Shares of Worthington Industries Inc. (NYSE:WOR) saw unusually-strong trading volume on Thursday after the company announced better than expected quarterly earnings. Approximately 466,505 shares changed hands during trading, a decline of 6% from the previous session’s volume of 493,760 shares.The stock last traded at $47.51 and had previously closed at $46.89.
The company reported $1.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.26. The company had revenue of $737.50 million for the quarter. Worthington Industries had a return on equity of 18.83% and a net margin of 5.06%. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.54 earnings per share.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 29th. Stockholders of record on Thursday, December 15th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 1.69%. The ex-dividend date is Tuesday, December 13th. Worthington Industries’s dividend payout ratio is currently 36.04%.
WOR has been the topic of a number of recent research reports. Jefferies Group reissued a “hold” rating and set a $37.00 target price on shares of Worthington Industries in a research report on Friday, September 16th. Zacks Investment Research raised Worthington Industries from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a research report on Saturday, June 4th. Finally, JPMorgan Chase & Co. reissued a “hold” rating on shares of Worthington Industries in a research report on Thursday, June 30th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $38.25.
In other Worthington Industries news, insider Geoffrey G. Gilmore sold 11,079 shares of Worthington Industries stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $42.73, for a total transaction of $473,405.67. Following the sale, the insider now directly owns 52,469 shares of the company’s stock, valued at $2,242,000.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Dale T. Brinkman sold 4,188 shares of Worthington Industries stock in a transaction that occurred on Thursday, July 7th. The shares were sold at an average price of $42.10, for a total value of $176,314.80. Following the sale, the vice president now directly owns 57,336 shares in the company, valued at $2,413,845.60. The disclosure for this sale can be found here. Company insiders own 32.00% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. LS Investment Advisors LLC increased its stake in Worthington Industries by 68.6% in the second quarter. LS Investment Advisors LLC now owns 2,699 shares of the company’s stock worth $114,000 after buying an additional 1,098 shares during the last quarter. Benjamin F. Edwards & Company Inc. bought a new stake in Worthington Industries during the second quarter worth $115,000. Meeder Asset Management Inc. bought a new stake in Worthington Industries during the second quarter worth $115,000. Tower Research Capital LLC TRC bought a new stake in Worthington Industries during the second quarter worth $122,000. Finally, Acrospire Investment Management LLC increased its stake in Worthington Industries by 45.5% in the second quarter. Acrospire Investment Management LLC now owns 3,200 shares of the company’s stock worth $135,000 after buying an additional 1,000 shares during the last quarter. 50.94% of the stock is currently owned by institutional investors.
The company has a market cap of $3.02 billion, a P/E ratio of 21.27 and a beta of 1.50. The firm’s 50 day moving average price is $42.86 and its 200-day moving average price is $39.88.
Worthington Industries Company Profile
Worthington Industries, Inc is a diversified metals manufacturing company. The Company’s segments include Steel Processing, Pressure Cylinders, Engineered Cabs and Other. The Company’s Steel Processing segment consists of the Worthington Steel business unit, Precision Specialty Metals, Inc and Worthington Steelpac Systems, LLC and also includes two consolidated joint ventures: Spartan Steel Coating, LLC, which operates a cold-rolled hot dipped galvanizing line in Monroe, Michigan, and TWB Company, LLC., which operates a laser welded blank business.
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