Worthington Industries Inc. (NYSE:WOR)’s share price reached a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $46.33 and last traded at $45.68, with a volume of 465,426 shares changing hands. The stock had previously closed at $44.27.
The company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. Worthington Industries had a net margin of 5.06% and a return on equity of 18.83%. The company earned $737.50 million during the quarter. During the same period in the prior year, the business posted $0.54 earnings per share. The business’s quarterly revenue was down 2.7% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Shareholders of record on Thursday, December 15th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Tuesday, December 13th. Worthington Industries’s dividend payout ratio is presently 36.04%.
A number of equities analysts have issued reports on the stock. Zacks Investment Research lowered shares of Worthington Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, June 14th. Jefferies Group raised their price objective on shares of Worthington Industries to $42.00 and gave the stock a “hold” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Worthington Industries in a research note on Thursday, June 30th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $38.25.
In related news, VP Catherine M. Lyttle sold 3,750 shares of Worthington Industries stock in a transaction on Wednesday, July 6th. The shares were sold at an average price of $42.37, for a total value of $158,887.50. Following the sale, the vice president now owns 25,488 shares of the company’s stock, valued at approximately $1,079,926.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Geoffrey G. Gilmore sold 11,079 shares of Worthington Industries stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $42.73, for a total transaction of $473,405.67. Following the completion of the sale, the insider now directly owns 52,469 shares in the company, valued at approximately $2,242,000.37. The disclosure for this sale can be found here. Insiders own 32.00% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in WOR. Vanguard Group Inc. boosted its stake in Worthington Industries by 15.3% in the second quarter. Vanguard Group Inc. now owns 4,021,632 shares of the company’s stock worth $170,116,000 after buying an additional 533,763 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Worthington Industries by 256.1% in the first quarter. Goldman Sachs Group Inc. now owns 331,389 shares of the company’s stock worth $11,811,000 after buying an additional 238,324 shares in the last quarter. Panagora Asset Management Inc. boosted its stake in Worthington Industries by 521.5% in the second quarter. Panagora Asset Management Inc. now owns 241,574 shares of the company’s stock worth $10,218,000 after buying an additional 202,704 shares in the last quarter. State Street Corp boosted its stake in Worthington Industries by 9.0% in the second quarter. State Street Corp now owns 2,306,233 shares of the company’s stock worth $97,549,000 after buying an additional 190,618 shares in the last quarter. Finally, AQR Capital Management LLC boosted its stake in Worthington Industries by 17.1% in the second quarter. AQR Capital Management LLC now owns 802,378 shares of the company’s stock worth $33,941,000 after buying an additional 117,424 shares in the last quarter. 50.94% of the stock is currently owned by hedge funds and other institutional investors.
The stock’s 50 day moving average price is $42.86 and its 200-day moving average price is $39.88. The company has a market cap of $3.02 billion, a PE ratio of 21.27 and a beta of 1.50.
About Worthington Industries
Worthington Industries, Inc is a diversified metals manufacturing company. The Company’s segments include Steel Processing, Pressure Cylinders, Engineered Cabs and Other. The Company’s Steel Processing segment consists of the Worthington Steel business unit, Precision Specialty Metals, Inc and Worthington Steelpac Systems, LLC and also includes two consolidated joint ventures: Spartan Steel Coating, LLC, which operates a cold-rolled hot dipped galvanizing line in Monroe, Michigan, and TWB Company, LLC., which operates a laser welded blank business.
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