Strategic Global Advisors LLC reduced its stake in Worthington Industries, Inc. (NYSE:WOR) by 8.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,106 shares of the industrial products company’s stock after selling 1,870 shares during the period. Strategic Global Advisors LLC’s holdings in Worthington Industries were worth $960,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of the stock. Northwestern Mutual Investment Management Company LLC boosted its stake in shares of Worthington Industries by 0.3% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 7,571 shares of the industrial products company’s stock valued at $341,000 after buying an additional 20 shares during the period. First Mercantile Trust Co. boosted its stake in shares of Worthington Industries by 2.0% in 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 period. Capstone Asset Management Co. boosted its stake in shares of Worthington Industries by 3.1% in the second quarter. Capstone Asset Management Co. now owns 5,633 shares of the industrial products company’s stock valued at $283,000 after buying an additional 170 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Worthington Industries by 4.9% in the first quarter. Envestnet Asset Management Inc. now owns 3,755 shares of the industrial products company’s stock valued at $168,000 after buying an additional 175 shares during the period. Finally, Advantus Capital Management Inc boosted its stake in shares of Worthington Industries by 3.3% in the first quarter. Advantus Capital Management Inc now owns 5,625 shares of the industrial products company’s stock valued at $254,000 after buying an additional 180 shares during the period. Institutional investors and hedge funds own 51.98% of the company’s stock.
Worthington Industries, Inc. (WOR) traded up 1.83% during midday trading on Friday, reaching $51.26. The company’s stock had a trading volume of 801,630 shares. Worthington Industries, Inc. has a 12 month low of $40.11 and a 12 month high of $62.44. The company has a market cap of $3.24 billion, a PE ratio of 16.27 and a beta of 1.16. The stock has a 50-day moving average price of $49.98 and a 200 day moving average price of $47.24.
Worthington Industries (NYSE:WOR) last released its quarterly earnings data on Wednesday, June 28th. The industrial products company reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.04. Worthington Industries had a net margin of 6.79% and a return on equity of 20.29%. The business had revenue of $845.30 million during the quarter, compared to analyst estimates of $785.58 million. During the same period in the previous year, the business earned $0.87 EPS. Worthington Industries’s revenue was up 18.3% compared to the same quarter last year. Analysts expect that Worthington Industries, Inc. will post $3.33 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.21 per share. This is a positive change from Worthington Industries’s previous quarterly dividend of $0.20. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date of this dividend is Tuesday, September 12th. Worthington Industries’s payout ratio is 26.58%.
In other news, VP Dale T. Brinkman sold 28,212 shares of the business’s stock in a transaction on Friday, June 30th. The shares were sold at an average price of $49.50, for a total transaction of $1,396,494.00. Following the completion of the transaction, the vice president now directly owns 71,087 shares in the company, valued at approximately $3,518,806.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Geoffrey G. Gilmore sold 32,500 shares of the business’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $50.85, for a total transaction of $1,652,625.00. Following the transaction, the insider now owns 86,477 shares of the company’s stock, valued at $4,397,355.45. The disclosure for this sale can be found here. Insiders have sold a total of 65,712 shares of company stock valued at $3,300,819 over the last 90 days. Company insiders own 31.30% of the company’s stock.
Several equities research analysts recently issued reports on the company. Zacks Investment Research cut Worthington Industries from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. BidaskClub cut Worthington Industries from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Finally, Jefferies Group LLC restated a “hold” rating and set a $45.00 target price on shares of Worthington Industries in a research note on Wednesday, June 14th. One investment analyst has rated the stock with a sell rating and four have given a hold rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $47.33.
Worthington Industries 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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