Worthington Industries (NYSE:WOR) Issues Earnings Results, Beats Expectations By $0.55 EPS

Worthington Industries (NYSE:WOR) released its earnings results on Tuesday. The industrial products company reported $2.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.91 by $0.55, MarketWatch Earnings reports. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $981.00 million. Worthington Industries had a net margin of 22.82% and a return on equity of 17.42%. The firm’s quarterly revenue was up 57.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 EPS.

Shares of Worthington Industries stock traded down $1.54 during trading hours on Thursday, hitting $52.70. The company’s stock had a trading volume of 481,767 shares, compared to its average volume of 258,989. The business has a fifty day moving average of $57.90 and a 200 day moving average of $62.68. Worthington Industries has a 1-year low of $40.76 and a 1-year high of $75.45. The company has a quick ratio of 1.78, a current ratio of 2.50 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $2.72 billion, a PE ratio of 4.10 and a beta of 1.06.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 29th. Shareholders of record on Wednesday, December 15th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Tuesday, December 14th. This represents a $1.12 dividend on an annualized basis and a yield of 2.13%. Worthington Industries’s dividend payout ratio (DPR) is 22.09%.

A number of research analysts have recently commented on WOR shares. Zacks Investment Research raised shares of Worthington Industries from a “hold” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Thursday, September 23rd. Seaport Global Securities started coverage on Worthington Industries in a research report on Monday, August 23rd. They issued a “neutral” rating on the stock. Finally, Seaport Res Ptn reissued a “neutral” rating on shares of Worthington Industries in a research report on Monday, August 23rd.

In related news, COO Geoffrey G. Gilmore sold 9,497 shares of the business’s stock in a transaction that occurred on Tuesday, July 13th. The stock was sold at an average price of $60.99, for a total transaction of $579,222.03. Following the transaction, the chief operating officer now directly owns 188,514 shares of the company’s stock, valued at approximately $11,497,468.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ozey K. Horton, Jr. sold 1,000 shares of the stock in a transaction that occurred on Tuesday, August 3rd. The shares were sold at an average price of $62.30, for a total transaction of $62,300.00. Following the completion of the sale, the director now directly owns 35,469 shares of the company’s stock, valued at approximately $2,209,718.70. The disclosure for this sale can be found here. In the last three months, insiders sold 12,497 shares of company stock worth $766,542. Insiders own 37.50% of the company’s stock.

An institutional investor recently raised its position in Worthington Industries stock. Morgan Stanley raised its holdings in shares of Worthington Industries, Inc. (NYSE:WOR) by 69.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 140,646 shares of the industrial products company’s stock after purchasing an additional 57,452 shares during the quarter. Morgan Stanley owned 0.27% of Worthington Industries worth $8,604,000 at the end of the most recent quarter. Institutional investors own 46.75% of the company’s stock.

About Worthington Industries

Worthington Industries, Inc engages in processing of value-added steel and manufacturing of metal products. It operates through the following segments: Steel Processing and Pressure Cylinders. The Steel Processing segment consists of Worthington Steel business unit and consolidated joint ventures, which operates steel business and its prices.

Further Reading: Cash Asset Ratio

Earnings History for Worthington Industries (NYSE:WOR)

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