Keybank National Association OH reduced its stake in shares of Worthington Industries, Inc. (NYSE:WOR) by 22.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,300 shares of the industrial products company’s stock after selling 2,124 shares during the quarter. Keybank National Association OH’s holdings in Worthington Industries were worth $367,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. raised its position in Worthington Industries by 11,805.4% during the first quarter. BlackRock Inc. now owns 5,287,765 shares of the industrial products company’s stock valued at $238,426,000 after acquiring an additional 5,243,350 shares in the last quarter. State Street Corp raised its position in Worthington Industries by 7.8% during the first quarter. State Street Corp now owns 2,372,663 shares of the industrial products company’s stock valued at $106,987,000 after acquiring an additional 171,756 shares in the last quarter. AQR Capital Management LLC raised its position in Worthington Industries by 5.6% during the first quarter. AQR Capital Management LLC now owns 1,646,104 shares of the industrial products company’s stock valued at $74,223,000 after acquiring an additional 87,117 shares in the last quarter. Bank of New York Mellon Corp raised its position in Worthington Industries by 33.7% during the first quarter. Bank of New York Mellon Corp now owns 1,249,841 shares of the industrial products company’s stock valued at $56,355,000 after acquiring an additional 315,238 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Worthington Industries by 14.0% during the first quarter. JPMorgan Chase & Co. now owns 997,547 shares of the industrial products company’s stock valued at $44,979,000 after acquiring an additional 122,526 shares in the last quarter. Institutional investors own 51.98% of the company’s stock.
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Shares of Worthington Industries, Inc. (WOR) opened at 50.74 on Wednesday. The firm has a 50-day moving average price of $50.13 and a 200 day moving average price of $47.17. Worthington Industries, Inc. has a one year low of $39.28 and a one year high of $62.44. The firm has a market capitalization of $3.21 billion, a price-to-earnings ratio of 16.11 and a beta of 1.16.
Worthington Industries (NYSE:WOR) last posted its quarterly earnings data on Wednesday, June 28th. The industrial products company reported $0.87 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.83 by $0.04. The firm had revenue of $845.30 million during the quarter, compared to the consensus estimate of $785.58 million. Worthington Industries had a return on equity of 20.29% and a net margin of 6.79%. The firm’s revenue was up 18.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.87 EPS. Equities analysts forecast that Worthington Industries, Inc. will post $3.33 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.21 per share. The ex-dividend date is Tuesday, September 12th. This is an increase from Worthington Industries’s previous quarterly dividend of $0.20. This represents a $0.84 annualized dividend and a yield of 1.66%. Worthington Industries’s dividend payout ratio is currently 25.32%.
Several research analysts recently weighed in on the company. BidaskClub cut Worthington Industries from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Jefferies Group LLC reiterated a “hold” rating and set a $45.00 price target on shares of Worthington Industries in a research report on Wednesday, June 14th. Finally, Zacks Investment Research cut Worthington Industries from a “hold” rating to a “sell” rating in a research report on Saturday, June 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $47.33.
In other Worthington Industries news, insider Geoffrey G. Gilmore sold 32,500 shares of the company’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 transaction of $1,652,625.00. Following the completion of the sale, 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 SEC, which can be accessed through this hyperlink. Also, VP Dale T. Brinkman sold 28,212 shares of the company’s stock in a transaction that occurred on Friday, June 30th. The shares were sold at an average price of $49.50, for a total value of $1,396,494.00. Following the sale, the vice president now directly owns 71,087 shares of the company’s stock, valued at $3,518,806.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 65,712 shares of company stock valued at $3,300,819. 31.30% of the stock is owned by company insiders.
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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