Worthington Industries Inc. (WOR) to Post Q2 2017 Earnings of $0.70 Per Share, KeyCorp Forecasts
Worthington Industries Inc. (NYSE:WOR) – Equities researchers at KeyCorp boosted their Q2 2017 earnings per share estimates for shares of Worthington Industries in a research note issued to investors on Wednesday. KeyCorp analyst P. Gibbs now expects that the firm will post earnings of $0.70 per share for the quarter, up from their previous estimate of $0.60. KeyCorp also issued estimates for Worthington Industries’ Q3 2017 earnings at $0.60 EPS, Q4 2017 earnings at $0.80 EPS and FY2017 earnings at $3.13 EPS.
WOR has been the subject of several other research reports. Jefferies Group reissued a “hold” rating and set a $42.00 price objective (up previously from $37.00) on shares of Worthington Industries in a research report on Thursday. Zacks Investment Research downgraded shares of 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. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $41.00.
Worthington Industries (NYSE:WOR) opened at 48.03 on Friday. The company has a market cap of $2.99 billion, a PE ratio of 17.39 and a beta of 1.50. The firm has a 50-day moving average of $43.02 and a 200-day moving average of $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 earnings results on Wednesday, September 28th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.26. Worthington Industries had a net margin of 6.32% and a return on equity of 21.60%. The firm had revenue of $737.50 million for the quarter. During the same period in the prior year, the business earned $0.54 EPS. The business’s revenue was down 2.7% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 29th. Investors 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 1.67%. The ex-dividend date of this dividend is Tuesday, December 13th. Worthington Industries’s dividend payout ratio (DPR) is currently 28.99%.
In other news, VP Dale T. Brinkman sold 4,188 shares of Worthington Industries stock in a transaction dated Thursday, July 7th. The shares were sold at an average price of $42.10, for a total value of $176,314.80. Following the completion of the transaction, 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 legal filing with the SEC, which is accessible through this hyperlink. Also, insider Geoffrey G. Gilmore sold 11,079 shares of Worthington Industries 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 directly owns 52,469 shares of the company’s stock, valued at approximately $2,242,000.37. The disclosure for this sale can be found here. 32.00% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Pacad Investment Ltd. increased its position in shares of 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. Capital One National Association increased its position in shares of Worthington Industries by 0.9% in the second quarter. Capital One National Association now owns 20,244 shares of the company’s stock worth $857,000 after buying an additional 185 shares during the period. Comerica Bank increased its position in shares of Worthington Industries by 0.9% in the second quarter. Comerica Bank now owns 32,157 shares of the company’s stock worth $1,360,000 after buying an additional 287 shares during the period. Fifth Third Bancorp increased its position in shares of Worthington Industries by 1.6% in the second quarter. Fifth Third Bancorp now owns 18,882 shares of the company’s stock worth $799,000 after buying an additional 300 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its position in shares of Worthington Industries by 2.4% in the second quarter. Oregon Public Employees Retirement Fund now owns 16,048 shares of the company’s stock worth $679,000 after buying an additional 369 shares during the period. 50.94% of the stock is owned by institutional investors.
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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