Worthington Industries, Inc. (NYSE:WOR) – Equities research analysts at Jefferies Group raised their FY2018 earnings estimates for shares of Worthington Industries in a research note issued on Tuesday. Jefferies Group analyst S. Rosenfeld now forecasts that the industrial products company will post earnings of $3.15 per share for the year, up from their previous estimate of $2.96. Jefferies Group also issued estimates for Worthington Industries’ Q4 2018 earnings at $0.98 EPS and FY2019 earnings at $3.62 EPS.
Several other research firms also recently weighed in on WOR. Zacks Investment Research downgraded shares of Worthington Industries from a “hold” rating to a “sell” rating in a research note on Friday, December 15th. ValuEngine downgraded shares of Worthington Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $46.50.
Worthington Industries (NYSE:WOR) last announced its earnings results on Tuesday, December 19th. The industrial products company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.02). Worthington Industries had a return on equity of 17.07% and a net margin of 5.43%. The company had revenue of $871.30 million during the quarter, compared to analysts’ expectations of $823.50 million. During the same quarter last year, the firm posted $0.75 earnings per share. The firm’s revenue was up 19.7% on a year-over-year basis.
Several large investors have recently modified their holdings of WOR. Russell Investments Group Ltd. raised its stake in shares of Worthington Industries by 6.4% during the second quarter. Russell Investments Group Ltd. now owns 19,305 shares of the industrial products company’s stock valued at $970,000 after acquiring an additional 1,169 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Worthington Industries by 8.6% during the second quarter. Legal & General Group Plc now owns 57,908 shares of the industrial products company’s stock valued at $2,905,000 after acquiring an additional 4,610 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Worthington Industries by 11.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,295 shares of the industrial products company’s stock valued at $115,000 after acquiring an additional 227 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Worthington Industries by 10.1% during the second quarter. JPMorgan Chase & Co. now owns 1,098,713 shares of the industrial products company’s stock valued at $55,178,000 after acquiring an additional 101,166 shares during the last quarter. Finally, Northwestern Mutual Investment Management Company LLC raised its stake in shares of Worthington Industries by 2.5% during the second quarter. Northwestern Mutual Investment Management Company LLC now owns 7,763 shares of the industrial products company’s stock valued at $328,000 after acquiring an additional 192 shares during the last quarter. 54.38% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Peter Karmanos sold 45,376 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $45.77, for a total transaction of $2,076,859.52. Following the completion of the transaction, the director now directly owns 85,840 shares of the company’s stock, valued at $3,928,896.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John G. Lamprinakos sold 7,500 shares of the company’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 transaction, the insider now directly owns 70,751 shares of the company’s stock, valued at $3,180,964.96. 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 three months. 31.30% of the stock is currently owned by insiders.
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 $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.75%. The ex-dividend date is Wednesday, March 14th. Worthington Industries’s dividend payout ratio is presently 30.66%.
Worthington Industries declared that its Board of Directors has approved a stock repurchase plan on Wednesday, September 27th that permits the company to buyback 6,830,000 shares. This buyback authorization permits the industrial products company to purchase shares of its stock through open market purchases. Shares buyback plans are usually 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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