Worthington Industries, Inc. Forecasted to Earn FY2023 Earnings of $3.88 Per Share (NYSE:WOR)

Worthington Industries, Inc. (NYSE:WORGet Rating) – Stock analysts at KeyCorp reduced their FY2023 earnings per share estimates for Worthington Industries in a report issued on Monday, November 21st. KeyCorp analyst P. Gibbs now expects that the industrial products company will post earnings of $3.88 per share for the year, down from their prior estimate of $4.25. The consensus estimate for Worthington Industries’ current full-year earnings is $3.88 per share. KeyCorp also issued estimates for Worthington Industries’ FY2024 earnings at $4.15 EPS.

Worthington Industries (NYSE:WORGet Rating) last posted its earnings results on Thursday, September 29th. The industrial products company reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.03. The firm had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Worthington Industries had a return on equity of 19.95% and a net margin of 5.61%. The company’s revenue was up 26.8% on a year-over-year basis. During the same period in the previous year, the firm earned $2.46 earnings per share.

A number of other analysts have also commented on the company. StockNews.com started coverage on Worthington Industries in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. BMO Capital Markets cut their price target on Worthington Industries from $58.00 to $52.00 and set a “market perform” rating on the stock in a report on Friday, September 30th.

Worthington Industries Stock Performance

Shares of Worthington Industries stock opened at $56.61 on Wednesday. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of 9.18 and a beta of 1.17. The stock’s 50-day moving average is $48.59 and its 200-day moving average is $47.89. Worthington Industries has a one year low of $38.01 and a one year high of $62.83. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.17 and a quick ratio of 1.25.

Institutional Trading of Worthington Industries

Several institutional investors and hedge funds have recently bought and sold shares of WOR. Comerica Bank raised its holdings in Worthington Industries by 1.5% during the first quarter. Comerica Bank now owns 15,737 shares of the industrial products company’s stock worth $907,000 after acquiring an additional 235 shares in the last quarter. SG Americas Securities LLC raised its holdings in Worthington Industries by 391.3% during the first quarter. SG Americas Securities LLC now owns 10,166 shares of the industrial products company’s stock worth $523,000 after acquiring an additional 8,097 shares in the last quarter. Steward Partners Investment Advisory LLC increased its position in Worthington Industries by 11.6% during the first quarter. Steward Partners Investment Advisory LLC now owns 4,520 shares of the industrial products company’s stock worth $232,000 after buying an additional 470 shares during the last quarter. Mutual of America Capital Management LLC increased its position in Worthington Industries by 2.7% during the first quarter. Mutual of America Capital Management LLC now owns 29,735 shares of the industrial products company’s stock worth $1,529,000 after buying an additional 781 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its position in Worthington Industries by 17.9% during the first quarter. Envestnet Asset Management Inc. now owns 66,481 shares of the industrial products company’s stock worth $3,418,000 after buying an additional 10,115 shares during the last quarter. Institutional investors own 53.29% of the company’s stock.

Insider Buying and Selling

In related news, Director David P. Blom bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, September 30th. The shares were acquired at an average price of $41.29 per share, for a total transaction of $206,450.00. Following the completion of the acquisition, the director now owns 17,200 shares of the company’s stock, valued at approximately $710,188. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 39.20% of the stock is currently owned by corporate insiders.

Worthington Industries Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Thursday, December 15th will be issued a $0.31 dividend. The ex-dividend date of this dividend is Wednesday, December 14th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.19%. Worthington Industries’s dividend payout ratio (DPR) is 20.10%.

About Worthington Industries

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Worthington Industries, Inc, an industrial manufacturing company, focuses on value-added steel processing, manufactured consumer, building, and sustainable mobility products in North America and internationally. It operates through Steel Processing, Consumer Products, Building Products, and Sustainable Energy Solutions segments.

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Earnings History and Estimates for Worthington Industries (NYSE:WOR)

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