Worthington Industries, Inc. (WOR) Cut to Sell at Zacks Investment Research
Zacks Investment Research lowered shares of Worthington Industries, Inc. (NYSE:WOR) from a hold rating to a sell rating in a research note published on Saturday morning.
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) “
A number of other research firms have also recently weighed in on WOR. Jefferies Group LLC increased their price objective on shares of Worthington Industries from $45.00 to $47.00 and gave the company a hold rating in a research report on Friday, June 30th. BidaskClub cut shares of Worthington Industries from a hold rating to a sell rating in a research report on Saturday, August 5th. Finally, ValuEngine downgraded shares of Worthington Industries from a buy rating to a hold rating in a research note on Tuesday, September 26th. Two analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $47.33.
Worthington Industries (NYSE:WOR) opened at 46.50 on Friday. Worthington Industries has a 1-year low of $40.82 and a 1-year high of $62.44. The company’s 50-day moving average price is $49.74 and its 200 day moving average price is $47.19. The firm has a market capitalization of $2.94 billion, a PE ratio of 14.76 and a beta of 1.14.
Worthington Industries (NYSE:WOR) last issued its quarterly earnings data on Wednesday, September 27th. The industrial products company reported $0.73 EPS for the quarter, missing the Zacks’ consensus estimate of $0.82 by ($0.09). Worthington Industries had a return on equity of 17.98% and a net margin of 5.90%. The company had revenue of $848.24 million for the quarter, compared to analyst estimates of $854.20 million. During the same quarter in the prior year, the firm earned $1.03 EPS. The company’s revenue for the quarter was up 15.0% compared to the same quarter last year. On average, equities analysts anticipate that Worthington Industries will post $3.10 EPS for the current year.
Worthington Industries declared that its board has approved a share repurchase program on Wednesday, September 27th that permits the company to buyback 6,830,000 outstanding shares. This buyback authorization permits the industrial products company to buy shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date is Thursday, December 14th. Worthington Industries’s payout ratio is 29.58%.
In other news, 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 value of $1,652,625.00. Following the completion of the sale, the insider now directly owns 86,477 shares in the company, valued at approximately $4,397,355.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 31.30% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Acrospire Investment Management LLC increased its stake in Worthington Industries by 81.8% during the second quarter. Acrospire Investment Management LLC now owns 2,000 shares of the industrial products company’s stock valued at $100,000 after purchasing an additional 900 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Worthington Industries by 11.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,295 shares of the industrial products company’s stock worth $115,000 after purchasing an additional 227 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Worthington Industries by 67.9% during the first quarter. Tower Research Capital LLC TRC now owns 2,424 shares of the industrial products company’s stock worth $109,000 after purchasing an additional 980 shares during the period. First Mercantile Trust Co. lifted its position in shares of Worthington Industries by 2.0% in the 2nd quarter. First Mercantile Trust Co. now owns 3,070 shares of the industrial products company’s stock worth $154,000 after buying an additional 60 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in shares of Worthington Industries by 4.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 3,755 shares of the industrial products company’s stock worth $168,000 after buying an additional 175 shares during the last quarter. Hedge funds and other institutional investors own 51.96% 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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