Zacks Investment Research Downgrades Worthington Industries (WOR) to Hold
According to Zacks, “Worthington Industries, Inc. has been North American’s premier, value-added steel processor, providing customers with wide ranging capabilities, products and services for a variety of markets including automotive, construction and agriculture. Worthington is also the leading global supplier of pressure tanks and cylinders. The company manufactures a host of pressure cylinders products for industrial gas and cryogenic applications, transportation and alternative fuel storage, oil and gas equipment, and consumer brand retail products, including Bernzomatic, Coleman and Balloon Time. They have built a reputation on quality, safety and regulatory compliance, ensuring the protection of their employees, customers and industry. In fact, designing and building protective structures is another one of their specialties. Worthington manufactures custom-engineered, open and enclosed cabs, and operator stations for the smallest utility equipment to the largest earth-moving machinery in the world. “
Shares of NYSE WOR opened at $34.61 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.27 and a debt-to-equity ratio of 0.77. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of 12.02 and a beta of 1.09. Worthington Industries has a 12-month low of $31.42 and a 12-month high of $49.65.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a $0.23 dividend. The ex-dividend date of this dividend is Thursday, June 13th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.66%. Worthington Industries’s payout ratio is 31.94%.
In other news, Director Sidney A. Ribeau sold 9,750 shares of the firm’s stock in a transaction on Thursday, April 18th. The stock was sold at an average price of $40.41, for a total value of $393,997.50. Following the completion of the sale, the director now owns 52,369 shares of the company’s stock, valued at approximately $2,116,231.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark C. Davis sold 14,985 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $39.57, for a total value of $592,956.45. Following the completion of the sale, the director now directly owns 35,165 shares of the company’s stock, valued at approximately $1,391,479.05. The disclosure for this sale can be found here. 33.20% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of the company. Texas Permanent School Fund raised its stake in Worthington Industries by 3.6% in the 4th quarter. Texas Permanent School Fund now owns 26,328 shares of the industrial products company’s stock worth $917,000 after acquiring an additional 909 shares during the last quarter. D. E. Shaw & Co. Inc. raised its stake in Worthington Industries by 400.3% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 29,634 shares of the industrial products company’s stock worth $1,032,000 after acquiring an additional 23,711 shares during the last quarter. WINTON GROUP Ltd raised its stake in Worthington Industries by 2,817.9% in the 4th quarter. WINTON GROUP Ltd now owns 444,491 shares of the industrial products company’s stock worth $15,486,000 after acquiring an additional 429,258 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Worthington Industries by 1.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 844,972 shares of the industrial products company’s stock worth $36,637,000 after acquiring an additional 14,203 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its holdings in shares of Worthington Industries by 130.2% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 15,412 shares of the industrial products company’s stock worth $537,000 after purchasing an additional 8,716 shares during the last quarter. 48.00% of the stock is owned by hedge funds and other institutional investors.
Worthington Industries Company Profile
Worthington Industries, Inc, a metals manufacturing company, focuses on value-added steel processing and manufactured metal products in the United States, Austria, Canada, Mexico, Poland, Portugal, and Turkey. The company operates through three segments: Steel Processing, Pressure Cylinders, and Engineered Cabs.
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