Prudential Financial Inc. Increases Position in Worthington Industries, Inc. (WOR)
Prudential Financial Inc. increased its stake in Worthington Industries, Inc. (NYSE:WOR) by 23.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 948,446 shares of the industrial products company’s stock after acquiring an additional 182,962 shares during the period. Prudential Financial Inc. owned about 1.51% of Worthington Industries worth $43,629,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Acrospire Investment Management LLC grew its position in 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in 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 worth $115,000 after acquiring an additional 227 shares in the last quarter. First Mercantile Trust Co. grew its position in 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 worth $154,000 after acquiring an additional 60 shares in the last quarter. Raymond James Financial Services Advisors Inc. purchased a new position in Worthington Industries in the second quarter worth $212,000. Finally, Riverhead Capital Management LLC grew its position in Worthington Industries by 54.7% in the second quarter. Riverhead Capital Management LLC now owns 4,331 shares of the industrial products company’s stock worth $217,000 after acquiring an additional 1,531 shares in the last quarter. Institutional investors own 52.28% of the company’s stock.
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Shares of Worthington Industries, Inc. (NYSE WOR) opened at $41.68 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.36 and a current ratio of 2.14. Worthington Industries, Inc. has a 1 year low of $40.82 and a 1 year high of $62.44. The stock has a market cap of $2,624.63, a PE ratio of 14.37, a price-to-earnings-growth ratio of 3.20 and a beta of 1.14.
Worthington Industries (NYSE:WOR) last posted its quarterly earnings results on Wednesday, September 27th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.82 by ($0.09). Worthington Industries had a net margin of 5.90% and a return on equity of 17.98%. The business had revenue of $848.24 million for the quarter, compared to analysts’ expectations of $854.20 million. During the same quarter in the previous year, the company earned $1.03 earnings per share. The business’s quarterly revenue was up 15.0% on a year-over-year basis. equities research analysts anticipate that Worthington Industries, Inc. will post 3.1 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a dividend of $0.21 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.84 annualized dividend and a yield of 2.02%. Worthington Industries’s payout ratio is 29.58%.
Worthington Industries declared that its Board of Directors has approved a stock repurchase plan on Wednesday, September 27th that permits the company to buyback 6,830,000 shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
In other news, Director Peter Karmanos sold 45,376 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $45.77, for a total transaction of $2,076,859.52. Following the completion of the transaction, the director now directly owns 85,840 shares of the company’s stock, valued at $3,928,896.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John G. Lamprinakos sold 7,500 shares of the company’s stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $44.96, for a total transaction of $337,200.00. Following the transaction, the insider now directly owns 70,751 shares of the company’s stock, valued at $3,180,964.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 72,876 shares of company stock valued at $3,290,460. Company insiders own 31.30% of the company’s stock.
WOR has been the subject of several analyst reports. BidaskClub lowered shares of Worthington Industries from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. ValuEngine lowered shares of Worthington Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Finally, Zacks Investment Research lowered shares of Worthington Industries from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 13th. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $46.50.
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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