Worthington Industries, Inc. (NYSE:WOR) Downgraded to Hold at BidaskClub

Worthington Industries, Inc. (NYSE:WOR) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a report released on Monday, July 24th.

Other equities research analysts also recently issued research reports about the company. Zacks Investment Research raised Worthington Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, April 4th. J P Morgan Chase & Co decreased their target price on Worthington Industries from $48.00 to $46.00 and set a “neutral” rating for the company in a research report on Monday, April 3rd. Finally, Jefferies Group LLC upped their target price on Worthington Industries from $45.00 to $47.00 and gave the stock a “hold” rating in a research report on Friday, June 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $47.33.

Shares of Worthington Industries (NYSE:WOR) traded up 0.33% during mid-day trading on Monday, reaching $48.23. The company’s stock had a trading volume of 358,405 shares. The company’s 50-day moving average is $50.87 and its 200 day moving average is $47.11. Worthington Industries has a 1-year low of $39.28 and a 1-year high of $62.44. The firm has a market capitalization of $3.05 billion, a P/E ratio of 15.31 and a beta of 1.14.

Worthington Industries (NYSE:WOR) last posted its quarterly earnings results on Wednesday, June 28th. The industrial products company reported $0.87 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.04. Worthington Industries had a return on equity of 20.59% and a net margin of 6.78%. The firm had revenue of $845.30 million during the quarter, compared to the consensus estimate of $785.58 million. During the same quarter in the previous year, the business earned $0.87 earnings per share. The firm’s quarterly revenue was up 18.3% compared to the same quarter last year. On average, analysts expect that Worthington Industries will post $3.33 earnings per share for the current year.

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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 sale, the insider now owns 86,477 shares in the company, valued at $4,397,355.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 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 owns 71,087 shares in the company, valued at approximately $3,518,806.50. The disclosure for this sale can be found here. Insiders sold 65,712 shares of company stock valued at $3,300,819 in the last three months. 32.00% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. bought a new stake in shares of Worthington Industries during the fourth quarter worth $929,000. FMR LLC bought a new stake in shares of Worthington Industries during the fourth quarter worth $7,116,000. Envestnet Asset Management Inc. boosted its stake in shares of Worthington Industries by 18.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,580 shares of the industrial products company’s stock worth $170,000 after buying an additional 547 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of Worthington Industries by 8.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,480 shares of the industrial products company’s stock worth $355,000 after buying an additional 600 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Worthington Industries during the fourth quarter worth $32,510,000. Institutional investors and hedge funds own 54.13% of the company’s stock.

About Worthington Industries

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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