California State Teachers Retirement System Lowers Holdings in Worthington Industries, Inc. (WOR)
California State Teachers Retirement System decreased its holdings in shares of Worthington Industries, Inc. (NYSE:WOR) by 10.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 79,741 shares of the industrial products company’s stock after selling 9,041 shares during the period. California State Teachers Retirement System owned approximately 0.13% of Worthington Industries worth $4,005,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Acrospire Investment Management LLC raised its holdings 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 worth $100,000 after buying an additional 900 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in 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 buying an additional 227 shares during the last quarter. First Mercantile Trust Co. raised its holdings in Worthington Industries by 2.0% during the second 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. Raymond James Financial Services Advisors Inc. acquired a new position in Worthington Industries during the second quarter worth $212,000. Finally, Riverhead Capital Management LLC raised its holdings in Worthington Industries by 54.7% during the second quarter. Riverhead Capital Management LLC now owns 4,331 shares of the industrial products company’s stock worth $217,000 after buying an additional 1,531 shares during the last quarter. Hedge funds and other institutional investors own 52.26% of the company’s stock.
WOR has been the subject of several analyst reports. Zacks Investment Research downgraded shares of Worthington Industries from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 13th. BidaskClub downgraded shares of Worthington Industries from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Finally, ValuEngine downgraded shares of Worthington Industries from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $46.50.
Shares of Worthington Industries, Inc. (WOR) opened at $45.00 on Friday. The company has a market cap of $2,833.70, a PE ratio of 15.52, a PEG ratio of 3.46 and a beta of 1.14. The company has a quick ratio of 1.36, a current ratio of 2.14 and a debt-to-equity ratio of 0.71. Worthington Industries, Inc. has a 1-year low of $40.82 and a 1-year high of $62.44.
Worthington Industries (NYSE:WOR) last announced its earnings results on Wednesday, September 27th. The industrial products company reported $0.73 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.82 by ($0.09). The firm had revenue of $848.24 million during the quarter, compared to analysts’ expectations of $854.20 million. Worthington Industries had a net margin of 5.90% and a return on equity of 17.98%. The business’s revenue for the quarter was up 15.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.03 EPS. sell-side analysts expect that Worthington Industries, Inc. will post 3.1 EPS for the current year.
Worthington Industries announced that its board has initiated a share repurchase program on Wednesday, September 27th that authorizes the company to buyback 6,830,000 shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a $0.21 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.84 annualized dividend and a dividend yield of 1.87%. Worthington Industries’s dividend payout ratio is currently 29.58%.
In related news, insider John G. Lamprinakos sold 7,500 shares of the firm’s stock in a transaction dated Thursday, October 19th. The shares were sold at an average price of $44.96, for a total transaction of $337,200.00. Following the completion of the sale, the insider now owns 70,751 shares in the company, valued at $3,180,964.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter Karmanos sold 45,376 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $45.77, for a total transaction of $2,076,859.52. Following the sale, the director now owns 85,840 shares of the company’s stock, valued at approximately $3,928,896.80. The disclosure for this sale can be found here. Corporate insiders own 31.30% of the company’s stock.
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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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