Wall Street brokerages predict that Worthington Industries, Inc. (NYSE:WOR) will announce sales of $869.19 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Worthington Industries’ earnings. The lowest sales estimate is $852.37 million and the highest is $886.00 million. Worthington Industries reported sales of $737.55 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 17.8%. The firm is expected to issue its next quarterly earnings results on Wednesday, September 27th.

On average, analysts expect that Worthington Industries will report full year sales of $869.19 million for the current financial year, with estimates ranging from $3.44 billion to $3.47 billion. For the next financial year, analysts anticipate that the firm will report sales of $3.56 billion per share, with estimates ranging from $3.45 billion to $3.68 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Worthington Industries.

Worthington Industries (NYSE:WOR) last issued its earnings results on Wednesday, June 28th. The industrial products company reported $0.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.04. Worthington Industries had a return on equity of 20.59% and a net margin of 6.78%. The firm had revenue of $845.30 million for the quarter, compared to analysts’ expectations of $785.58 million. During the same period in the previous year, the firm posted $0.87 earnings per share. The business’s revenue was up 18.3% compared to the same quarter last year.

A number of research analysts have weighed in on WOR shares. Zacks Investment Research raised shares of Worthington Industries from a “sell” rating to a “buy” rating and set a $49.00 target price on the stock in a research note on Wednesday, June 7th. Jefferies Group LLC raised their target price on shares of Worthington Industries from $45.00 to $47.00 and gave the stock a “hold” rating in a research note on Friday, June 30th. BidaskClub raised shares of Worthington Industries from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. Finally, J P Morgan Chase & Co decreased their target price on shares of Worthington Industries from $48.00 to $46.00 and set a “neutral” rating on the stock in a research note on Monday, April 3rd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $47.33.

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In other news, VP Dale T. Brinkman sold 28,212 shares of the firm’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $49.50, for a total transaction of $1,396,494.00. Following the completion of the sale, the vice president now owns 71,087 shares in the company, valued at approximately $3,518,806.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sidney A. Ribeau sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, June 30th. The stock was sold at an average price of $50.34, for a total transaction of $251,700.00. Following the sale, the director now owns 42,519 shares of the company’s stock, valued at approximately $2,140,406.46. The disclosure for this sale can be found here. 32.00% of the stock is owned by company insiders.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Worthington Industries by 11,805.4% in the first quarter. BlackRock Inc. now owns 5,287,765 shares of the industrial products company’s stock worth $238,426,000 after buying an additional 5,243,350 shares in the last quarter. State Street Corp increased its stake in shares of Worthington Industries by 7.8% in the first quarter. State Street Corp now owns 2,372,663 shares of the industrial products company’s stock worth $106,987,000 after buying an additional 171,756 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Worthington Industries by 5.6% in the first quarter. AQR Capital Management LLC now owns 1,646,104 shares of the industrial products company’s stock worth $74,223,000 after buying an additional 87,117 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Worthington Industries by 33.7% in the first quarter. Bank of New York Mellon Corp now owns 1,249,841 shares of the industrial products company’s stock worth $56,355,000 after buying an additional 315,238 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Worthington Industries by 14.0% in the first quarter. JPMorgan Chase & Co. now owns 997,547 shares of the industrial products company’s stock worth $44,979,000 after buying an additional 122,526 shares in the last quarter. Institutional investors and hedge funds own 54.45% of the company’s stock.

Shares of Worthington Industries (NYSE WOR) traded down 0.53% during midday trading on Thursday, hitting $52.27. The stock had a trading volume of 423,439 shares. Worthington Industries has a 52-week low of $39.28 and a 52-week high of $62.44. The firm has a 50 day moving average price of $43.79 and a 200-day moving average price of $46.70. The stock has a market cap of $3.28 billion, a PE ratio of 16.59 and a beta of 1.14.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.21 per share. The ex-dividend date is Tuesday, September 12th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.61%. This is an increase from Worthington Industries’s previous quarterly dividend of $0.20.

About Worthington Industries

Worthington Industries, Inc is a metals manufacturing company, focused on value-added steel processing and manufactured metal products. The Company’s segments include Steel Processing, Pressure Cylinders, Engineered Cabs and Other. The Steel Processing segment buys coils of steel from integrated steel mills and mini-mills, and also toll processes steel for steel mills, end users, service centers and other processors.

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Earnings History and Estimates for Worthington Industries (NYSE:WOR)

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