Salem Investment Counselors Inc. raised its position in shares of Worthington Industries, Inc. (NYSE:WOR) by 166.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,699 shares of the industrial products company’s stock after acquiring an additional 1,687 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Worthington Industries were worth $125,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Acrospire Investment Management LLC boosted its position 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 valued at $100,000 after acquiring an additional 900 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of 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 valued at $115,000 after purchasing an additional 227 shares during the period. DekaBank Deutsche Girozentrale raised its holdings in shares of Worthington Industries by 78.3% during the third quarter. DekaBank Deutsche Girozentrale now owns 2,675 shares of the industrial products company’s stock valued at $134,000 after purchasing an additional 1,175 shares during the period. First Mercantile Trust Co. raised its holdings in shares of 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 valued at $154,000 after purchasing an additional 60 shares during the period. Finally, Raymond James Financial Services Advisors Inc. acquired a new position in shares of Worthington Industries during the second quarter valued at about $212,000. 52.48% of the stock is currently owned by institutional investors and hedge funds.
Shares of Worthington Industries, Inc. (WOR) traded down $0.78 during midday trading on Friday, hitting $41.76. 258,400 shares of the stock traded hands, compared to its average volume of 447,289. Worthington Industries, Inc. has a 52-week low of $39.52 and a 52-week high of $56.35. The firm has a market capitalization of $2,692.00, a price-to-earnings ratio of 14.74, a P/E/G ratio of 3.33 and a beta of 1.10. 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 announced that its board has authorized a share buyback program on Wednesday, September 27th that allows the company to repurchase 6,830,000 outstanding shares. This repurchase authorization allows the industrial products company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors 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 dividend on an annualized basis and a dividend yield of 2.01%. Worthington Industries’s dividend payout ratio is presently 29.58%.
In related news, Director Peter Karmanos sold 20,000 shares of the company’s stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $43.82, for a total value of $876,400.00. Following the sale, the director now owns 65,840 shares in the company, valued at approximately $2,885,108.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John G. Lamprinakos sold 7,500 shares of the company’s stock in a transaction dated Thursday, October 19th. The stock was 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 approximately $3,180,964.96. The disclosure for this sale can be found here. Insiders sold a total of 72,876 shares of company stock worth $3,290,460 in the last 90 days. 31.30% of the stock is currently owned by company insiders.
Several brokerages have recently weighed in on WOR. ValuEngine lowered shares of Worthington Industries from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Zacks Investment Research lowered shares of Worthington Industries from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 13th. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $46.50.
ILLEGAL ACTIVITY WARNING: This news story was first reported by Community Financial News and is the sole property of of Community Financial News. If you are accessing this news story on another domain, it was stolen and reposted in violation of U.S. and international copyright and trademark law. The legal version of this news story can be accessed at https://www.com-unik.info/2017/12/15/worthington-industries-inc-wor-shares-bought-by-salem-investment-counselors-inc.html.
About Worthington Industries
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.
What are top analysts saying about Worthington Industries? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Worthington Industries and related companies.