Worthington Industries Inc. (NYSE:WOR) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Saturday. The brokerage currently has a $55.00 price objective on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 14.51% from the company’s previous close.
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) “
Other research analysts have also issued reports about the stock. Jefferies Group reiterated a “hold” rating and issued a $37.00 price objective (up from $33.00) on shares of Worthington Industries in a research note on Friday, June 10th. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Worthington Industries in a research note on Thursday, June 30th. Three investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $41.00.
Shares of Worthington Industries (NYSE:WOR) opened at 48.03 on Friday. The firm has a market capitalization of $2.99 billion, a PE ratio of 17.39 and a beta of 1.50. The company’s 50 day moving average price is $43.02 and its 200-day moving average price is $39.98. Worthington Industries has a 52 week low of $25.50 and a 52 week high of $48.50.
Worthington Industries (NYSE:WOR) last released its quarterly earnings data on Wednesday, September 28th. The company reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.26. Worthington Industries had a net margin of 6.32% and a return on equity of 21.60%. The business earned $737.50 million during the quarter. During the same quarter in the prior year, the firm posted $0.54 earnings per share. The firm’s quarterly revenue was down 2.7% on a year-over-year basis. On average, equities research analysts expect that Worthington Industries will post $3.10 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Thursday, December 15th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, December 13th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.67%. Worthington Industries’s dividend payout ratio (DPR) is currently 28.99%.
In other news, VP Dale T. Brinkman sold 4,188 shares of the business’s stock in a transaction on Thursday, July 7th. The shares were sold at an average price of $42.10, for a total transaction of $176,314.80. Following the completion of the transaction, the vice president now directly owns 57,336 shares in the company, valued at approximately $2,413,845.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Geoffrey G. Gilmore sold 11,079 shares of the business’s 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 transaction, the insider now owns 52,469 shares of the company’s stock, valued at $2,242,000.37. The disclosure for this sale can be found here. Insiders own 32.00% of the company’s stock.
Several hedge funds have recently bought and sold shares of WOR. Pacad Investment Ltd. increased its stake in Worthington Industries by 0.9% in the second quarter. Pacad Investment Ltd. now owns 11,400 shares of the company’s stock worth $482,000 after buying an additional 100 shares in the last quarter. Capital One National Association increased its stake in Worthington Industries by 0.9% in the second quarter. Capital One National Association now owns 20,244 shares of the company’s stock worth $857,000 after buying an additional 185 shares in the last quarter. Comerica Bank increased its stake in Worthington Industries by 0.9% in the second quarter. Comerica Bank now owns 32,157 shares of the company’s stock worth $1,360,000 after buying an additional 287 shares in the last quarter. Fifth Third Bancorp increased its stake in Worthington Industries by 1.6% in the second quarter. Fifth Third Bancorp now owns 18,882 shares of the company’s stock worth $799,000 after buying an additional 300 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its stake in Worthington Industries by 2.4% in the second quarter. Oregon Public Employees Retirement Fund now owns 16,048 shares of the company’s stock worth $679,000 after buying an additional 369 shares in the last quarter. 50.94% of the stock is owned by institutional investors.
Worthington Industries Company Profile
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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