FY2018 Earnings Estimate for Worthington Industries, Inc. (WOR) Issued By Jefferies Group
Worthington Industries, Inc. (NYSE:WOR) – Stock analysts at Jefferies Group decreased their FY2018 earnings estimates for shares of Worthington Industries in a research report issued to clients and investors on Thursday. Jefferies Group analyst S. Rosenfeld now forecasts that the industrial products company will earn $3.06 per share for the year, down from their previous estimate of $3.40. Jefferies Group has a “Hold” rating and a $47.00 price target on the stock. Jefferies Group also issued estimates for Worthington Industries’ FY2019 earnings at $3.16 EPS.
Worthington Industries (NYSE:WOR) last posted its earnings results on Wednesday, September 27th. The industrial products company reported $0.73 EPS for the quarter, missing the consensus estimate of $0.82 by ($0.09). Worthington Industries had a net margin of 5.90% and a return on equity of 17.98%. The firm had revenue of $848.24 million during the quarter, compared to the consensus estimate of $854.20 million. During the same quarter in the prior year, the business posted $1.03 earnings per share. Worthington Industries’s revenue for the quarter was up 15.0% compared to the same quarter last year.
Several other analysts have also issued reports on the company. Zacks Investment Research lowered Worthington Industries from a “hold” rating to a “sell” rating in a research note on Saturday. ValuEngine lowered shares of Worthington Industries from a “buy” rating to a “hold” rating in a report on Tuesday, September 26th. Finally, BidaskClub lowered shares of Worthington Industries from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $47.33.
Shares of Worthington Industries (WOR) traded down 1.50% during mid-day trading on Monday, hitting $44.55. The stock had a trading volume of 373,040 shares. The firm has a 50 day moving average price of $49.60 and a 200-day moving average price of $47.14. The stock has a market cap of $2.82 billion, a P/E ratio of 14.14 and a beta of 1.14. Worthington Industries has a 12 month low of $40.82 and a 12 month high of $62.44.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Acrospire Investment Management LLC increased its stake in shares of Worthington Industries by 81.8% during the second quarter. Acrospire Investment Management LLC now owns 2,000 shares of the industrial products company’s stock valued at $100,000 after buying an additional 900 shares during the period. Tower Research Capital LLC TRC raised its holdings in shares of Worthington Industries by 67.9% during the first quarter. Tower Research Capital LLC TRC now owns 2,424 shares of the industrial products company’s stock valued at $109,000 after acquiring an additional 980 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings 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 in the last quarter. First Mercantile Trust Co. raised its holdings 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 acquiring an additional 60 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Worthington Industries by 4.9% during the first quarter. Envestnet Asset Management Inc. now owns 3,755 shares of the industrial products company’s stock valued at $168,000 after acquiring an additional 175 shares in the last quarter. 51.96% of the stock is owned by institutional investors and hedge funds.
In related news, insider Geoffrey G. Gilmore sold 32,500 shares of the business’s stock in a transaction dated Friday, July 28th. The stock was 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 in the company, valued at approximately $4,397,355.45. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 31.30% of the stock is owned by company insiders.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 1.86%. The ex-dividend date of this dividend is Thursday, December 14th. Worthington Industries’s dividend payout ratio (DPR) is presently 29.58%.
Worthington Industries declared that its Board of Directors has initiated a share buyback plan on Wednesday, September 27th that authorizes the company to buyback 6,830,000 outstanding shares. This buyback authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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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