Worthington Industries Inc. (NYSE:WOR)‘s stock had its “hold” rating restated by equities researchers at Jefferies Group in a report released on Thursday. They currently have a $42.00 price objective on the stock, up from their prior price objective of $37.00. Jefferies Group’s price objective would indicate a potential downside of 12.55% from the company’s current price.
Other analysts also recently issued research reports about the company. Zacks Investment Research raised Worthington Industries from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research note on Saturday, June 4th. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Worthington Industries in a research note on Thursday, June 30th. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $41.00.
Worthington Industries (NYSE:WOR) opened at 48.03 on Thursday. The firm has a 50-day moving average price of $43.02 and a 200-day moving average price of $39.98. Worthington Industries has a 12-month low of $25.50 and a 12-month high of $48.50. The company has a market cap of $2.99 billion, a P/E ratio of 17.39 and a beta of 1.50.
Worthington Industries (NYSE:WOR) last released its quarterly earnings data on Wednesday, September 28th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.77 by $0.26. Worthington Industries had a return on equity of 21.60% and a net margin of 6.32%. The business had revenue of $737.50 million for the quarter. During the same period in the previous year, the firm earned $0.54 EPS. The business’s revenue was down 2.7% compared to the same quarter last year. On average, equities research analysts forecast that Worthington Industries will post $3.18 earnings per share for the current fiscal year.
The business also recently announced 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. This represents a $0.80 annualized dividend and a dividend yield of 1.67%. The ex-dividend date is Tuesday, December 13th. Worthington Industries’s dividend payout ratio is currently 28.99%.
In related news, insider Geoffrey G. Gilmore sold 11,079 shares of the business’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $42.73, for a total transaction of $473,405.67. Following the completion of the transaction, the insider now owns 52,469 shares in the company, valued at approximately $2,242,000.37. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Catherine M. Lyttle sold 3,750 shares of the business’s 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 transaction, the vice president now owns 25,488 shares of the company’s stock, valued at approximately $1,079,926.56. The disclosure for this sale can be found here. Insiders own 32.00% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. Acadian Asset Management LLC acquired a new position in Worthington Industries during the first quarter worth about $1,028,000. Pacad Investment Ltd. acquired a new position in Worthington Industries during the first quarter worth about $403,000. TIAA CREF Investment Management LLC boosted its position in Worthington Industries by 2.3% in the first quarter. TIAA CREF Investment Management LLC now owns 251,567 shares of the company’s stock worth $8,966,000 after buying an additional 5,707 shares during the last quarter. Teachers Advisors Inc. boosted its position in Worthington Industries by 0.5% in the first quarter. Teachers Advisors Inc. now owns 117,640 shares of the company’s stock worth $4,193,000 after buying an additional 601 shares during the last quarter. Finally, BlackRock Group LTD boosted its position in Worthington Industries by 17.9% in the first quarter. BlackRock Group LTD now owns 54,033 shares of the company’s stock worth $1,926,000 after buying an additional 8,216 shares during the last quarter. Institutional investors own 50.94% of the company’s stock.
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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