Zacks Investment Research Downgrades Worthington Industries (WOR) to Hold
According to Zacks, “Worthington Industries, Inc. has been North American’s premier, value-added steel processor, providing customers with wide ranging capabilities, products and services for a variety of markets including automotive, construction and agriculture. Worthington is also the leading global supplier of pressure tanks and cylinders. The company manufactures a host of pressure cylinders products for industrial gas and cryogenic applications, transportation and alternative fuel storage, oil and gas equipment, and consumer brand retail products, including Bernzomatic, Coleman and Balloon Time. They have built a reputation on quality, safety and regulatory compliance, ensuring the protection of their employees, customers and industry. In fact, designing and building protective structures is another one of their specialties. Worthington manufactures custom-engineered, open and enclosed cabs, and operator stations for the smallest utility equipment to the largest earth-moving machinery in the world. “
Worthington Industries stock opened at $34.61 on Friday. Worthington Industries has a 12-month low of $31.42 and a 12-month high of $49.65. The firm has a market cap of $1.99 billion, a P/E ratio of 12.02 and a beta of 1.09. The company has a current ratio of 2.13, a quick ratio of 1.27 and a debt-to-equity ratio of 0.77.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Thursday, June 13th. Worthington Industries’s payout ratio is 31.94%.
In other Worthington Industries news, Director Mark C. Davis sold 14,985 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $39.57, for a total transaction of $592,956.45. Following the completion of the transaction, the director now owns 35,165 shares in the company, valued at $1,391,479.05. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sidney A. Ribeau sold 9,750 shares of the firm’s stock in a transaction dated Thursday, April 18th. The stock was sold at an average price of $40.41, for a total transaction of $393,997.50. Following the transaction, the director now owns 52,369 shares of the company’s stock, valued at approximately $2,116,231.29. The disclosure for this sale can be found here. 33.20% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in WOR. Norges Bank bought a new position in Worthington Industries during the fourth quarter worth about $22,210,000. WINTON GROUP Ltd lifted its stake in Worthington Industries by 2,817.9% during the fourth quarter. WINTON GROUP Ltd now owns 444,491 shares of the industrial products company’s stock worth $15,486,000 after purchasing an additional 429,258 shares during the period. PNC Financial Services Group Inc. lifted its stake in Worthington Industries by 452.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 228,157 shares of the industrial products company’s stock worth $7,949,000 after purchasing an additional 186,872 shares during the period. Goldman Sachs Group Inc. lifted its stake in Worthington Industries by 131.7% during the first quarter. Goldman Sachs Group Inc. now owns 287,607 shares of the industrial products company’s stock worth $10,734,000 after purchasing an additional 163,458 shares during the period. Finally, Macquarie Group Ltd. lifted its stake in Worthington Industries by 7.6% during the first quarter. Macquarie Group Ltd. now owns 1,593,444 shares of the industrial products company’s stock worth $59,467,000 after purchasing an additional 113,162 shares during the period. Hedge funds and other institutional investors own 48.00% of the company’s stock.
Worthington Industries Company Profile
Worthington Industries, Inc, a metals manufacturing company, focuses on value-added steel processing and manufactured metal products in the United States, Austria, Canada, Mexico, Poland, Portugal, and Turkey. The company operates through three segments: Steel Processing, Pressure Cylinders, and Engineered Cabs.
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