Paloma Partners Management Co Cuts Position in Worthington Industries, Inc. (WOR)
Paloma Partners Management Co decreased its position in shares of Worthington Industries, Inc. (NYSE:WOR) by 72.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,926 shares of the industrial products company’s stock after selling 31,961 shares during the period. Paloma Partners Management Co’s holdings in Worthington Industries were worth $537,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. TrimTabs Asset Management LLC increased its stake in Worthington Industries by 88.8% in the first quarter. TrimTabs Asset Management LLC now owns 2,347 shares of the industrial products company’s stock worth $106,000 after buying an additional 1,104 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in Worthington Industries by 18.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,580 shares of the industrial products company’s stock worth $170,000 after buying an additional 547 shares during the last quarter. LS Investment Advisors LLC increased its stake in Worthington Industries by 31.6% in the first quarter. LS Investment Advisors LLC now owns 3,977 shares of the industrial products company’s stock worth $179,000 after buying an additional 954 shares during the last quarter. James Investment Research Inc. purchased a new stake in Worthington Industries during the first quarter worth $189,000. Finally, Sawgrass Asset Management LLC purchased a new stake in Worthington Industries during the first quarter worth $202,000. Institutional investors and hedge funds own 54.40% of the company’s stock.
Worthington Industries, Inc. (NYSE WOR) opened at 52.27 on Monday. The stock has a market cap of $3.28 billion, a P/E ratio of 16.59 and a beta of 1.14. Worthington Industries, Inc. has a one year low of $39.28 and a one year high of $62.44. The company’s 50-day moving average price is $43.79 and its 200-day moving average price is $46.70.
Worthington Industries (NYSE:WOR) last posted its quarterly earnings data on Wednesday, June 28th. The industrial products company reported $0.87 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.04. Worthington Industries had a net margin of 6.78% and a return on equity of 20.59%. The company had revenue of $845.30 million for the quarter, compared to analyst estimates of $785.58 million. During the same period in the prior year, the company posted $0.87 EPS. The firm’s revenue for the quarter was up 18.3% on a year-over-year basis. Analysts forecast that Worthington Industries, Inc. will post $3.38 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.21 per share. The ex-dividend date is Tuesday, September 12th. This is a positive change from Worthington Industries’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.61%.
A number of research firms have weighed in on WOR. BidaskClub upgraded Worthington Industries from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Jefferies Group LLC raised their price target on Worthington Industries from $45.00 to $47.00 and gave the company a “hold” rating in a research report on Friday, June 30th. Zacks Investment Research downgraded Worthington Industries from a “hold” rating to a “sell” rating in a report on Saturday, June 3rd. Finally, J P Morgan Chase & Co decreased their price objective on Worthington Industries from $48.00 to $46.00 and set a “neutral” rating on the stock in a report on Monday, April 3rd. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Worthington Industries has a consensus rating of “Hold” and an average price target of $47.33.
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 transaction, the vice president now directly owns 71,087 shares of the company’s stock, valued at $3,518,806.50. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 transaction, the director now directly owns 42,519 shares in the company, valued at $2,140,406.46. The disclosure for this sale can be found here. Company insiders own 32.00% of the company’s stock.
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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