Worthington Industries, Inc. (NYSE:WOR – Get Free Report) saw a large decrease in short interest in August. As of August 15th, there was short interest totalling 470,100 shares, a decrease of 27.2% from the July 31st total of 646,100 shares. Based on an average daily volume of 176,900 shares, the short-interest ratio is currently 2.7 days. Approximately 1.0% of the company’s shares are short sold.
Insider Activity
In related news, Director Ozey K. Horton, Jr. sold 1,000 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $74.66, for a total transaction of $74,660.00. Following the completion of the sale, the director now directly owns 39,069 shares in the company, valued at approximately $2,916,891.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Ozey K. Horton, Jr. sold 1,000 shares of the company’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $74.66, for a total transaction of $74,660.00. Following the completion of the sale, the director now directly owns 39,069 shares in the company, valued at approximately $2,916,891.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kerrii B. Anderson sold 5,000 shares of the company’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $72.00, for a total transaction of $360,000.00. Following the sale, the director now owns 64,415 shares of the company’s stock, valued at $4,637,880. The disclosure for this sale can be found here. In the last 90 days, insiders sold 86,311 shares of company stock valued at $6,106,132. Corporate insiders own 38.50% of the company’s stock.
Institutional Trading of Worthington Industries
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Virginia Retirement Systems ET AL purchased a new stake in shares of Worthington Industries in the 2nd quarter worth about $431,000. Osaic Holdings Inc. grew its position in shares of Worthington Industries by 482.6% in the 2nd quarter. Osaic Holdings Inc. now owns 6,834 shares of the industrial products company’s stock worth $475,000 after buying an additional 5,661 shares during the period. Teachers Retirement System of The State of Kentucky grew its position in shares of Worthington Industries by 10.3% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 5,318 shares of the industrial products company’s stock worth $369,000 after buying an additional 497 shares during the period. Nuveen Asset Management LLC grew its position in shares of Worthington Industries by 2.7% in the 2nd quarter. Nuveen Asset Management LLC now owns 322,381 shares of the industrial products company’s stock worth $22,396,000 after buying an additional 8,458 shares during the period. Finally, Wells Fargo & Company MN grew its position in shares of Worthington Industries by 42.0% in the 2nd quarter. Wells Fargo & Company MN now owns 22,521 shares of the industrial products company’s stock worth $1,565,000 after buying an additional 6,662 shares during the period. 45.30% of the stock is owned by hedge funds and other institutional investors.
Worthington Industries Stock Up 1.4 %
Shares of NYSE WOR opened at $73.16 on Friday. The company has a current ratio of 2.60, a quick ratio of 1.76 and a debt-to-equity ratio of 0.38. Worthington Industries has a 12 month low of $38.01 and a 12 month high of $75.42. The firm has a market capitalization of $3.66 billion, a PE ratio of 14.12 and a beta of 1.29. The firm has a fifty day simple moving average of $69.81 and a two-hundred day simple moving average of $63.05.
Worthington Industries (NYSE:WOR – Get Free Report) last issued its quarterly earnings data on Thursday, June 29th. The industrial products company reported $2.74 EPS for the quarter, topping the consensus estimate of $1.90 by $0.84. Worthington Industries had a net margin of 5.22% and a return on equity of 16.96%. The business had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the business earned $1.58 EPS. The company’s revenue for the quarter was down 19.2% on a year-over-year basis. Equities analysts expect that Worthington Industries will post 5.65 earnings per share for the current year.
Worthington Industries Increases Dividend
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 issued a $0.32 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This is a positive change from Worthington Industries’s previous quarterly dividend of $0.31. This represents a $1.28 annualized dividend and a yield of 1.75%. Worthington Industries’s dividend payout ratio is 24.71%.
Wall Street Analysts Forecast Growth
WOR has been the subject of a number of recent analyst reports. StockNews.com initiated coverage on shares of Worthington Industries in a report on Thursday, August 17th. They set a “buy” rating for the company. BMO Capital Markets upped their price target on shares of Worthington Industries from $60.00 to $68.00 and gave the company a “market perform” rating in a report on Friday, June 30th.
About Worthington Industries
Worthington Industries, Inc, an industrial manufacturing company, focuses on value-added steel processing, laser welded solutions, electrical steel laminations and manufactured consumer, building and sustainable mobility products in North America and internationally. It operates through Steel Processing, Consumer Products, Building Products, and Sustainable Energy Solutions segments.