Worthington Industries, Inc. (WOR) to Issue Quarterly Dividend of $0.21 on September 29th
Worthington Industries, Inc. (NYSE:WOR) declared a quarterly dividend on Wednesday, June 28th, RTT News reports. Stockholders of record on Friday, September 15th will be given a dividend of 0.21 per share by the industrial products company on Friday, September 29th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date is Tuesday, September 12th. This is a positive change from Worthington Industries’s previous quarterly dividend of $0.20.
Worthington Industries has raised its dividend payment by an average of 37.5% per year over the last three years and has increased its dividend every year for the last 6 years. Worthington Industries has a dividend payout ratio of 24.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Worthington Industries to earn $3.60 per share next year, which means the company should continue to be able to cover its $0.84 annual dividend with an expected future payout ratio of 23.3%.
Shares of Worthington Industries (WOR) opened at 50.01 on Thursday. The company has a 50 day moving average of $50.34 and a 200-day moving average of $47.16. Worthington Industries has a one year low of $39.28 and a one year high of $62.44. The firm has a market cap of $3.16 billion, a price-to-earnings ratio of 15.88 and a beta of 1.16.
Worthington Industries (NYSE:WOR) last posted its earnings results on Wednesday, June 28th. The industrial products company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.04. The firm had revenue of $845.30 million during the quarter, compared to the consensus estimate of $785.58 million. Worthington Industries had a net margin of 6.79% and a return on equity of 20.29%. The company’s revenue was up 18.3% on a year-over-year basis. During the same quarter last year, the company earned $0.87 earnings per share. On average, analysts expect that Worthington Industries will post $3.33 EPS for the current year.
Several equities analysts recently commented on the stock. BidaskClub cut shares of Worthington Industries from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Zacks Investment Research raised shares of Worthington Industries from a “sell” rating to a “buy” rating and set a $49.00 price objective for the company in a research note on Wednesday, June 7th. Finally, Jefferies Group LLC boosted their price objective on shares of Worthington Industries from $45.00 to $47.00 and gave the company a “hold” rating in a research note on Friday, June 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. Worthington Industries has an average rating of “Hold” and a consensus target price of $47.33.
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In other Worthington Industries news, Director Sidney A. Ribeau sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $50.34, for a total value of $251,700.00. Following the completion of the transaction, the director now owns 42,519 shares of the company’s stock, valued at approximately $2,140,406.46. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Geoffrey G. Gilmore sold 32,500 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $50.85, for a total transaction of $1,652,625.00. Following the completion of the transaction, the insider now directly owns 86,477 shares of the company’s stock, valued at approximately $4,397,355.45. The disclosure for this sale can be found here. In the last three months, insiders sold 65,712 shares of company stock valued at $3,300,819. Corporate insiders own 31.30% of the company’s stock.
Worthington Industries Company Profile
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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