Goldman Sachs Group Inc. reduced its stake in Worthington Industries, Inc. (NYSE:WOR) by 22.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 582,705 shares of the industrial products company’s stock after selling 168,000 shares during the quarter. Goldman Sachs Group Inc. owned about 0.92% of Worthington Industries worth $29,264,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of WOR. Comerica Bank lifted its position in shares of Worthington Industries by 4.5% in the first quarter. Comerica Bank now owns 35,213 shares of the industrial products company’s stock valued at $1,544,000 after acquiring an additional 1,524 shares in the last quarter. Karp Capital Management Corp purchased a new stake in shares of Worthington Industries in the first quarter valued at $558,000. Ameriprise Financial Inc. lifted its position in shares of Worthington Industries by 9.5% in the first quarter. Ameriprise Financial Inc. now owns 131,736 shares of the industrial products company’s stock valued at $5,939,000 after acquiring an additional 11,424 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Worthington Industries by 4.9% in the first quarter. Envestnet Asset Management Inc. now owns 3,755 shares of the industrial products company’s stock valued at $168,000 after acquiring an additional 175 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of Worthington Industries in the first quarter valued at $801,000. Institutional investors and hedge funds own 52.71% of the company’s stock.
Worthington Industries, Inc. (NYSE:WOR) opened at 43.16 on Wednesday. Worthington Industries, Inc. has a 1-year low of $40.82 and a 1-year high of $62.44. The company has a 50-day moving average price of $48.88 and a 200 day moving average price of $46.90. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of 13.70 and a beta of 1.14.
Worthington Industries (NYSE:WOR) last issued its earnings results on Wednesday, September 27th. The industrial products company reported $0.73 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.82 by ($0.09). The business had revenue of $848.24 million during the quarter, compared to analyst estimates 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 business earned $1.03 EPS. Equities analysts anticipate that Worthington Industries, Inc. will post $3.10 earnings per share for the current year.
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 given a $0.21 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.84 annualized dividend and a dividend yield of 1.95%. Worthington Industries’s dividend payout ratio (DPR) is presently 29.58%.
Worthington Industries announced that its Board of Directors has approved a stock buyback program on Wednesday, September 27th that allows the company to repurchase 6,830,000 shares. This repurchase authorization allows the industrial products company to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other news, insider Geoffrey G. Gilmore sold 32,500 shares of the firm’s stock in a transaction 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 sale, the insider now owns 86,477 shares of the company’s stock, valued at $4,397,355.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 31.30% of the company’s stock.
WOR has been the topic of several recent research reports. BidaskClub upgraded Worthington Industries from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Zacks Investment Research downgraded Worthington Industries from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 13th. Jefferies Group LLC upped their price objective on Worthington Industries from $45.00 to $47.00 and gave the company a “hold” rating in a research report on Friday, June 30th. Finally, ValuEngine downgraded Worthington Industries from a “buy” rating to a “hold” rating in a research report on Tuesday, September 26th. Two research analysts have rated the stock with a sell rating and four have issued a hold rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $46.50.
Worthington Industries 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.
Want to see what other hedge funds are holding WOR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Worthington Industries, Inc. (NYSE:WOR).
Receive News & Ratings for Worthington Industries Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Worthington Industries Inc. and related companies with MarketBeat.com's FREE daily email newsletter.