Worthington Industries Inc. (WOR) Upgraded to Strong-Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Worthington Industries Inc. (NYSE:WOR) from a hold rating to a strong-buy rating in a report published on Saturday. They currently have $55.00 target price on the stock.
According to Zacks, “Worthington Industries is one of the leading diversified metal processing companies. The company is one of North America’s premier value-added steel processors and one of the leaders in manufactured metal products such as automotive aftermarket stampings, pressure cylinders, metal framing, metal ceiling grid systems and laser welded blanks. (Company Press Release) “
WOR has been the topic 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 note on Thursday. JPMorgan Chase & Co. reissued a hold rating on shares of Worthington Industries in a research note on Thursday, June 30th. Three equities 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 stock. The stock currently has an average rating of Buy and an average target price of $41.00.
Shares of Worthington Industries (NYSE:WOR) opened at 48.03 on Friday. Worthington Industries has a 1-year low of $25.50 and a 1-year high of $48.50. The stock has a market cap of $2.99 billion, a P/E ratio of 17.39 and a beta of 1.50. The company’s 50-day moving average is $43.02 and its 200 day moving average is $39.98.
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, beating the consensus estimate of $0.77 by $0.26. The company had revenue of $737.50 million for the quarter. Worthington Industries had a net margin of 6.32% and a return on equity of 21.60%. The firm’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period last year, the business posted $0.54 EPS. Equities research analysts anticipate that Worthington Industries will post $3.10 EPS for the current year.
The firm also recently disclosed 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. 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 presently 28.99%.
In other news, insider Geoffrey G. Gilmore sold 11,079 shares of Worthington Industries stock in a transaction that occurred 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 sale, the insider now directly owns 52,469 shares in the company, valued at $2,242,000.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Dale T. Brinkman sold 4,188 shares of Worthington Industries stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $42.10, for a total transaction of $176,314.80. Following the completion of 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. 32.00% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the stock. 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 acquired a new stake in Worthington Industries during the first quarter worth about $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.
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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