Ameriprise Financial Inc. cut its holdings in Worthington Industries, Inc. (NYSE:WOR) by 5.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 531,365 shares of the industrial products company’s stock after selling 30,309 shares during the period. Ameriprise Financial Inc. owned approximately 1.00% of Worthington Industries worth $35,649,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in WOR. Norges Bank acquired a new position in shares of Worthington Industries in the fourth quarter valued at about $23,879,000. Foundry Partners LLC acquired a new position in shares of Worthington Industries in the first quarter valued at about $13,778,000. BlackRock Inc. grew its stake in shares of Worthington Industries by 2.4% in the first quarter. BlackRock Inc. now owns 4,897,412 shares of the industrial products company’s stock valued at $328,567,000 after acquiring an additional 113,466 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Worthington Industries in the first quarter valued at about $6,338,000. Finally, Morgan Stanley grew its stake in shares of Worthington Industries by 207.9% in the fourth quarter. Morgan Stanley now owns 80,641 shares of the industrial products company’s stock valued at $4,140,000 after acquiring an additional 54,453 shares in the last quarter. Institutional investors and hedge funds own 47.31% of the company’s stock.
Separately, Zacks Investment Research upgraded shares of Worthington Industries from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a research note on Saturday, May 29th.
Worthington Industries (NYSE:WOR) last announced its quarterly earnings data on Tuesday, June 22nd. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.75 by $0.58. The firm had revenue of $978.32 million for the quarter. Worthington Industries had a net margin of 22.82% and a return on equity of 17.42%. The company’s quarterly revenue was up 60.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.49 earnings per share. On average, research analysts forecast that Worthington Industries, Inc. will post 4.15 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 29th. Shareholders of record on Wednesday, September 15th will be paid a dividend of $0.28 per share. The ex-dividend date is Tuesday, September 14th. This represents a $1.12 dividend on an annualized basis and a yield of 1.82%. Worthington Industries’s payout ratio is 22.09%.
In other news, Director Sidney A. Ribeau sold 8,000 shares of the stock in a transaction dated Monday, June 28th. The shares were sold at an average price of $59.16, for a total value of $473,280.00. Following the completion of the transaction, the director now owns 64,105 shares of the company’s stock, valued at $3,792,451.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Geoffrey G. Gilmore sold 9,497 shares of the stock in a transaction dated Tuesday, July 13th. The stock was sold at an average price of $60.99, for a total transaction of $579,222.03. Following the completion of 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 disclosure for this sale can be found here. Insiders have sold 90,459 shares of company stock worth $6,208,162 over the last quarter. Corporate insiders own 36.60% of the company’s stock.
About Worthington Industries
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, and Portugal. It operates through two segments, Steel Processing and Pressure Cylinders. The Steel Processing segment processes flat-rolled steel for customers primarily in the automotive, aerospace, agricultural, appliance, construction, container, hardware, heavy-truck, HVAC, lawn and garden, leisure and recreation, office furniture, and office equipment markets.
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