Worthington Industries, Inc. (NYSE:WOR) – Equities researchers at Jefferies Group upped their Q3 2018 EPS estimates for Worthington Industries in a research note issued to investors on Tuesday. Jefferies Group analyst S. Rosenfeld now forecasts that the industrial products company will earn $0.79 per share for the quarter, up from their prior estimate of $0.70.
Worthington Industries (NYSE:WOR) last released its earnings results on Tuesday, December 19th. The industrial products company reported $0.65 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.02). Worthington Industries had a net margin of 5.43% and a return on equity of 17.07%. The company had revenue of $871.30 million during the quarter, compared to the consensus estimate of $823.50 million. During the same quarter in the previous year, the business posted $0.75 EPS. The firm’s quarterly revenue was up 19.7% on a year-over-year basis.
Several other equities research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Worthington Industries from a “hold” rating to a “sell” rating in a research note on Friday, December 15th. ValuEngine cut shares of 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. The stock currently has a consensus rating of “Hold” and a consensus price target of $46.50.
Worthington Industries (NYSE WOR) traded up $1.33 during midday trading on Wednesday, hitting $46.78. 496,300 shares of the company traded hands, compared to its average volume of 443,129. The company has a current ratio of 2.11, a quick ratio of 1.32 and a debt-to-equity ratio of 0.74. Worthington Industries has a twelve month low of $39.52 and a twelve month high of $53.27. The company has a market capitalization of $2,950.00, a PE ratio of 17.07, a PEG ratio of 3.60 and a beta of 1.11.
A number of institutional investors and hedge funds have recently made changes to their positions in WOR. Assenagon Asset Management S.A. acquired a new stake in shares of Worthington Industries during the third quarter worth approximately $3,588,000. Van Hulzen Asset Management LLC acquired a new stake in shares of Worthington Industries during the third quarter worth approximately $488,000. Virtu KCG Holdings LLC increased its holdings in shares of Worthington Industries by 96.5% during the second quarter. Virtu KCG Holdings LLC now owns 8,850 shares of the industrial products company’s stock worth $444,000 after buying an additional 4,346 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Worthington Industries by 7.4% during the third quarter. Legal & General Group Plc now owns 62,213 shares of the industrial products company’s stock worth $2,861,000 after buying an additional 4,305 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of Worthington Industries by 31.8% during the third quarter. Russell Investments Group Ltd. now owns 25,444 shares of the industrial products company’s stock worth $1,170,000 after buying an additional 6,139 shares in the last quarter. Hedge funds and other institutional investors own 54.38% of the company’s stock.
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 transaction of $337,200.00. Following the completion of the transaction, the insider now owns 70,751 shares in the company, valued at $3,180,964.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Peter Karmanos sold 45,376 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $45.77, for a total transaction of $2,076,859.52. Following the transaction, the director now owns 85,840 shares of the company’s stock, valued at approximately $3,928,896.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,876 shares of company stock valued at $3,290,460. Corporate insiders own 31.30% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 1.80%. The ex-dividend date is Wednesday, March 14th. Worthington Industries’s dividend payout ratio is 30.66%.
Worthington Industries announced that its board has authorized 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 reacquire shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
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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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