Worthington Industries (WOR) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Worthington Industries (NYSE:WOR) from a sell rating to a hold rating in a research report released on Saturday.
According to Zacks, “Worthington Industries, Inc., a metals manufacturing company, focuses on value-added steel processing and manufactured metal products in the United States, Austria, Canada, Mexico, Poland, Portugal, and Turkey. The company operates through three segments: Steel Processing, Pressure Cylinders, and Engineered Cabs. The Steel Processing segment processes flat-rolled steel for customers primarily in the automotive, aerospace, agricultural, appliance, construction, container, hardware, HVAC, lawn and garden, leisure and recreation, and office furniture and equipment markets. It also toll processes steel for steel mills, large end-users, service centers, and other processors; and designs and manufactures reusable custom steel platforms, racks, and pallets for supporting, protecting, and handling products in the shipping process. The Pressure Cylinders segment manufactures and sells filled and unfilled pressure cylinders, tanks, hand torches, oil and gas equipment etc. “
Separately, ValuEngine lowered Worthington Industries from a buy rating to a hold rating in a research note on Tuesday, September 26th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $46.50.
Worthington Industries (NYSE:WOR) last issued its quarterly earnings data on Tuesday, December 19th. The industrial products company reported $0.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.02). The business 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 firm’s revenue for the quarter was up 19.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.75 EPS. research analysts forecast that Worthington Industries will post 3.02 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend is Wednesday, March 14th. Worthington Industries’s dividend payout ratio is currently 30.66%.
Worthington Industries announced that its Board of Directors has initiated a stock buyback program on Wednesday, September 27th that permits the company to repurchase 6,830,000 shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
In other Worthington Industries news, 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 completion of the sale, the director now owns 85,840 shares in the company, valued at $3,928,896.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John G. Lamprinakos sold 7,500 shares of the business’s 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 sale, the insider now owns 70,751 shares of the company’s stock, valued at approximately $3,180,964.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,876 shares of company stock valued at $3,290,460. 31.30% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the business. Acrospire Investment Management LLC lifted its position in Worthington Industries by 81.8% in the second quarter. Acrospire Investment Management LLC now owns 2,000 shares of the industrial products company’s stock valued at $100,000 after purchasing an additional 900 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Worthington Industries by 11.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,295 shares of the industrial products company’s stock valued at $115,000 after acquiring an additional 227 shares in the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of Worthington Industries by 78.3% during the third quarter. DekaBank Deutsche Girozentrale now owns 2,675 shares of the industrial products company’s stock valued at $134,000 after acquiring an additional 1,175 shares in the last quarter. Salem Investment Counselors Inc. raised its holdings in shares of Worthington Industries by 166.7% during the third quarter. Salem Investment Counselors Inc. now owns 2,699 shares of the industrial products company’s stock valued at $125,000 after acquiring an additional 1,687 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. bought a new position in shares of Worthington Industries during the second quarter valued at approximately $212,000. Hedge funds and other institutional investors own 52.46% of the company’s stock.
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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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