TCW Group Inc. Has $4.11 Million Stake in Worthington Industries, Inc. (WOR)
TCW Group Inc. grew its stake in shares of Worthington Industries, Inc. (NYSE:WOR) by 6.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 89,453 shares of the industrial products company’s stock after buying an additional 5,714 shares during the period. TCW Group Inc. owned 0.14% of Worthington Industries worth $4,114,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Rhumbline Advisers increased its position in shares of Worthington Industries by 16.3% during the third quarter. Rhumbline Advisers now owns 114,193 shares of the industrial products company’s stock valued at $5,253,000 after buying an additional 15,972 shares during the period. Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Worthington Industries during the third quarter valued at about $299,000. Alps Advisors Inc. bought a new stake in shares of Worthington Industries during the third quarter valued at about $426,000. Swiss National Bank increased its position in shares of Worthington Industries by 1.7% during the third quarter. Swiss National Bank now owns 79,900 shares of the industrial products company’s stock valued at $3,675,000 after buying an additional 1,300 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Worthington Industries by 1.6% during the third quarter. Principal Financial Group Inc. now owns 195,335 shares of the industrial products company’s stock valued at $8,985,000 after buying an additional 3,089 shares during the period. Hedge funds and other institutional investors own 52.36% of the company’s stock.
Several research analysts recently weighed in on the stock. Zacks Investment Research cut shares of Worthington Industries from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 13th. BidaskClub cut shares of Worthington Industries from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Finally, ValuEngine cut shares of Worthington Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $46.50.
In other Worthington Industries news, insider John G. Lamprinakos sold 7,500 shares of the stock in a transaction that occurred on 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 in the company, valued at $3,180,964.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter Karmanos sold 45,376 shares of the stock in a transaction that occurred on 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 transaction, the director now owns 85,840 shares in the company, valued at $3,928,896.80. The disclosure for this sale can be found here. Insiders have sold 72,876 shares of company stock worth $3,290,460 over the last quarter. Company insiders own 31.30% of the company’s stock.
Worthington Industries, Inc. (NYSE WOR) traded up $0.56 during mid-day trading on Friday, hitting $40.21. 596,300 shares of the company traded hands, compared to its average volume of 456,832. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.36 and a current ratio of 2.14. The company has a market capitalization of $2,496.79, a PE ratio of 13.67, a price-to-earnings-growth ratio of 3.05 and a beta of 1.14. Worthington Industries, Inc. has a one year low of $39.52 and a one year high of $62.44.
Worthington Industries (NYSE:WOR) last posted its quarterly earnings data on Wednesday, September 27th. The industrial products company reported $0.73 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.82 by ($0.09). Worthington Industries had a return on equity of 17.98% and a net margin of 5.90%. The company had revenue of $848.24 million during the quarter, compared to the consensus estimate of $854.20 million. During the same quarter last year, the company posted $1.03 earnings per share. The firm’s revenue for the quarter was up 15.0% on a year-over-year basis. equities analysts anticipate that Worthington Industries, Inc. will post 3.1 earnings per share for the current fiscal year.
Worthington Industries declared that its Board of Directors has approved a share repurchase plan on Wednesday, September 27th that allows the company to buyback 6,830,000 outstanding shares. This buyback authorization allows the industrial products company to purchase shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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. This represents a $0.84 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Thursday, December 14th. Worthington Industries’s payout ratio is currently 29.58%.
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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