FY2018 EPS Estimates for Worthington Industries, Inc. Raised by KeyCorp (WOR)
Worthington Industries, Inc. (NYSE:WOR) – Investment analysts at KeyCorp upped their FY2018 earnings per share estimates for shares of Worthington Industries in a research report issued to clients and investors on Wednesday. KeyCorp analyst P. Gibbs now forecasts that the industrial products company will post earnings of $3.00 per share for the year, up from their prior forecast of $2.87. KeyCorp also issued estimates for Worthington Industries’ FY2019 earnings at $3.30 EPS.
Worthington Industries (NYSE:WOR) last posted its earnings results on Tuesday, December 19th. The industrial products company reported $0.65 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.67 by ($0.02). The firm 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 business’s revenue for the quarter was up 19.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.75 earnings per share.
A number of other research firms have also weighed in on WOR. ValuEngine lowered shares of Worthington Industries from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Zacks Investment Research lowered shares of Worthington Industries from a “hold” rating to a “sell” rating in a report on Saturday, September 30th. One research analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. Worthington Industries currently has a consensus rating of “Hold” and an average price target of $46.50.
Worthington Industries (NYSE:WOR) traded up $0.72 during trading on Monday, hitting $48.03. 396,107 shares of the stock were exchanged, compared to its average volume of 435,864. The company has a current ratio of 2.11, a quick ratio of 1.32 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $2,941.04, a price-to-earnings ratio of 17.53, a P/E/G ratio of 3.70 and a beta of 1.11. Worthington Industries has a one year low of $39.52 and a one year high of $53.27.
Worthington Industries declared that its Board of Directors has authorized a share buyback 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 usually a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be issued a $0.21 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $0.84 annualized dividend and a yield of 1.75%. Worthington Industries’s dividend payout ratio (DPR) is presently 30.66%.
In other Worthington Industries news, insider John G. Lamprinakos sold 7,500 shares of the firm’s stock in a transaction dated 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 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 is accessible through this link. Also, Director Peter Karmanos sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $43.82, for a total transaction of $876,400.00. Following the completion of the sale, the director now owns 65,840 shares of the company’s stock, valued at $2,885,108.80. 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 90 days. 31.30% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Acrospire Investment Management LLC lifted its holdings 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 worth $100,000 after buying an additional 900 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Worthington Industries by 11.0% in the second 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 lifted its holdings in Worthington Industries by 78.3% in the third 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. Salem Investment Counselors Inc. lifted its holdings in Worthington Industries by 166.7% in the third quarter. Salem Investment Counselors Inc. now owns 2,699 shares of the industrial products company’s stock worth $125,000 after buying an additional 1,687 shares during the period. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in Worthington Industries in the second quarter worth about $212,000. Institutional investors and hedge funds own 52.79% of the company’s stock.
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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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