Huntington National Bank cut its stake in Worthington Industries Inc. (NYSE:WOR) by 16.3% during the second quarter, Holdings Channel reports. The institutional investor owned 39,122 shares of the company’s stock after selling 7,635 shares during the period. Huntington National Bank’s holdings in Worthington Industries were worth $1,655,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in WOR. First National Trust Co. purchased a new position in Worthington Industries during the second quarter valued at about $212,000. Capital Fund Management S.A. purchased a new position in Worthington Industries during the second quarter valued at about $1,286,000. American Century Companies Inc. raised its position in Worthington Industries by 1.8% in the second quarter. American Century Companies Inc. now owns 93,329 shares of the company’s stock valued at $3,948,000 after buying an additional 1,666 shares in the last quarter. Bank of Montreal Can purchased a new position in Worthington Industries during the second quarter valued at about $2,103,000. Finally, Trust Co. of Toledo NA OH purchased a new position in Worthington Industries during the second quarter valued at about $254,000. 51.72% of the stock is currently owned by institutional investors and hedge funds.
Shares of Worthington Industries Inc. (NYSE:WOR) traded up 0.08% during midday trading on Friday, hitting $47.55. 342,300 shares of the stock were exchanged. The stock has a 50 day moving average price of $44.50 and a 200-day moving average price of $40.84. Worthington Industries Inc. has a 12 month low of $25.50 and a 12 month high of $49.72. The company has a market cap of $2.96 billion, a PE ratio of 17.22 and a beta of 1.43.
Worthington Industries (NYSE:WOR) last announced its earnings results on Wednesday, September 28th. The company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.77 by $0.26. The company earned $737.50 million during the quarter. Worthington Industries had a net margin of 6.32% and a return on equity of 21.60%. The business’s revenue was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.54 EPS. On average, analysts predict that Worthington Industries Inc. will post $3.30 EPS for the current year.
The firm also recently announced 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 1.68%. The ex-dividend date is Tuesday, December 13th. Worthington Industries’s payout ratio is currently 28.99%.
Several research firms have issued reports on WOR. Zacks Investment Research raised shares of Worthington Industries from a “hold” rating to a “strong-buy” rating and set a $55.00 price target on the stock in a report on Saturday, October 1st. Jefferies Group reaffirmed a “hold” rating and issued a $42.00 price target (up from $37.00) on shares of Worthington Industries in a report on Thursday, September 29th. Finally, JPMorgan Chase & Co. reissued a “hold” rating on shares of Worthington Industries in a report on Thursday, June 30th. Three 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 stock currently has a consensus rating of “Buy” and an average target price of $41.00.
In other news, insider Geoffrey G. Gilmore sold 11,079 shares of Worthington Industries stock in a transaction dated 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 $2,242,000.37. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 32.00% 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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