Zacks Investment Research upgraded shares of Worthington Industries (NYSE:WOR) from a hold rating to a buy rating in a report released on Saturday. Zacks Investment Research currently has $52.00 price target on the industrial products company’s stock.
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. “
A number of other equities research analysts also recently weighed in on WOR. ValuEngine downgraded Worthington Industries from a hold rating to a sell rating in a report on Friday. Jefferies Financial Group reiterated a hold rating and issued a $45.00 target price on shares of Worthington Industries in a report on Friday, March 30th.
Shares of WOR stock opened at $42.85 on Friday. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of 14.88, a price-to-earnings-growth ratio of 2.92 and a beta of 1.06. The company has a quick ratio of 1.22, a current ratio of 1.92 and a debt-to-equity ratio of 0.72. Worthington Industries has a fifty-two week low of $39.52 and a fifty-two week high of $53.27.
Worthington Industries (NYSE:WOR) last issued its earnings results on Wednesday, June 27th. The industrial products company reported $0.95 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.04 by ($0.09). The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $935.50 million. Worthington Industries had a return on equity of 17.39% and a net margin of 5.44%. The company’s revenue for the quarter was up 20.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.87 earnings per share. research analysts anticipate that Worthington Industries will post 3.42 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Friday, September 14th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date of this dividend is Thursday, September 13th. This is a boost from Worthington Industries’s previous quarterly dividend of $0.21. Worthington Industries’s dividend payout ratio (DPR) is 29.17%.
In other Worthington Industries news, insider John G. Lamprinakos sold 7,500 shares of the firm’s stock in a transaction that occurred on Monday, April 23rd. The stock was sold at an average price of $45.83, for a total value of $343,725.00. Following the completion of the sale, the insider now owns 70,751 shares of the company’s stock, valued at $3,242,518.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael J. Endres acquired 3,000 shares of Worthington Industries stock in a transaction on Wednesday, April 4th. The stock was purchased at an average cost of $39.78 per share, with a total value of $119,340.00. Following the purchase, the director now directly owns 187,440 shares of the company’s stock, valued at approximately $7,456,363.20. The disclosure for this purchase can be found here. Insiders sold 50,200 shares of company stock valued at $2,093,994 in the last three months. Insiders own 31.30% of the company’s stock.
A number of institutional investors have recently made changes to their positions in WOR. PDS Planning Inc purchased a new position in shares of Worthington Industries during the first quarter valued at approximately $185,000. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Worthington Industries during the fourth quarter valued at approximately $218,000. Xact Kapitalforvaltning AB purchased a new position in shares of Worthington Industries during the fourth quarter valued at approximately $221,000. Elkfork Partners LLC purchased a new position in Worthington Industries in the fourth quarter worth $234,000. Finally, Flinton Capital Management LLC boosted its position in Worthington Industries by 24.2% in the fourth quarter. Flinton Capital Management LLC now owns 6,460 shares of the industrial products company’s stock worth $285,000 after purchasing an additional 1,258 shares during the last quarter. 50.38% of the stock is owned by hedge funds and other institutional investors.
About Worthington Industries
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.
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