Brokers Offer Predictions for Worthington Industries, Inc.’s FY2018 Earnings (WOR)
Worthington Industries, Inc. (NYSE:WOR) – Jefferies Group reduced their FY2018 earnings per share (EPS) estimates for Worthington Industries in a research note issued on Thursday. Jefferies Group analyst S. Rosenfeld now expects that the industrial products company will earn $3.06 per share for the year, down from their previous estimate of $3.40. Jefferies Group currently has a “Hold” rating and a $47.00 target price on the stock. Jefferies Group also issued estimates for Worthington Industries’ FY2019 earnings at $3.16 EPS.
Worthington Industries (NYSE:WOR) last released its quarterly earnings results on Wednesday, September 27th. The industrial products company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.09). Worthington Industries had a return on equity of 17.98% and a net margin of 5.90%. The business had revenue of $848.24 million for the quarter, compared to the consensus estimate of $854.20 million. During the same period in the prior year, the business posted $1.03 earnings per share. Worthington Industries’s revenue was up 15.0% compared to the same quarter last year. ILLEGAL ACTIVITY NOTICE: “Brokers Offer Predictions for Worthington Industries, Inc.’s FY2018 Earnings (WOR)” was first published by Daily Political and is owned by of Daily Political. If you are viewing this news story on another publication, it was illegally stolen and reposted in violation of United States and international copyright & trademark legislation. The original version of this news story can be viewed at https://www.dailypolitical.com/2017/10/03/brokers-offer-predictions-for-worthington-industries-inc-s-fy2018-earnings-wor.html.
Other research analysts also recently issued research reports about the company. BidaskClub downgraded Worthington Industries from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. ValuEngine cut Worthington Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Finally, Zacks Investment Research cut Worthington Industries from a “hold” rating to a “sell” rating in a research note on Saturday. Two analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $47.33.
Worthington Industries (NYSE:WOR) traded down 2.742% during mid-day trading on Monday, reaching $45.225. 626,600 shares of the company’s stock were exchanged. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of 14.357 and a beta of 1.14. The company has a 50-day moving average of $49.74 and a 200-day moving average of $47.19. Worthington Industries has a 52-week low of $40.82 and a 52-week high of $62.44.
Several large investors have recently bought and sold shares of the business. Acrospire Investment Management LLC boosted its holdings in shares of Worthington Industries by 81.8% in the second quarter. Acrospire Investment Management LLC now owns 2,000 shares of the industrial products company’s stock worth $100,000 after acquiring an additional 900 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Worthington Industries by 11.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,295 shares of the industrial products company’s stock valued at $115,000 after purchasing an additional 227 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of Worthington Industries by 67.9% in the first quarter. Tower Research Capital LLC TRC now owns 2,424 shares of the industrial products company’s stock valued at $109,000 after purchasing an additional 980 shares in the last quarter. First Mercantile Trust Co. grew its position in shares of Worthington Industries by 2.0% in the second quarter. First Mercantile Trust Co. now owns 3,070 shares of the industrial products company’s stock valued at $154,000 after purchasing an additional 60 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its position in shares of Worthington Industries by 4.9% in the first quarter. Envestnet Asset Management Inc. now owns 3,755 shares of the industrial products company’s stock valued at $168,000 after purchasing an additional 175 shares in the last quarter. Hedge funds and other institutional investors own 51.96% of the company’s stock.
In related news, insider Geoffrey G. Gilmore sold 32,500 shares of Worthington Industries stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $50.85, for a total value of $1,652,625.00. Following the completion of the transaction, the insider now directly owns 86,477 shares in the company, valued at approximately $4,397,355.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 31.30% of the stock is currently owned by insiders.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a $0.21 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.84 dividend on an annualized basis and a yield of 1.81%. Worthington Industries’s dividend payout ratio is 29.58%.
Worthington Industries announced that its Board of Directors has initiated a share repurchase program on Wednesday, September 27th that authorizes the company to buyback 6,830,000 outstanding shares. This buyback authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
About Worthington Industries
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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