Zacks Investment Research Downgrades Worthington Industries (NYSE:WOR) to Hold

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Zacks Investment Research lowered shares of Worthington Industries (NYSE:WOR) from a buy rating to a hold rating in a research note published on Saturday morning, Zacks.com reports.

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. “

Separately, TheStreet cut shares of Worthington Industries from a b- rating to a c+ rating in a research report on Monday, June 10th. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. The company has a consensus rating of Hold and a consensus target price of $44.67.

WOR stock opened at $39.90 on Friday. The company has a 50-day moving average price of $38.24. Worthington Industries has a 12-month low of $31.42 and a 12-month high of $48.57. The stock has a market capitalization of $2.27 billion, a PE ratio of 14.40 and a beta of 1.18. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.67 and a quick ratio of 0.98.

Worthington Industries (NYSE:WOR) last released its quarterly earnings data on Wednesday, June 26th. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.77. Worthington Industries had a net margin of 4.08% and a return on equity of 17.33%. The firm had revenue of $938.80 million for the quarter, compared to analysts’ expectations of $986.47 million. During the same quarter in the previous year, the company earned $0.95 earnings per share. The company’s revenue for the quarter was down 8.0% compared to the same quarter last year. On average, research analysts expect that Worthington Industries will post 3.28 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a dividend of $0.24 per share. The ex-dividend date is Thursday, September 12th. This represents a $0.96 annualized dividend and a dividend yield of 2.41%. This is a boost from Worthington Industries’s previous quarterly dividend of $0.23. Worthington Industries’s payout ratio is currently 33.21%.

In related news, SVP Catherine M. Lyttle sold 4,000 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $40.47, for a total transaction of $161,880.00. Following the transaction, the senior vice president now owns 30,408 shares in the company, valued at $1,230,611.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Mark C. Davis sold 14,985 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $39.57, for a total transaction of $592,956.45. Following the transaction, the director now owns 35,165 shares in the company, valued at approximately $1,391,479.05. The disclosure for this sale can be found here. 33.20% of the stock is owned by insiders.

Large investors have recently bought and sold shares of the stock. American Research & Management Co. bought a new stake in Worthington Industries during the first quarter worth about $37,000. Pearl River Capital LLC bought a new stake in Worthington Industries during the first quarter worth about $90,000. Denali Advisors LLC bought a new stake in Worthington Industries during the first quarter worth about $139,000. Amundi Pioneer Asset Management Inc. bought a new stake in Worthington Industries during the fourth quarter worth about $174,000. Finally, Martingale Asset Management L P bought a new stake in Worthington Industries during the first quarter worth about $206,000. 47.69% of the stock is currently owned by institutional investors and hedge funds.

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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