Worthington Industries, Inc. (NYSE:WOR) – Research analysts at Jefferies Group increased their FY2018 EPS estimates for Worthington Industries in a note issued to investors on Tuesday, Zacks Investment Research reports. Jefferies Group analyst S. Rosenfeld now anticipates that the industrial products company will earn $3.15 per share for the year, up from their prior forecast 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.
A number of other analysts also recently issued reports on WOR. ValuEngine downgraded shares of Worthington Industries from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Zacks Investment Research downgraded shares of Worthington Industries from a “hold” rating to a “sell” rating in a report on Saturday, September 30th. One equities research analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. Worthington Industries presently has an average rating of “Hold” and a consensus target price of $46.50.
Worthington Industries (NYSE:WOR) last released its earnings results on Tuesday, December 19th. The industrial products company reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.02). Worthington Industries had a net margin of 4.78% and a return on equity of 16.84%. The firm had revenue of $871.30 million for the quarter, compared to analysts’ expectations of $823.50 million. During the same quarter last year, the firm posted $0.75 EPS. The firm’s quarterly revenue was up 19.7% compared to the same quarter last year.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Public Employees Retirement System of Ohio increased its holdings in shares of Worthington Industries by 0.6% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 18,243 shares of the industrial products company’s stock worth $916,000 after buying an additional 108 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its holdings in shares of Worthington Industries by 2.5% in the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 7,763 shares of the industrial products company’s stock worth $328,000 after buying an additional 192 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Worthington Industries by 11.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,295 shares of the industrial products company’s stock worth $115,000 after buying an additional 227 shares during the last quarter. Amalgamated Bank increased its holdings in shares of Worthington Industries by 4.6% in the 2nd quarter. Amalgamated Bank now owns 6,450 shares of the industrial products company’s stock worth $324,000 after buying an additional 281 shares during the last quarter. Finally, Nationwide Fund Advisors increased its holdings in shares of Worthington Industries by 0.3% in the 2nd quarter. Nationwide Fund Advisors now owns 100,722 shares of the industrial products company’s stock worth $5,058,000 after buying an additional 327 shares during the last quarter. Institutional investors own 52.79% of the company’s stock.
In other Worthington Industries news, Director Peter Karmanos sold 20,000 shares of Worthington Industries stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $43.82, for a total value of $876,400.00. Following the sale, the director now directly owns 65,840 shares in the company, valued at approximately $2,885,108.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 31.30% of the company’s stock.
Worthington Industries declared that its board has approved a share repurchase program 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 programs are often an indication that the company’s management believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders 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 dividend payout ratio is currently 30.66%.
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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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