Worthington Industries Inc. (WOR) Releases Quarterly Earnings Results, Beats Expectations By $0.26 EPS
Worthington Industries Inc. (NYSE:WOR) announced its earnings results on Wednesday. The company reported $1.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.26. Worthington Industries had a net margin of 5.06% and a return on equity of 18.83%. The business had revenue of $737.50 million for the quarter, compared to analyst estimates of $742.80 million.
Worthington Industries (NYSE:WOR) opened at 44.27 on Wednesday. The stock has a 50 day moving average of $42.59 and a 200 day moving average of $39.78. Worthington Industries has a 1-year low of $25.50 and a 1-year high of $45.68. The stock has a market capitalization of $2.83 billion, a P/E ratio of 19.94 and a beta of 1.50.
WOR has been the topic of several research reports. Zacks Investment Research downgraded shares of Worthington Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, September 20th. Jefferies Group reissued a “hold” rating and issued a $37.00 price target on shares of Worthington Industries in a research note on Friday, September 16th. Finally, JPMorgan Chase & Co. reissued a “hold” rating on shares of Worthington Industries in a research note on Thursday, June 30th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $37.00.
In other Worthington Industries news, VP Catherine M. Lyttle sold 3,750 shares of the company’s stock in a transaction dated Wednesday, July 6th. The shares were sold at an average price of $42.37, for a total value of $158,887.50. Following the transaction, the vice president now directly owns 25,488 shares in the company, valued at approximately $1,079,926.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Geoffrey G. Gilmore sold 11,079 shares of the company’s stock in a transaction dated Wednesday, August 3rd. The shares were sold at an average price of $42.73, for a total transaction of $473,405.67. Following the completion of the transaction, the insider now owns 52,469 shares in the company, valued at $2,242,000.37. The disclosure for this sale can be found here. 32.00% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WOR. Piermont Capital Management Inc. purchased a new position in Worthington Industries during the second quarter worth about $1,576,000. Thrivent Financial for Lutherans raised its position in Worthington Industries by 7.5% in the second quarter. Thrivent Financial for Lutherans now owns 6,320 shares of the company’s stock worth $267,000 after buying an additional 440 shares during the period. Profund Advisors LLC raised its position in Worthington Industries by 39.0% in the second quarter. Profund Advisors LLC now owns 14,528 shares of the company’s stock worth $615,000 after buying an additional 4,076 shares during the period. Johnson Investment Counsel Inc. purchased a new position in Worthington Industries during the second quarter worth about $215,000. Finally, Pacad Investment Ltd. raised its position in Worthington Industries by 0.9% in the second quarter. Pacad Investment Ltd. now owns 11,400 shares of the company’s stock worth $482,000 after buying an additional 100 shares during the period. Institutional investors own 50.94% of the company’s stock.
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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