American International Group Inc. Has $5.60 Million Holdings in Worthington Industries, Inc. (WOR)
American International Group Inc. raised its stake in Worthington Industries, Inc. (NYSE:WOR) by 4.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 121,760 shares of the industrial products company’s stock after acquiring an additional 4,928 shares during the quarter. American International Group Inc. owned approximately 0.19% of Worthington Industries worth $5,601,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the business. Acrospire Investment Management LLC raised its stake in shares of Worthington Industries by 81.8% during the 2nd quarter. Acrospire Investment Management LLC now owns 2,000 shares of the industrial products company’s stock worth $100,000 after buying an additional 900 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Worthington Industries by 11.0% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,295 shares of the industrial products company’s stock worth $115,000 after buying an additional 227 shares during the period. DekaBank Deutsche Girozentrale raised its stake in shares of Worthington Industries by 78.3% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 2,675 shares of the industrial products company’s stock worth $134,000 after buying an additional 1,175 shares during the period. First Mercantile Trust Co. raised its stake in shares of Worthington Industries by 2.0% during the 2nd quarter. First Mercantile Trust Co. now owns 3,070 shares of the industrial products company’s stock worth $154,000 after buying 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 2nd quarter worth approximately $212,000. 52.48% of the stock is owned by institutional investors.
Shares of Worthington Industries, Inc. (NYSE WOR) traded down $0.72 during mid-day trading on Tuesday, hitting $41.36. The stock had a trading volume of 121,633 shares, compared to its average volume of 452,403. The company has a current ratio of 2.14, a quick ratio of 1.36 and a debt-to-equity ratio of 0.71. The firm has a market cap of $2,595.65, a P/E ratio of 14.21, a price-to-earnings-growth ratio of 3.17 and a beta of 1.10. Worthington Industries, Inc. has a twelve month low of $39.52 and a twelve month high of $59.78.
Worthington Industries (NYSE:WOR) last announced its earnings results on Wednesday, September 27th. The industrial products company reported $0.73 earnings per share for the quarter, missing the Thomson Reuters’ 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 business had revenue of $848.24 million for the quarter, compared to analyst estimates of $854.20 million. During the same period in the previous year, the company earned $1.03 earnings per share. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. research analysts forecast that Worthington Industries, Inc. will post 3.1 EPS for the current year.
Worthington Industries announced that its Board of Directors has approved a stock buyback program on Wednesday, September 27th that permits the company to buyback 6,830,000 shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a dividend yield of 2.03%. The ex-dividend date is Thursday, December 14th. Worthington Industries’s payout ratio is 29.58%.
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 completion of the sale, the insider now directly owns 70,751 shares in the company, valued at $3,180,964.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter Karmanos sold 45,376 shares of the business’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $45.77, for a total value of $2,076,859.52. Following the sale, the director now owns 85,840 shares of the company’s stock, valued at $3,928,896.80. The disclosure for this sale can be found here. Insiders have sold 72,876 shares of company stock valued at $3,290,460 over the last quarter. 31.30% of the stock is owned by company insiders.
Several brokerages have recently weighed in on WOR. Zacks Investment Research raised Worthington Industries from a “sell” rating to a “hold” rating in a research note on Thursday, November 30th. ValuEngine downgraded 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 an average price target of $46.50.
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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