Worthington Industries Inc. (WOR) Reaches New 1-Year High Following Strong Earnings
Worthington Industries Inc. (NYSE:WOR)’s share price hit a new 52-week high during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $46.33 and last traded at $45.68, with a volume of 465,426 shares trading hands. The stock had previously closed at $44.27.
The company reported $1.03 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 earned $737.50 million during the quarter, compared to analyst estimates of $742.80 million. During the same period in the previous year, the business posted $0.54 EPS. The company’s quarterly revenue was down 2.7% on a year-over-year basis.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Thursday, December 15th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.71%. Worthington Industries’s dividend payout ratio (DPR) is presently 36.04%.
Several brokerages recently weighed in on WOR. Jefferies Group reiterated a “hold” rating on shares of Worthington Industries in a research report on Thursday, June 30th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Worthington Industries in a research report on Thursday, June 30th. Finally, Zacks Investment Research downgraded shares of Worthington Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, September 20th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $37.00.
In other Worthington Industries news, insider Geoffrey G. Gilmore sold 11,079 shares of the business’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 sale, the insider now directly owns 52,469 shares in the company, valued at approximately $2,242,000.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Dale T. Brinkman sold 4,188 shares of the business’s stock in a transaction dated Thursday, July 7th. The stock was sold at an average price of $42.10, for a total transaction of $176,314.80. Following the sale, the vice president now owns 57,336 shares in the company, valued at $2,413,845.60. The disclosure for this sale can be found here. Company insiders own 32.00% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. increased its stake in Worthington Industries by 256.1% in the first quarter. Goldman Sachs Group Inc. now owns 331,389 shares of the company’s stock worth $11,811,000 after buying an additional 238,324 shares during the period. State Street Corp increased its stake in Worthington Industries by 9.3% in the first quarter. State Street Corp now owns 2,115,615 shares of the company’s stock worth $75,401,000 after buying an additional 179,794 shares during the period. Acadian Asset Management LLC bought a new stake in Worthington Industries during the first quarter worth approximately $1,028,000. BlackRock Group LTD increased its stake in Worthington Industries by 17.9% in the first quarter. BlackRock Group LTD now owns 54,033 shares of the company’s stock worth $1,926,000 after buying an additional 8,216 shares during the period. Finally, Teachers Advisors Inc. increased its stake in Worthington Industries by 0.5% in the first quarter. Teachers Advisors Inc. now owns 117,640 shares of the company’s stock worth $4,193,000 after buying an additional 601 shares during the period. Institutional investors own 50.94% of the company’s stock.
The company has a 50 day moving average price of $42.72 and a 200-day moving average price of $39.83. The company has a market cap of $3.00 billion, a P/E ratio of 21.12 and a beta of 1.50.
Worthington Industries Company Profile
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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