Alps Advisors Inc. Purchases Shares of 9,271 Worthington Industries, Inc. (WOR)
Alps Advisors Inc. purchased a new position in shares of Worthington Industries, Inc. (NYSE:WOR) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 9,271 shares of the industrial products company’s stock, valued at approximately $426,000.
Several other large investors have also recently added to or reduced their stakes in WOR. Macquarie Group Ltd. increased its position in Worthington Industries by 34.4% during the 2nd quarter. Macquarie Group Ltd. now owns 944,571 shares of the industrial products company’s stock worth $47,436,000 after purchasing an additional 241,576 shares in the last quarter. Prudential Financial Inc. increased its position in Worthington Industries by 23.9% during the 3rd quarter. Prudential Financial Inc. now owns 948,446 shares of the industrial products company’s stock worth $43,629,000 after purchasing an additional 182,962 shares in the last quarter. Voya Investment Management LLC increased its position 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 worth $52,277,000 after purchasing an additional 180,199 shares in the last quarter. American Century Companies Inc. increased its position in Worthington Industries by 107.8% during the 2nd quarter. American Century Companies Inc. now owns 317,157 shares of the industrial products company’s stock worth $15,928,000 after purchasing an additional 164,505 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position 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 worth $55,178,000 after purchasing an additional 101,166 shares in the last quarter. 52.16% of the stock is owned by institutional investors and hedge funds.
Shares of Worthington Industries, Inc. (WOR) opened at $40.09 on Wednesday. The company has a current ratio of 2.14, a quick ratio of 1.36 and a debt-to-equity ratio of 0.71. Worthington Industries, Inc. has a fifty-two week low of $39.52 and a fifty-two week high of $62.44. The stock has a market capitalization of $2,542.13, a PE ratio of 13.92, a PEG ratio of 3.10 and a beta of 1.14.
Worthington Industries (NYSE:WOR) last issued its earnings results on Wednesday, September 27th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.82 by ($0.09). Worthington Industries had a return on equity of 17.98% and a net margin of 5.90%. The firm had revenue of $848.24 million for the quarter, compared to analysts’ expectations of $854.20 million. During the same quarter in the previous year, the firm posted $1.03 EPS. The firm’s revenue for the quarter was up 15.0% compared to the same quarter last year. research analysts expect that Worthington Industries, Inc. will post 3.1 earnings per share for the current fiscal year.
Worthington Industries declared that its Board of Directors has initiated a share buyback plan on Wednesday, September 27th that allows the company to repurchase 6,830,000 outstanding shares. This repurchase authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend is Thursday, December 14th. Worthington Industries’s payout ratio is currently 29.58%.
WOR has been the subject of a number of recent research reports. Zacks Investment Research cut Worthington Industries from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 13th. BidaskClub cut Worthington Industries from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Finally, ValuEngine cut Worthington Industries from a “buy” rating to a “hold” rating in a report 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’s stock. The company currently has an average rating of “Hold” and a consensus price target of $46.50.
In related news, insider John G. Lamprinakos sold 7,500 shares of the business’s stock in a transaction that occurred on Thursday, October 19th. The stock was sold at an average price of $44.96, for a total transaction of $337,200.00. Following the transaction, the insider now directly owns 70,751 shares of the company’s stock, valued at approximately $3,180,964.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter Karmanos sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $43.82, for a total value of $876,400.00. Following the transaction, the director now directly owns 65,840 shares in the company, valued at $2,885,108.80. The disclosure for this sale can be found here. Insiders have sold a total of 72,876 shares of company stock worth $3,290,460 over the last three months. 31.30% of the stock is currently owned by corporate insiders.
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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