JPMorgan Chase & Co. Decreases Holdings in Worthington Industries, Inc. (WOR)
JPMorgan Chase & Co. trimmed its holdings in shares of Worthington Industries, Inc. (NYSE:WOR) by 15.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 931,166 shares of the industrial products company’s stock after selling 167,547 shares during the period. JPMorgan Chase & Co. owned approximately 1.48% of Worthington Industries worth $42,397,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in WOR. Acrospire Investment Management LLC lifted its stake in shares of Worthington Industries by 81.8% in the 2nd quarter. Acrospire Investment Management LLC now owns 2,000 shares of the industrial products company’s stock valued at $100,000 after purchasing an additional 900 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake 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 valued at $115,000 after purchasing an additional 227 shares during the period. DekaBank Deutsche Girozentrale lifted its stake in shares of Worthington Industries by 78.3% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 2,675 shares of the industrial products company’s stock valued at $134,000 after purchasing an additional 1,175 shares during the period. First Mercantile Trust Co. lifted its stake in shares of Worthington Industries by 2.0% in the 2nd quarter. First Mercantile Trust Co. now owns 3,070 shares of the industrial products company’s stock valued at $154,000 after purchasing an additional 60 shares during the period. Finally, Raymond James Financial Services Advisors Inc. acquired a new position in shares of Worthington Industries in the 2nd quarter valued at $212,000. Institutional investors and hedge funds own 52.48% of the company’s stock.
In other news, Director Peter Karmanos sold 20,000 shares of the company’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $43.82, for a total transaction of $876,400.00. Following the completion of the sale, the director now owns 65,840 shares of the company’s stock, valued at $2,885,108.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider John G. Lamprinakos sold 7,500 shares of the company’s stock in a transaction on Thursday, October 19th. The stock was sold at an average price of $44.96, for a total transaction of $337,200.00. Following the sale, the insider now directly owns 70,751 shares of the company’s stock, valued at approximately $3,180,964.96. The disclosure for this sale can be found here. In the last three months, insiders sold 72,876 shares of company stock valued at $3,290,460. 31.30% of the stock is owned by insiders.
Several equities analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Worthington Industries from a “sell” rating to a “hold” rating in a research note on Thursday, November 30th. ValuEngine cut shares of Worthington Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The stock presently has an average rating of “Hold” and an average target price of $46.50.
Shares of Worthington Industries, Inc. (NYSE:WOR) traded up $0.72 during midday trading on Monday, reaching $42.31. 395,400 shares of the company traded hands, compared to its average volume of 449,940. The stock has a market cap of $2,664.29, a price-to-earnings ratio of 14.59, a PEG ratio of 3.25 and a beta of 1.10. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.36 and a current ratio of 2.14. Worthington Industries, Inc. has a 12 month low of $39.52 and a 12 month high of $59.29.
Worthington Industries (NYSE:WOR) last issued its quarterly 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). The company had revenue of $848.24 million during the quarter, compared to analysts’ expectations of $854.20 million. Worthington Industries had a return on equity of 17.98% and a net margin of 5.90%. Worthington Industries’s revenue was up 15.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.03 EPS. research analysts predict that Worthington Industries, Inc. will post 3.1 EPS for the current fiscal year.
Worthington Industries announced that its board has initiated a share buyback program 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 programs are usually a sign that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend is Thursday, December 14th. Worthington Industries’s payout ratio is presently 29.58%.
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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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