) last issued its quarterly earnings data on Wednesday, June 28th. The industrial products company reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.04. Worthington Industries had a net margin of 6.79% and a return on equity of 20.29%. The firm had revenue of $845.30 million during the quarter, compared to the consensus estimate of $785.58 million. During the same quarter in the previous year, the firm posted $0.87 EPS. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. Equities analysts predict that Worthington Industries will post $3.33 EPS for the current fiscal year.
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In related news, Director Sidney A. Ribeau sold 5,000 shares of the company’s stock in a transaction on Friday, June 30th. The shares were sold at an average price of $50.34, for a total value of $251,700.00. Following the completion of the transaction, the director now owns 42,519 shares of the company’s stock, valued at approximately $2,140,406.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Dale T. Brinkman sold 28,212 shares of the company’s stock in a transaction on Friday, June 30th. The stock was sold at an average price of $49.50, for a total transaction of $1,396,494.00. Following the completion of the transaction, the vice president now directly owns 71,087 shares of the company’s stock, valued at approximately $3,518,806.50. The disclosure for this sale can be found here. Insiders sold a total of 65,712 shares of company stock valued at $3,300,819 in the last ninety days. 31.30% of the stock is currently owned by insiders.
A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in Worthington Industries by 1.2% in the 2nd quarter. BlackRock Inc. now owns 5,352,354 shares of the industrial products company’s stock worth $268,796,000 after buying an additional 64,589 shares during the period. State Street Corp boosted its holdings in Worthington Industries by 7.8% in the 1st quarter. State Street Corp now owns 2,372,663 shares of the industrial products company’s stock worth $106,987,000 after buying an additional 171,756 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Worthington Industries by 1.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,682,457 shares of the industrial products company’s stock worth $84,487,000 after buying an additional 17,185 shares during the period. AQR Capital Management LLC boosted its holdings in Worthington Industries by 5.6% in the 1st quarter. AQR Capital Management LLC now owns 1,646,104 shares of the industrial products company’s stock worth $74,223,000 after buying an additional 87,117 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Worthington Industries by 33.7% in the 1st quarter. Bank of New York Mellon Corp now owns 1,249,841 shares of the industrial products company’s stock worth $56,355,000 after buying an additional 315,238 shares during the period. 51.98% of the stock is owned by institutional investors.
Worthington Industries Company Profile
Worthington Industries, Inc is a metals manufacturing company, focused on value-added steel processing and manufactured metal products. The Company’s segments include Steel Processing, Pressure Cylinders, Engineered Cabs and Other. The Steel Processing segment buys coils of steel from integrated steel mills and mini-mills, and also toll processes steel for steel mills, end users, service centers and other processors.
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