Schwab Charles Investment Management Inc. increased its holdings in Worthington Industries, Inc. (NYSE:WOR) by 4.2% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 376,211 shares of the industrial products company’s stock after buying an additional 15,313 shares during the period. Schwab Charles Investment Management Inc. owned 0.60% of Worthington Industries worth $17,306,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of WOR. Russell Investments Group Ltd. raised its position in 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 purchasing an additional 1,169 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Worthington Industries by 1.1% during the second quarter. Arizona State Retirement System now owns 18,500 shares of the industrial products company’s stock valued at $929,000 after buying an additional 200 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Worthington Industries by 42.0% during the second quarter. First Trust Advisors LP now owns 68,729 shares of the industrial products company’s stock valued at $3,452,000 after buying an additional 20,336 shares during the last quarter. First Mercantile Trust Co. grew its stake in shares of Worthington Industries by 2.0% during the second quarter. First Mercantile Trust Co. now owns 3,070 shares of the industrial products company’s stock valued at $154,000 after buying an additional 60 shares during the last quarter. Finally, Legal & General Group Plc grew 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 buying an additional 4,610 shares during the last quarter. Institutional investors own 54.38% of the company’s stock.
In other Worthington Industries news, insider John G. Lamprinakos sold 7,500 shares of Worthington Industries stock in a transaction that occurred on Thursday, October 19th. The shares were sold at an average price of $44.96, for a total value of $337,200.00. Following the completion of the sale, the insider now owns 70,751 shares of the company’s stock, valued at approximately $3,180,964.96. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Peter Karmanos sold 45,376 shares of Worthington Industries stock in a transaction that occurred on 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 completion of the sale, the director now directly 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. Over the last 90 days, insiders sold 72,876 shares of company stock valued at $3,290,460. 31.30% of the stock is owned by company insiders.
Worthington Industries (NYSE:WOR) last released its earnings results on Tuesday, December 19th. The industrial products company reported $0.65 earnings per share (EPS) 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 business had revenue of $871.30 million for the quarter, compared to analysts’ expectations of $823.50 million. During the same quarter in the previous year, the business posted $0.75 earnings per share. Worthington Industries’s revenue for the quarter was up 19.7% on a year-over-year basis. equities analysts forecast that Worthington Industries, Inc. will post 3.02 EPS for the current year.
Worthington Industries announced that its Board of Directors has initiated a share repurchase plan on Wednesday, September 27th that allows the company to buyback 6,830,000 shares. This buyback authorization allows the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be issued a $0.21 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.84 dividend on an annualized basis and a yield of 1.76%. Worthington Industries’s payout ratio is currently 30.66%.
Several analysts recently issued reports on the company. Zacks Investment Research raised Worthington Industries from a “sell” rating to a “hold” rating in a research note on Thursday, November 30th. ValuEngine cut Worthington Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $46.50.
Worthington Industries Company Profile
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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