Worthington Industries, Inc. (NYSE:WOR) – Investment analysts at Jefferies Group raised their Q3 2018 earnings per share estimates for shares of Worthington Industries in a research note issued on Wednesday. Jefferies Group analyst S. Rosenfeld now anticipates that the industrial products company will post earnings of $0.70 per share for the quarter, up from their prior estimate of $0.69. Jefferies Group also issued estimates for Worthington Industries’ FY2019 earnings at $3.25 EPS.
Several other research analysts have also commented on the stock. Zacks Investment Research lowered shares of Worthington Industries from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 13th. ValuEngine lowered shares of Worthington Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $46.50.
Worthington Industries (NYSE:WOR) last announced its earnings results on Tuesday, December 19th. The industrial products company reported $0.65 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.02). The company had revenue of $871.30 million for the quarter, compared to analysts’ expectations of $823.50 million. Worthington Industries had a return on equity of 17.07% and a net margin of 5.43%. The company’s quarterly revenue was up 19.7% compared to the same quarter last year. During the same period last year, the business earned $0.75 EPS.
Worthington Industries declared that its Board of Directors has initiated a share repurchase program on Wednesday, September 27th that permits the company to repurchase 6,830,000 shares. This repurchase authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Wednesday, March 14th. Worthington Industries’s payout ratio is 30.66%.
In related news, insider John G. Lamprinakos sold 7,500 shares of Worthington Industries stock in a transaction that occurred on Thursday, October 19th. The shares were sold at an average price of $44.96, for a total value of $337,200.00. Following the completion of the transaction, the insider now owns 70,751 shares in the company, valued at $3,180,964.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter Karmanos sold 45,376 shares of Worthington Industries stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $45.77, for a total transaction of $2,076,859.52. Following the completion of the transaction, the director now owns 85,840 shares of the company’s stock, valued at approximately $3,928,896.80. The disclosure for this sale can be found here. In the last three months, insiders sold 72,876 shares of company stock valued at $3,290,460. Insiders own 31.30% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its stake in Worthington Industries by 1.2% in the second quarter. BlackRock Inc. now owns 5,352,354 shares of the industrial products company’s stock worth $268,796,000 after acquiring an additional 64,589 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Worthington Industries by 1.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,682,457 shares of the industrial products company’s stock worth $84,487,000 after acquiring an additional 17,185 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Worthington Industries by 10.1% in the second quarter. JPMorgan Chase & Co. now owns 1,098,713 shares of the industrial products company’s stock worth $55,178,000 after acquiring an additional 101,166 shares during the last quarter. Voya Investment Management LLC lifted its stake in Worthington Industries by 20.9% in the second quarter. Voya Investment Management LLC now owns 1,040,954 shares of the industrial products company’s stock worth $52,277,000 after acquiring an additional 180,199 shares during the last quarter. Finally, Macquarie Group Ltd. lifted its stake in Worthington Industries by 2.8% in the third quarter. Macquarie Group Ltd. now owns 970,876 shares of the industrial products company’s stock worth $44,660,000 after acquiring an additional 26,305 shares during the last quarter. Institutional investors own 52.46% of the company’s stock.
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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.
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