Jefferies Group Weighs in on Worthington Industries Inc.’s FY2017 Earnings (WOR)
Worthington Industries Inc. (NYSE:WOR) – Analysts at Jefferies Group raised their FY2017 earnings estimates for Worthington Industries in a research report issued on Wednesday. Jefferies Group analyst S. Rosenfeld now anticipates that the brokerage will post earnings per share of $3.14 for the year, up from their previous estimate of $2.61. Jefferies Group currently has a “Hold” rating and a $42.00 target price on the stock. Jefferies Group also issued estimates for Worthington Industries’ Q4 2017 earnings at $0.67 EPS and FY2018 earnings at $3.07 EPS.
WOR has been the topic of a number of other research reports. Zacks Investment Research upgraded Worthington Industries from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research report on Friday, June 17th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Worthington Industries in a research report on Thursday, June 30th. Three research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $41.00.
Shares of Worthington Industries (NYSE:WOR) traded up 1.69% on Friday, reaching $48.03. The company’s stock had a trading volume of 609,043 shares. Worthington Industries has a 12 month low of $25.50 and a 12 month high of $48.50. The stock has a 50 day moving average of $43.02 and a 200-day moving average of $39.98. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of 17.39 and a beta of 1.50.
Worthington Industries (NYSE:WOR) last issued its quarterly earnings data on Wednesday, September 28th. The company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. The business had revenue of $737.50 million for the quarter. Worthington Industries had a return on equity of 21.60% and a net margin of 6.32%. The company’s revenue was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.54 EPS.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 29th. Investors of record on Thursday, December 15th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $0.80 dividend on an annualized basis and a yield of 1.67%. Worthington Industries’s dividend payout ratio is presently 28.99%.
In related news, VP Catherine M. Lyttle sold 3,750 shares of the 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 transaction, the vice president now owns 25,488 shares of the company’s stock, valued at $1,079,926.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Geoffrey G. Gilmore sold 11,079 shares of the 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 directly owns 52,469 shares in the company, valued at approximately $2,242,000.37. The disclosure for this sale can be found here. 32.00% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LS Investment Advisors LLC boosted 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 worth $114,000 after buying an additional 1,098 shares in the last quarter. Benjamin F. Edwards & Company Inc. purchased a new position in Worthington Industries during the second quarter worth approximately $115,000. Meeder Asset Management Inc. purchased a new position in Worthington Industries during the second quarter worth approximately $115,000. Tower Research Capital LLC TRC purchased a new position in Worthington Industries during the second quarter worth approximately $122,000. Finally, Acrospire Investment Management LLC boosted 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 worth $135,000 after buying an additional 1,000 shares in the last quarter. 50.94% of the stock is currently owned by institutional investors and hedge funds.
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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