Worthington Industries (NYSE:WOR) Shares Down 11.8%

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Worthington Industries, Inc. (NYSE:WOR)’s stock price dropped 11.8% on Thursday . The company traded as low as $36.07 and last traded at $32.33, approximately 27,766 shares traded hands during trading. A decline of 89% from the average daily volume of 251,793 shares. The stock had previously closed at $36.67.

WOR has been the subject of a number of research reports. Zacks Investment Research upgraded shares of Worthington Industries from a “sell” rating to a “hold” rating in a research report on Saturday, June 6th. Cfra raised shares of Worthington Industries from a “sell” rating to a “hold” rating in a research note on Monday, March 30th. Finally, ValuEngine downgraded shares of Worthington Industries from a “hold” rating to a “sell” rating in a research note on Thursday, April 9th. One analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $31.50.

The stock has a 50 day simple moving average of $27.53 and a two-hundred day simple moving average of $32.95. The firm has a market cap of $1.99 billion, a PE ratio of 18.98 and a beta of 1.20. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.38 and a current ratio of 2.15.

Worthington Industries (NYSE:WOR) last posted its quarterly earnings data on Thursday, March 26th. The industrial products company reported $0.64 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.68 by ($0.04). Worthington Industries had a return on equity of 15.82% and a net margin of 2.96%. The firm had revenue of $764.00 million during the quarter, compared to analyst estimates of $775.50 million. During the same quarter in the previous year, the firm posted $0.46 earnings per share. The company’s quarterly revenue was down 12.6% on a year-over-year basis. Equities research analysts forecast that Worthington Industries, Inc. will post 2.13 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 15th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend is Friday, June 12th. Worthington Industries’s payout ratio is 34.66%.

In other news, CFO Joseph B. Hayek acquired 1,500 shares of the stock in a transaction that occurred on Monday, March 30th. The shares were bought at an average cost of $26.25 per share, for a total transaction of $39,375.00. Following the acquisition, the chief financial officer now owns 118,315 shares in the company, valued at approximately $3,105,768.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 34.80% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WOR. Virtu Financial LLC acquired a new position in Worthington Industries in the fourth quarter valued at approximately $222,000. Victory Capital Management Inc. lifted its holdings in Worthington Industries by 15.5% in the fourth quarter. Victory Capital Management Inc. now owns 1,964,618 shares of the industrial products company’s stock valued at $72,259,000 after acquiring an additional 263,472 shares during the last quarter. Rhumbline Advisers lifted its holdings in Worthington Industries by 1.4% in the fourth quarter. Rhumbline Advisers now owns 133,220 shares of the industrial products company’s stock valued at $5,619,000 after acquiring an additional 1,835 shares during the last quarter. Hancock Whitney Corp acquired a new position in Worthington Industries in the fourth quarter valued at approximately $204,000. Finally, Stevens Capital Management LP purchased a new stake in Worthington Industries in the fourth quarter valued at approximately $505,000. Hedge funds and other institutional investors own 45.91% of the company’s stock.

About Worthington Industries (NYSE:WOR)

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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