M&T Bank Corp held its stake in Worthington Industries, Inc. (NYSE:WOR) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 14,060 shares of the industrial products company’s stock at the close of the second quarter. M&T Bank Corp’s holdings in Worthington Industries were worth $706,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. 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 purchasing an additional 900 shares in the last quarter. Tower Research Capital LLC TRC increased its stake 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 purchasing an additional 980 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake 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 purchasing an additional 227 shares in the last quarter. First Mercantile Trust Co. increased its stake 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 purchasing an additional 60 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its stake 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 purchasing 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 that occurred 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 completion of the transaction, the insider now owns 86,477 shares in the company, valued at approximately $4,397,355.45. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 31.30% of the company’s stock.

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Shares of Worthington Industries, Inc. (NYSE WOR) opened at 44.38 on Thursday. The company’s 50 day moving average is $49.47 and its 200 day moving average is $47.12. Worthington Industries, Inc. has a 12 month low of $40.82 and a 12 month high of $62.44. The company has a market cap of $2.81 billion, a P/E ratio of 14.09 and a beta of 1.14.

Worthington Industries (NYSE:WOR) last announced its quarterly earnings results on Wednesday, September 27th. The industrial products company reported $0.73 earnings per share for the quarter, missing the consensus estimate of $0.82 by ($0.09). Worthington Industries had a return on equity of 17.98% and a net margin of 5.90%. The business had revenue of $848.24 million during the quarter, compared to analysts’ expectations of $854.20 million. During the same period in the previous year, the company posted $1.03 EPS. Worthington Industries’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, equities research analysts predict that Worthington Industries, Inc. will post $3.10 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be paid a dividend of $0.21 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.84 annualized dividend and a dividend yield of 1.89%. Worthington Industries’s dividend payout ratio (DPR) is presently 29.58%.

Worthington Industries declared that its board has approved a stock 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 reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

A number of equities analysts have weighed in on WOR shares. BidaskClub raised shares of Worthington Industries from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. Zacks Investment Research downgraded shares of Worthington Industries from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 13th. Jefferies Group LLC raised their target price on shares of Worthington Industries from $45.00 to $47.00 and gave the company a “hold” rating in a research note on Friday, June 30th. Finally, ValuEngine downgraded shares of Worthington Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. Two research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $46.50.

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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Institutional Ownership by Quarter for Worthington Industries (NYSE:WOR)

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