Worthington Industries (WOR) to Repurchase 6,830,000 Outstanding Stock
Worthington Industries (NYSE:WOR) declared that its board has authorized a share buyback program, which authorizes the company to repurchase 6,830,000 outstanding shares on Wednesday, September 27th, EventVestor reports. This repurchase authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
A number of research firms have recently weighed in on WOR. Zacks Investment Research downgraded shares of Worthington Industries from a “hold” rating to a “sell” rating in a research note on Saturday. ValuEngine downgraded shares of Worthington Industries from a “buy” rating to a “hold” rating in a research note on Tuesday, September 26th. BidaskClub downgraded shares of Worthington Industries from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $45.00 price target on shares of Worthington Industries in a research note on Wednesday, June 14th. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $47.33.
Worthington Industries (WOR) opened at 46.00 on Friday. The firm has a market capitalization of $2.91 billion, a P/E ratio of 14.60 and a beta of 1.16. Worthington Industries has a 52-week low of $40.82 and a 52-week high of $62.44. The firm’s 50-day moving average is $50.06 and its 200 day moving average is $47.24.
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). 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 for the quarter, compared to the consensus estimate of $854.20 million. During the same period last year, the firm earned $1.03 earnings per share. The company’s quarterly revenue was up 15.0% compared to the same quarter last year. Equities analysts anticipate that Worthington Industries will post $3.10 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a dividend of $0.21 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.84 annualized dividend and a yield of 1.83%. Worthington Industries’s dividend payout ratio (DPR) is presently 29.58%.
In other Worthington Industries news, insider Geoffrey G. Gilmore sold 32,500 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 86,477 shares of the company’s stock, valued at approximately $4,397,355.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 31.30% of the company’s stock.
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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