Worthington Industries Inc. (WOR) Receives “Hold” Rating from Jefferies Group
Worthington Industries Inc. (NYSE:WOR)‘s stock had its “hold” rating reaffirmed by equities research analysts at Jefferies Group in a research note issued on Thursday. They presently have a $42.00 price target on the stock, up from their previous price target of $37.00. Jefferies Group’s price objective indicates a potential downside of 12.55% from the company’s current price.
Several other research analysts have also recently commented on WOR. Zacks Investment Research cut Worthington Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, June 14th. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Worthington Industries in a research report on Thursday, June 30th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Worthington Industries has a consensus rating of “Hold” and an average target price of $38.25.
Worthington Industries (NYSE:WOR) traded up 1.69% during mid-day trading on Thursday, hitting $48.03. The stock had a trading volume of 609,043 shares. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of 17.39 and a beta of 1.50. The stock’s 50 day moving average price is $43.02 and its 200 day moving average price is $39.98. Worthington Industries has a one year low of $25.50 and a one year high of $48.50.
Worthington Industries (NYSE:WOR) last issued its quarterly earnings results on Wednesday, September 28th. The company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.77 by $0.26. Worthington Industries had a return on equity of 22.46% and a net margin of 6.32%. The firm earned $737.50 million during the quarter. During the same period last year, the company posted $0.54 earnings per share. The business’s revenue for the quarter was down 2.7% on a year-over-year basis. Analysts forecast that Worthington Industries will post $3.10 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Thursday, December 15th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, December 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.67%. Worthington Industries’s dividend payout ratio (DPR) is currently 28.99%.
In other news, VP Dale T. Brinkman sold 4,188 shares of the stock in a transaction that occurred on Thursday, July 7th. The stock was sold at an average price of $42.10, for a total transaction of $176,314.80. Following the transaction, the vice president now owns 57,336 shares in the company, valued at $2,413,845.60. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Geoffrey G. Gilmore sold 11,079 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $42.73, for a total value of $473,405.67. Following the transaction, the insider now owns 52,469 shares in the company, valued at approximately $2,242,000.37. The disclosure for this sale can be found here. Insiders own 32.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Worthington Industries by 15.3% in the second quarter. Vanguard Group Inc. now owns 4,021,632 shares of the company’s stock worth $170,116,000 after buying an additional 533,763 shares during the period. State Street Corp raised 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 during the period. BlackRock Fund Advisors raised its position in shares of Worthington Industries by 0.9% in the second quarter. BlackRock Fund Advisors now owns 2,277,860 shares of the company’s stock worth $96,353,000 after buying an additional 20,020 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Worthington Industries by 1.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,895,872 shares of the company’s stock worth $80,184,000 after buying an additional 35,574 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Worthington Industries by 9.3% in the second quarter. Bank of New York Mellon Corp now owns 1,078,357 shares of the company’s stock worth $45,614,000 after buying an additional 91,402 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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