Worthington Industries Inc. (WOR) Issues Quarterly Earnings Results, Beats Expectations By $0.26 EPS
Worthington Industries Inc. (NYSE:WOR) issued its quarterly earnings results on Wednesday. The company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.77 by $0.26. The company earned $737.50 million during the quarter, compared to analyst estimates of $742.80 million. Worthington Industries had a net margin of 5.06% and a return on equity of 18.83%.
Shares of Worthington Industries (NYSE:WOR) opened at 44.27 on Wednesday. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of 19.94 and a beta of 1.50. Worthington Industries has a 12-month low of $25.50 and a 12-month high of $45.68. The stock’s 50 day moving average is $42.59 and its 200-day moving average is $39.78.
In other news, VP Catherine M. Lyttle sold 3,750 shares of the firm’s stock in a transaction on Wednesday, July 6th. The stock was sold at an average price of $42.37, for a total value of $158,887.50. Following the completion of the transaction, the vice president now owns 25,488 shares in the company, valued at $1,079,926.56. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Geoffrey G. Gilmore sold 11,079 shares of the firm’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $42.73, for a total value of $473,405.67. Following the completion of the transaction, the insider now owns 52,469 shares of the company’s stock, valued at approximately $2,242,000.37. The disclosure for this sale can be found here. 32.00% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in WOR. Panagora Asset Management Inc. boosted its position in shares of Worthington Industries by 521.5% in the second quarter. Panagora Asset Management Inc. now owns 241,574 shares of the company’s stock worth $10,218,000 after buying an additional 202,704 shares in the last quarter. State Street Corp boosted its position in shares of Worthington Industries by 9.0% in the second quarter. State Street Corp now owns 2,306,233 shares of the company’s stock worth $97,549,000 after buying an additional 190,618 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Worthington Industries by 17.1% in the second quarter. AQR Capital Management LLC now owns 802,378 shares of the company’s stock worth $33,941,000 after buying an additional 117,424 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Worthington Industries by 60.6% in the second quarter. Alliancebernstein L.P. now owns 137,405 shares of the company’s stock worth $5,812,000 after buying an additional 51,850 shares in the last quarter. Finally, Van ECK Associates Corp boosted its position in shares of Worthington Industries by 51.7% in the second quarter. Van ECK Associates Corp now owns 119,838 shares of the company’s stock worth $5,069,000 after buying an additional 40,853 shares in the last quarter. Institutional investors and hedge funds own 50.94% of the company’s stock.
A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Worthington Industries from a “buy” rating to a “hold” rating in a report on Tuesday, June 14th. Jefferies Group reaffirmed a “hold” rating on shares of Worthington Industries in a report on Thursday, June 30th. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Worthington Industries in a report on Thursday, June 30th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $37.00.
About Worthington Industries
Worthington Industries, Inc is a diversified metals manufacturing company. The Company’s segments include Steel Processing, Pressure Cylinders, Engineered Cabs and Other. The Company’s Steel Processing segment consists of the Worthington Steel business unit, Precision Specialty Metals, Inc and Worthington Steelpac Systems, LLC and also includes two consolidated joint ventures: Spartan Steel Coating, LLC, which operates a cold-rolled hot dipped galvanizing line in Monroe, Michigan, and TWB Company, LLC., which operates a laser welded blank business.
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