Zacks Investment Research lowered shares of Worthington Industries (NYSE:WOR) from a hold rating to a strong sell rating in a report issued on Saturday.
According to Zacks, “Worthington Industries, Inc. has been North American’s premier, value-added steel processor, providing customers with wide ranging capabilities, products and services for a variety of markets including automotive, construction and agriculture. Worthington is also the leading global supplier of pressure tanks and cylinders. The company manufactures a host of pressure cylinders products for industrial gas and cryogenic applications, transportation and alternative fuel storage, oil and gas equipment, and consumer brand retail products, including Bernzomatic, Coleman and Balloon Time. They have built a reputation on quality, safety and regulatory compliance, ensuring the protection of their employees, customers and industry. In fact, designing and building protective structures is another one of their specialties. Worthington manufactures custom-engineered, open and enclosed cabs, and operator stations for the smallest utility equipment to the largest earth-moving machinery in the world. “
Other research analysts have also issued research reports about the stock. Jefferies Group restated a hold rating and set a $45.00 price target on shares of Worthington Industries in a research note on Friday, March 30th. ValuEngine upgraded shares of Worthington Industries from a hold rating to a buy rating in a research note on Wednesday, March 7th.
Shares of Worthington Industries stock opened at $40.79 on Friday. The company has a current ratio of 2.05, a quick ratio of 1.29 and a debt-to-equity ratio of 0.72. Worthington Industries has a 12-month low of $39.52 and a 12-month high of $53.27. The company has a market cap of $2,512.38, a price-to-earnings ratio of 14.26, a P/E/G ratio of 3.22 and a beta of 1.09.
Worthington Industries (NYSE:WOR) last issued its quarterly earnings results on Thursday, March 29th. The industrial products company reported $0.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.14). Worthington Industries had a net margin of 6.47% and a return on equity of 17.05%. The company had revenue of $841.66 million for the quarter, compared to analyst estimates of $863.50 million. During the same quarter in the previous year, the company posted $0.55 EPS. The company’s revenue for the quarter was up 19.6% compared to the same quarter last year. research analysts forecast that Worthington Industries will post 3.02 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.84 dividend on an annualized basis and a yield of 2.06%. Worthington Industries’s payout ratio is 26.09%.
In other news, VP Catherine M. Lyttle sold 34,500 shares of the company’s stock in a transaction on Wednesday, April 4th. The shares were sold at an average price of $40.65, for a total value of $1,402,425.00. Following the sale, the vice president now directly owns 32,059 shares of the company’s stock, valued at approximately $1,303,198.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Dale T. Brinkman sold 6,874 shares of the company’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $48.32, for a total transaction of $332,151.68. Following the completion of the sale, the vice president now directly owns 35,992 shares in the company, valued at $1,739,133.44. The disclosure for this sale can be found here. 31.30% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. Koch Industries Inc. boosted its holdings in shares of Worthington Industries by 24.0% in the 4th quarter. Koch Industries Inc. now owns 9,579 shares of the industrial products company’s stock valued at $422,000 after acquiring an additional 1,855 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Worthington Industries by 31.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 25,444 shares of the industrial products company’s stock valued at $1,170,000 after acquiring an additional 6,139 shares during the last quarter. California Public Employees Retirement System boosted its holdings in shares of Worthington Industries by 2.2% in the 3rd quarter. California Public Employees Retirement System now owns 140,899 shares of the industrial products company’s stock valued at $6,481,000 after acquiring an additional 2,999 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of Worthington Industries by 44.4% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 26,338 shares of the industrial products company’s stock valued at $1,212,000 after acquiring an additional 8,095 shares during the last quarter. Finally, Victory Capital Management Inc. purchased a new stake in shares of Worthington Industries in the 4th quarter valued at $55,391,000. 52.65% of the stock is currently owned by institutional investors and hedge funds.
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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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