Worthington Industries Inc. Expected to Post Q2 2017 Earnings of $0.78 Per Share (WOR)
Worthington Industries Inc. (NYSE:WOR) – Equities researchers at Jefferies Group issued their Q2 2017 earnings per share (EPS) estimates for Worthington Industries in a research report issued on Thursday. Jefferies Group analyst S. Rosenfeld expects that the firm will post earnings of $0.78 per share for the quarter. Jefferies Group has a “Hold” rating and a $37.00 price target on the stock. Jefferies Group also issued estimates for Worthington Industries’ Q3 2017 earnings at $0.56 EPS, Q4 2017 earnings at $0.50 EPS and FY2018 earnings at $2.45 EPS.
Worthington Industries (NYSE:WOR) last posted its quarterly earnings results on Wednesday, June 29th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.28. The firm had revenue of $714.70 million for the quarter. Worthington Industries had a net margin of 5.06% and a return on equity of 18.83%. The company’s revenue was down 15.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.52 earnings per share.
Other analysts have also issued reports about the stock. Zacks Investment Research raised shares of Worthington Industries from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a research report on Friday, June 17th. JPMorgan Chase & Co. reaffirmed a “hold” rating on shares of Worthington Industries in a research report on Thursday, June 30th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Worthington Industries has a consensus rating of “Hold” and a consensus target price of $37.00.
Shares of Worthington Industries (NYSE:WOR) opened at 40.14 on Monday. The firm has a market capitalization of $2.56 billion, a PE ratio of 18.08 and a beta of 1.50. The company has a 50-day moving average of $43.04 and a 200 day moving average of $39.11. Worthington Industries has a 12-month low of $21.10 and a 12-month high of $45.68.
A number of institutional investors have recently made changes to their positions in the stock. LS Investment Advisors LLC increased its position in shares of Worthington Industries by 68.6% in the second quarter. LS Investment Advisors LLC now owns 2,699 shares of the company’s stock valued at $114,000 after buying an additional 1,098 shares during the period. Benjamin F. Edwards & Company Inc. bought a new position in shares of Worthington Industries during the second quarter valued at approximately $115,000. Meeder Asset Management Inc. bought a new position in shares of Worthington Industries during the second quarter valued at approximately $115,000. Tower Research Capital LLC TRC bought a new position in shares of Worthington Industries during the second quarter valued at approximately $122,000. Finally, Acrospire Investment Management LLC increased its position in shares of Worthington Industries by 45.5% in the second quarter. Acrospire Investment Management LLC now owns 3,200 shares of the company’s stock valued at $135,000 after buying an additional 1,000 shares during the period. Institutional investors own 51.90% of the company’s stock.
In other Worthington Industries news, VP Catherine M. Lyttle sold 3,750 shares of the stock in a transaction that occurred on Wednesday, July 6th. The stock was sold at an average price of $42.37, for a total transaction of $158,887.50. Following the transaction, the vice president now owns 25,488 shares in the company, valued at $1,079,926.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Dale T. Brinkman sold 4,188 shares of the 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 transaction, the vice president now owns 57,336 shares in the company, valued at approximately $2,413,845.60. The disclosure for this sale can be found here. Company insiders own 32.00% of the company’s stock.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Shareholders of record on Thursday, September 15th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.99%. The ex-dividend date is Tuesday, September 13th. This is an increase from Worthington Industries’s previous quarterly dividend of $0.19. Worthington Industries’s dividend payout ratio (DPR) is 36.04%.
About Worthington Industries
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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