Zacks Investment Research downgraded shares of Worthington Industries, Inc. (NYSE:WOR) from a hold rating to a sell rating in a research note published on Saturday morning.

According to Zacks, “Worthington Industries is one of the leading diversified metal processing companies. The company is one of North America’s premier value-added steel processors and one of the leaders in manufactured metal products such as automotive aftermarket stampings, pressure cylinders, metal framing, metal ceiling grid systems and laser welded blanks. (Company Press Release) “

A number of other equities analysts also recently issued reports on the company. ValuEngine downgraded Worthington Industries from a buy rating to a hold rating in a research note on Tuesday, September 26th. BidaskClub downgraded Worthington Industries from a hold rating to a sell rating in a research note on Saturday, August 5th. Finally, Jefferies Group LLC increased their target price on Worthington Industries from $45.00 to $47.00 and gave the stock a hold rating in a research note on Friday, June 30th. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $47.33.

Worthington Industries (NYSE WOR) traded up 1.03% during mid-day trading on Friday, hitting $46.00. The stock had a trading volume of 1,098,546 shares. The stock has a 50-day moving average price of $50.06 and a 200 day moving average price of $47.24. The firm has a market cap of $2.91 billion, a P/E ratio of 14.60 and a beta of 1.16. Worthington Industries has a 12-month low of $40.82 and a 12-month high of $62.44.

Worthington Industries (NYSE:WOR) last issued its earnings results on Wednesday, September 27th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.09). The business had revenue of $848.24 million for 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%. The business’s quarterly revenue was up 15.0% on a year-over-year basis. During the same period last year, the company posted $1.03 earnings per share. Equities analysts anticipate that Worthington Industries will post $3.10 EPS for the current fiscal year.

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The firm also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date of this dividend is Thursday, December 14th. Worthington Industries’s dividend payout ratio (DPR) is 29.58%.

Worthington Industries declared that its Board of Directors has initiated a share repurchase program on Wednesday, September 27th that allows the company to buyback 6,830,000 shares. This buyback authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

In related news, insider Geoffrey G. Gilmore sold 32,500 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $50.85, for a total value of $1,652,625.00. Following the completion of the transaction, the insider now directly owns 86,477 shares of the company’s stock, valued at approximately $4,397,355.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 31.30% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WOR. Acrospire Investment Management LLC increased its stake in 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 in the last quarter. Tower Research Capital LLC TRC increased its stake in Worthington Industries by 67.9% in the 1st 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 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 in the last quarter. First Mercantile Trust Co. increased its stake in 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 in the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in Worthington Industries by 4.9% in the 1st 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 hedge funds and other institutional investors.

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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