Worthington Industries, Inc. (NYSE:WOR) – Stock analysts at Jefferies Group upped their Q3 2018 earnings estimates for shares of Worthington Industries in a note issued to investors on Tuesday. Jefferies Group analyst S. Rosenfeld now anticipates that the industrial products company will post earnings of $0.79 per share for the quarter, up from their prior forecast of $0.70.
Several other equities analysts have also recently weighed in on WOR. Zacks Investment Research cut shares of Worthington Industries from a “hold” rating to a “sell” rating in a research note on Saturday, September 30th. ValuEngine cut shares of Worthington Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. One analyst has rated the stock with a sell rating and five have given a hold rating to the stock. Worthington Industries presently has an average rating of “Hold” and a consensus price target of $46.50.
Worthington Industries (NYSE:WOR) last issued its quarterly earnings results on Tuesday, December 19th. The industrial products company reported $0.65 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.02). The business had revenue of $871.30 million for the quarter, compared to the consensus estimate of $823.50 million. Worthington Industries had a return on equity of 17.07% and a net margin of 5.43%. Worthington Industries’s revenue was up 19.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.75 earnings per share.
Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in shares of Worthington Industries by 1.2% in the second quarter. BlackRock Inc. now owns 5,352,354 shares of the industrial products company’s stock valued at $268,796,000 after buying an additional 64,589 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Worthington Industries by 1.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,682,457 shares of the industrial products company’s stock valued at $84,487,000 after purchasing an additional 17,185 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Worthington Industries by 10.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,098,713 shares of the industrial products company’s stock valued at $55,178,000 after purchasing an additional 101,166 shares during the last quarter. Voya Investment Management LLC lifted its holdings in Worthington Industries by 20.9% during the 2nd quarter. Voya Investment Management LLC now owns 1,040,954 shares of the industrial products company’s stock valued at $52,277,000 after purchasing an additional 180,199 shares during the last quarter. Finally, Macquarie Group Ltd. lifted its holdings in Worthington Industries by 2.8% during the 3rd quarter. Macquarie Group Ltd. now owns 970,876 shares of the industrial products company’s stock valued at $44,660,000 after purchasing an additional 26,305 shares during the last quarter. 54.38% of the stock is owned by institutional investors and hedge funds.
In related news, Director Peter Karmanos sold 45,376 shares of the firm’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $45.77, for a total value of $2,076,859.52. Following the completion of the transaction, the director now directly owns 85,840 shares of the company’s stock, valued at $3,928,896.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider John G. Lamprinakos sold 7,500 shares of the firm’s stock in a transaction on Thursday, October 19th. The shares were sold at an average price of $44.96, for a total transaction of $337,200.00. Following the completion of the transaction, the insider now directly owns 70,751 shares of the company’s stock, valued at $3,180,964.96. The disclosure for this sale can be found here. Insiders sold 72,876 shares of company stock valued at $3,290,460 over the last three months. 31.30% of the stock is owned by company insiders.
Worthington Industries announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, September 27th that allows the company to buyback 6,830,000 shares. This buyback authorization allows the industrial products company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be paid a $0.21 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.84 annualized dividend and a dividend yield of 1.75%. Worthington Industries’s dividend payout ratio is presently 30.66%.
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Worthington Industries Company Profile
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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