Worthington Industries Inc. (WOR) Sees Strong Trading Volume After Strong Earnings
Worthington Industries Inc. (NYSE:WOR) shares saw strong trading volume on Thursday after the company announced better than expected quarterly earnings. 466,505 shares were traded during trading, a decline of 6% from the previous session’s volume of 493,760 shares.The stock last traded at $47.51 and had previously closed at $46.89.
The company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. The company had revenue of $737.50 million for the quarter. Worthington Industries had a return on equity of 18.83% and a net margin of 5.06%. Worthington Industries’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.54 EPS.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Thursday, December 15th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Tuesday, December 13th. Worthington Industries’s dividend payout ratio is currently 36.04%.
A number of equities research analysts have issued reports on the company. Jefferies Group increased their price target on Worthington Industries to $42.00 and gave the company a “hold” rating in a research report on Thursday. Zacks Investment Research lowered Worthington Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, June 14th. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Worthington Industries in a research report on Thursday, June 30th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $38.25.
In other news, VP Dale T. Brinkman sold 4,188 shares of the firm’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 of the company’s stock, valued at approximately $2,413,845.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Catherine M. Lyttle sold 3,750 shares of the firm’s stock in a transaction dated Wednesday, July 6th. The stock was sold at an average price of $42.37, for a total value of $158,887.50. Following the sale, the vice president now directly owns 25,488 shares in the company, valued at approximately $1,079,926.56. The disclosure for this sale can be found here. Insiders own 32.00% of the company’s stock.
Several large investors have recently modified their holdings of the company. LS Investment Advisors LLC raised its position in Worthington Industries by 68.6% in the second quarter. LS Investment Advisors LLC now owns 2,699 shares of the company’s stock valued at $114,000 after buying an additional 1,098 shares during the period. Benjamin F. Edwards & Company Inc. purchased a new position in Worthington Industries during the second quarter valued at approximately $115,000. Meeder Asset Management Inc. purchased a new position in Worthington Industries during the second quarter valued at approximately $115,000. Tower Research Capital LLC TRC purchased a new position in Worthington Industries during the second quarter valued at approximately $122,000. Finally, Acrospire Investment Management LLC raised its position in Worthington Industries by 45.5% in the second quarter. Acrospire Investment Management LLC now owns 3,200 shares of the company’s stock valued at $135,000 after buying an additional 1,000 shares during the period. 50.94% of the stock is currently owned by institutional investors and hedge funds.
The company has a 50-day moving average of $42.86 and a 200-day moving average of $39.88. The stock has a market cap of $3.02 billion, a P/E ratio of 21.27 and a beta of 1.50.
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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